What’s Driving Growth in the Hydraulic Power Unit Market?
Global Hydraulic Power Unit Market Projected to grow at 5.9% CAGR To 2032
WILMINGTON, DELAWARE, UNITED STATES, August 27, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the hydraulic power unit market size was valued at $12.4 billion in 2022, and is estimated to reach $21.9 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Machinery and equipment may generate, control, and receive hydraulic power from hydraulic power units, or HPUs. Components including hydraulic actuators, motors, and tools make up the hydraulic power units. It serves as the system's main source of centralized power. HPUs are used in a wide range of sectors, including manufacturing, construction, agriculture, and aerospace.
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The Asia-Pacific and North America regions dominated the hydraulic power unit market growth in 2022 with CAGR of 6.3% and 6.0% respectively.
Asia-Pacific accounted for 41% hydraulic power unit market share in 2022 and is expected to maintain its dominance during the forecast period. Because hydraulic systems are widely used in many different industries, such as manufacturing, construction, agriculture, and aerospace.
North America's hydraulic power unit market has been mostly driven by expansion of the manufacturing sector, infrastructural development, and industrial activity. Applications for hydraulic power units can be found in the mining, oil and gas, aerospace, automotive, and construction sectors, all of which support the expansion of the market as a whole.
Key players operating in the hydraulic power unit industry include Brevini Fluid Power S.p.A, Bailey International LLC, Hydac International GmbH, Weber Hydraulik GmbH, Nachi-Fujikoshi Corporation (Nachi Robotic Systems, Inc.), Hydro-Tek Co Ltd., Bosch Rexroth AG, Parker Hannifin Corporation, Eaton, and Dana Incorporated.
Rising automation in industrial & machinery sector and technological advancements & industry 4.0 are the recent hydraulic power unit market trends to drive the growth of the global hydraulic power unit market.
Cavitation, the formation of vapor bubbles in the hydraulic fluid, can occur in certain conditions and lead to damage to components. Proper system design and fluid management are crucial to mitigate cavitation risks.
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Remote control of hydraulic systems can be challenging, especially in applications where the operator needs to be physically close to the equipment. This limitation can impact certain remote or automated operations.
In the forestry industry, mobile hydraulic power units are used to supply energy to machinery such as forestry cranes, woodchippers, and log splitters. These units' mobility is useful in difficult or isolated terrain.
Forklifts, pallet jacks, and scissor lifts are examples of mobile material handling equipment that uses mobile hydraulic power units. The hydraulic power required for lifting and moving materials is supplied by these units.
The reservoir holds the fluid or liquid, which is primarily oil. The reservoir provides the pump with a steady and ample supply of liquid or oil. It facilitates the dissipation of heat, which is often generated while HPUs operate.
Hydraulic fluids, which lubricate the components and serve as a channel for energy transmission, are another component of HPUs. The HPUs have two different kinds of valves: directional valves and control valves. Control valves, which regulate the fluid's pressure and direction, are another component of HPUs.
By storing hydraulic energy, the accumulator found in HPUs maintains a steady pressure throughout the system. Accumulators are particularly use when quick reactions are required, when power is needed temporarily, and during peak hours. To ensure that HPUs operate smoothly and durably, filtering systems are in place to remove pollutants.
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The cooling systems that are part of the HPUs also contain fans and/or heat exchangers. The heat exchanger's job is to regulate the temperature of the hydraulic fluids and guard against overheating.
The HPUs have pressure relief valves that assist keep the system from over pressurizing by returning excess fluid to the reservoir. Additionally, operators of the system get performance data pertaining to flow meters, temperature sensors, pressure gauges, and monitoring instruments & control.
Internal combustion engines or electric motors power HPUs. Electric motor-equipped HPUs are frequently employed in industrial settings. Internal combustion engine HPUs, however, are employed in distant or mobile applications.
The pump component pressurizes the fluid to produce a steady or desired flow, as the hydraulic pressure units (HPUs) are in charge of the liquid/fluid flow inside the hydraulic systems.
This pressure range of hydraulic power units is utilized by injection molding machines in the plastics sector. The high pressure makes it easier to precisely inject molten plastic into molds, guaranteeing precise and reliable molding.
The higher pressure in hydraulic lifts and elevators enables the effective lifting and lowering of large loads, which is why these devices require hydraulic power units. Construction sites, warehouses, and industrial facilities are frequent locations for these systems.
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By application, the market is segmented into mobile, industrial, construction, and others. The mobile segment accounted for 25.2% market share in 2022 and is expected to maintain its dominance during the hydraulic power unit market forecast period. Mobile hydraulic power units are commonly integrated into tractors, harvesters, and other agricultural machinery to drive tools like plows, seeders, and harvesters.
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