Extensive use of hydraulic control valves in a wide variety of industrial applications such as agriculture, oil & gas, mining and construction machinery, chemicals process industry and heavy-duty vehicles are up surging the demand for hydraulic valves and pumps across the world. IndustryARC analysis estimates the global hydraulic controls market size is estimated to reach $34.94 billion by 2024. It is set to grow at a Compound Annual Growth Rate (CAGR) of 5.59% over the forecast period 2018-2024.
The global hydraulic controls market report consists of market overview, growth opportunities in the market along with the trends, competitive landscape, and strategic analysis. The report is titled “Hydraulic Controls Market: By Products (Pumps, Valves); By Valves (High Pressure & High Flow, Cartridge Control, Others); By Pumps (Positive Displacement, Variable Displacement); By Application (Off-Road Vehicles, ROVs, Others); By End Users (Oil & Gas, Mining, Others), By Geography - Forecast (2018-2024).”
Hydraulic Controls Market: Leading Segments
The report recognizes integrated systems as the fastest growing application segment among a diverse range of end-use industries, projecting it to grow with a CAGR of 6.67% during the aforementioned forecast period. Integrated hydraulic systems provide hydraulic power to the control systems, and increases the operational efficiency by combining both the complex hydraulic and electrical controls. It also regulates the hydraulic power using alarms, control pumps and simple electrical installation instead of additional control boxes. A hydraulic manifold is apparatus operator friendly, specifically used to direct the flow of fluid to the required auxiliary circuits.
Americas held the leading position in 2017 among all key regions catered by hydraulic controls market players, with a pioneering share of 42.9%. Owing to the fastest growing chemical industry in the U.S., undergoing improvements in this industry are to witness enhanced demand for control valves-key equipment in the chemical industry. In Canada, the rise in oil well drilling activities is boosting the growth of hydraulic control valves and pumps. Expanding production capacity in the automotive industry of Mexico are contributing to the growth of hydraulic control through its increased test requirement.
Hydraulic Controls Market: Disruptive Trends
- Mining and Construction Machinery
Rising adoption of large scale machinery such as excavators, backhoe loaders, and bulldozers across mining and construction industries is increasing the evolution of hydraulic control systems. Hydraulic valves are more helpful, as they reduce the fuel consumption of machinery. Furthermore, low operating costs and high reliability of hydraulic systems are augmenting the number of hydraulic cylinders and control valves installations across heavy mobile equipment.
- Industrial Hydraulic Systems
The rapid transition towards automation in manufacturing industries is boosting the emergence of industrial hydraulic systems and disrupting the hydraulic controls market. Advanced control valves which support the precise flow requirements in the production of specialty and fine chemical as a part of the chemical processing industry.
- Oil & Gas Exploration Plants
More focus related to misadventures along with safety concerns in oil & gas plants has increased the use of hydraulic valves as a blowout preventer. They are also used to monitor and seal the flow of crude oil and to inhibit uncontrolled flow in a blowout.
Hydraulic Controls Market: Competitive Landscape
Emerson Electric Corporation, The Crane Company, Flowsevere Corporation, Eaton Vickers, and Honeywell International are the key players of the global hydraulic controls market. Some of the prominent players involved in the global piston pump market are listed as Bosch Rexroth Ltd, Parker Hannifin Corporation, Moog Inc, and Danfoss Power Solutions.
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