Market Forecast points to demand for energy-efficient hydraulic equipment
The Global Mobile Hydraulic Equipment Market Forecast is a part of Frost & Sullivan's global Mechanical Power Transmission Growth Partnership Service program.
According to recent analysis from consulting firm Frost & Sullivan, the demand for energy-efficient hydraulic equipment is larger than ever, stemming from what they believe are “abundant opportunities in the areas of product development, system design, and cross-industry collaborations.”
Pulling from the Global Mobile Hydraulic Equipment Market Forecast, companies that adopt the position of hydraulic system providers in lieu of component suppliers will open themselves up to providing system-level solutions and strategic partnerships with IIoT service providers in order to broaden their product and service portfolios. Furthermore, greater customer emphasis on single-vendor solutions throughout the lifecycle is expected to drive capital investment in hydraulic solutions.
“Integration of hydraulics and electronics and the greater penetration of predictive analytics are expected to help slow down the market’s movement toward all-electric systems,” said Varun Raman, Industrial Automation & Process Control Research Analyst at Frost & Sullivan. “Electro-hydraulic equipment’s ability to increase energy efficiency, enhance control, and eliminate fluid leaks will restrict the growth of electric systems in applications traditionally catered to by hydraulic solutions,” he said.
Other noteworthy conclusions from the forecast are the inclusion of compact mobile hydraulic equipment and the role metal additive manufacturing might play in what they consider “customized mass manufacturing through a first-mover advantage by reducing product lead times.”
Frost & Sullivan’s analysis highlights growth, restraints, product segments, and end-user industries in the regions of North America, Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC). The study also includes future growth opportunities, strategic imperatives for those opportunities, and CEO’s 360 degree perspective.
“The mobile hydraulic equipment market is receiving another major boost from the recovery of the oil & gas industry. This is especially evident in North America, which has a large installed base of legacy infrastructure, and in Asia-Pacific, which is investing heavily in new equipment,” noted Raman.
The Global Mobile Hydraulic Equipment Market Forecast is a part of Frost & Sullivan’s global Mechanical Power Transmission Growth Partnership Service program.