Hydraulic Motors Market 2021 - Revenue Outlook, Segmentation and Key Trends to 2027
The hydraulic motors market growth is driven by the surging product usage in the construction industry owing to the rising government spending on municipal construction projects for enhancing the progressive sales of construction equipment. In addition, a number of hydraulic motor manufacturers are entering into partnership agreements for maintaining their position in the market. Owing to similar developments, the hydraulic motors market size is expected to exceed a valuation of USD 14 billion by 2027, as per the most recent research by Global Market Insights, Inc.
The global hydraulic motors market value is touted to register lucrative gains in the coming years, propelled by the increasing deployment of vane motors in industrial uses that involve injection molding and screwdrivers. For instance, in January 2020, Danfoss inked an agreement for the acquisition of Eaton’s Hydraulics business for a sum of USD 3.3 billion. The takeover is in complete alignment with Danfoss’ strategy for enhancing customer value and strengthening the company’s core businesses.
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In Europe, the hydraulic motors industry recorded more than 20% of the market revenue in 2020 and is estimated to register substantial growth through the coming years. This rise is attributed to the presence of matured industries, comprising industrial, marine, recycling, construction, and automotive industries.
Prominent hydraulic motor manufacturers comprise Eaton Corporation, Parker Hannifin Corporation, Bosch Rexroth Corporation, VBC Hydraulics, Kawasaki Heavy Industries, Italgroup S.r.l, Danfoss Group, M+S Hydraulic Plc, Maha Hydraulics, Maxma, Bezares, and others.
How will the extensive applications of hydraulic motors augment industry expansion over the ensuing years?
Hydraulic motors are deployed across various sectors for a range of uses comprising load lifting, processing materials, and bulk material handling. The products are one of the popular choices for durable applications considering their powerful density.
A prominent sector driving hydraulic motors market growth is the developing construction sector, especially in emerging countries. The other key factors influencing the demand for different types of hydraulic motors include the development of multi-family houses and the construction of metros, smart cities, expressways, roads, and bridges, owing to the rising urbanization and populace in these regions.
These trends can be particularly witnessed in the APAC. Considering an instance, the construction industry in India is observing a critical development. Studies estimate that the Indian construction sector will grow twice as fast as the construction sector in China through 2030. This is chiefly on account of the expanding population in the country.
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Furthermore, the global hydraulic motors market growth is expected to be driven by the evolving mining sector primarily due to an upsurge in the utilization of valuable and base metals.
However, the industry expansion is likely to be hindered by the high maintenance costs incurred over a period and the rising product costs owing to the initial production expenses of hydraulic equipment. Additionally, the oil leakage from motors is expected to escalate the cost of maintenance as well as lifetime product expenses, hampering hydraulic motors industry outlook over the projected period.
In a nutshell, recent developments in construction activities across the globe will augment the consumption of hydraulic-based building equipment, such as excavators, loaders, and hydraulic cranes, boosting product adoption through the forthcoming years.
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