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The increase of new technologies in hydraulics has elevated both quality and the efficiency of products. The automation of hydraulics is becoming increasingly integrated into multiple areas of manufacturing and heavy equipment. Hydraulic systems and various components prove their capabilities by being utilized in industries such as construction, agriculture, healthcare, food processing and the energy sector.
Intelligent control systems are the 4th industrial revolution of hydraulic technology. Artificial Intelligence is driving advanced control strategies and optimization from machine learning algorithms, which enable increased system performance, allowing systems to anticipate requirements and adapt to variable operating conditions.
Another trend in industrial hydraulics is the use of hybrid hydraulic systems. Hybrid hydraulic systems have become more prevalent to maximize performance and efficiency. They use electric and hydraulic technologies to operate hydraulic accumulators in storing and releasing energy to enhance electric power sources.
The introduction of IIOT technologies will continue to evolve in hydraulics providing digitalization, intelligent operating systems, energy conservation, hydraulic hybrids, miniaturization of components, the use of composite materials and advanced safety protocols.
The pumps type segment was USD 18 billion in revenue in 2023 and poised to register USD 25 billion by 2032 as they are playing a crucial role in powering heavy machinery and equipment.
Industrial hydraulic equipment industry size from the manufacturing segment held over USD 15 billion in 2023 and expected to reach USD 21 billion by 2032, owing to rising need to fluid power to generate, control, and transmit power to various machines and equipment.
Asia Pacific market size recorded around USD 19 billion in 2023 and is projected to surpass USD 27 billion by 2032, attributed to the increasing industrialization and rapid growth of manufacturing industries in China, Japan, India, South Korea, and Australia
The market size of industrial hydraulic equipment reached USD 45 billion in 2023 and is set to witness 3.8% CAGR between 2024 and 2032, due to rapid rise in industrialization across various sectors.