Hydraulic Tools Market to Witness Exponential Growth At a CAGR of 5.4% By 2030
Hydraulic Tools Market Expected to Reach $2.7 Billion by 2030
PORTLAND, OR, UNITED STATES, September 6, 2023/EINPresswire.com/ — Hydraulic tools are devices that utilize the power of pressurized fluid (usually oil) to perform various mechanical tasks. These tools are widely used in various industries due to their ability to generate significant force or motion with relatively small input efforts. The hydraulic tools market size was valued at $1.6 billion in 2020, and is estimated to reach $2.7 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.
In 2020, North America dominated the hydraulic tools market, in terms of revenue, accounting for around 38.5% share of the global market, followed by Europe. The economy of Europe has grown over the past couple of years, which, in turn, boosts the growth of the construction industry. This, in turn, is expected to fuel the hydraulic tools market forecast.
By type, the hydraulic cylinder & jack segment has accounted for the largest share in the global hydraulic tools market share in 2020 and the tension & torque tools segment is expected to witness significant growth during the forecast period, owing to technological innovations and deployment in the oil, gas, and petrochemical industry.
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In terms of end user, the industrial manufacturing segment secured the highest share in the hydraulic tools market in 2020, and is expected to grow at a CAGR of 6.5% during the forecast period, owing to increase in the manufacturing sector around the globe. These factors are expected to provide lucrative growth opportunities for hydraulic tools market players in developing economies.
The hydraulic tools market is projected to witness significant growth in the coming years, owing to increase in adoption of material handling equipment in countries such as China, Brazil, India, and other South Asian countries. Nations such as the U.S., Germany, and Japan, have started using hydraulic tools, owing to surge in industrialization.
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Segmentation Based On:
By Type –
Hydraulic Rescue Tool
Tension and Torque Tools
Hydraulic Cylinder and Jack
By END USER –
Industrial Manufacturing
Oil, Gas, and Petrochemical
Electric Utility
Railway
Others
By Region –
North America (U.S., Canada, Mexico)
Europe (Germany, Italy, France, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest Of Asia Pacific)
LAMEA (Latin America, Middle East, Africa)
Top Players Are:
Stanley Black & Decker, Inc., hi-force hydraulic tools, IDEX Corporation, Atlas Copco, Cember S.P.A., Kudos Mechanical Co., Ltd, Emerson Electric Co., Actuant Corporation, SPX FLOW, Inc., robert bosch gmbh
Author’s Bio – Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.
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