Asia-Pacific hydraulic equipment market is estimated to grow at a CAGR of 5.2% during the forecast period. Rising investment in oil and gas operations is supporting to drive market growth. As per the Ministry of Natural Resources, from May 2020, foreign firms registered in China with net assets no lower than $43 million will be permitted to take part in oil and gas exploration and production. This strategy is a part of Beijing’s focus to enhance oil and gas development. This, in turn, will further drive the demand for hydraulic equipment that is extensively used all over the oil and gas industry to transmit power. These equipment are one of the most important elements associated with the offshore industry and are normally located where spillage or leakage can escape into marine settings. Hydraulic systems can be utilized as a central power system for several wells and to pump a single well. Hydraulic lift pumps are flexible and are beneficial for wells producing any volume, from low to high.
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Scope of the Asia-Pacific Hydraulic Equipment Market
Market Coverage
· Market number available for 2019-2026
· Base year- 2019
· Forecast period- 2020-2026
· Segment Covered- By Type, Product, and End-User Industry
· Countries Covered- China, India, Japan, and Rest of Asia-Pacific
· Competitive Landscape- Bosch Rexroth AG, Danfoss A/S, Linde Hydraulics GmbH & Co. KG, Daikin Industries, Ltd., and Kawasaki Heavy Industries, Ltd.
Recent Strategic Initiatives in the Asia-Pacific Hydraulic Equipment Market
· In January 2020, Linde Hydraulics GmbH & Co. KG opened its new manufacturing plant in Weifang, China that can manufacture 100,000 units annually. 80% of the manufacturing capacity will be dedicated to motors and pumps and 20% for valve technology. The units manufactured in the plant will enable the company to quickly supply the Asian market with a highly customer-oriented focus and can offer more localized units with market-oriented prices.
· In February 2019, Kawasaki Heavy Industries, Ltd. declared that a new plant had been completed at Wipro Kawasaki Precision Machinery Pvt Ltd., which produces, sells, and offers after-sales services for hydraulic equipment for the construction industry in India. Owing to the emerging demand for hydraulic excavators in India, the company decided to build this plant in Bengaluru, along with a current plant in the same city. The strategy reflects the company’s commitment to fulfill the demand for hydraulic equipment utilized by local construction machinery manufacturers and to generate new demand.
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Asia-Pacific Hydraulic Equipment Market-Segmentation
By Type
· Mobile Hydraulics
· Industrial Hydraulics
By Product
· Motors and Pumps
· Valves
· Cylinders
· Others
By End-User Industry
· Construction and Mining
· Agriculture
· Oil and Gas
· Automotive
· Aerospace and Defense
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
