Increase in the number of industrial activities, extensive applications of hydraulic power for agricultural products, and surge in automation in industrial processes are expected to drive the growth of the global hydraulic power market. Closed manufacturing facilities, reduced workforce and decrease in utilization of power in the industrial facilities during the COVID-19 pandemic had a negative impact on the growth of the global hydraulic power market.

Portland, OR, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydraulic power market generated $13.7 billion in 2021, and is projected to reach $24.1 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2022­–2031
Base Year	2021
Market Size in 2021	$13.7 billion
Market Size in 2031	$24.1 billion
CAGR	5.8%
No. of Pages in Report	572
Segments covered	Operating Pressure, Component, Application, End-Use, and Region
Drivers	Increase in the number of industrial activities
	Surge in automation in industrial processes
Opportunities	Extensive applications of hydraulic power for agricultural products
	Rise in defense spending
Restrains	Availability of cost-effective sources of power transfer
	Long lead time

COVID-19 Scenario:

• The outbreak of COVID-19 has had a negative impact on the growth of the global hydraulic power market, owing to the occurrence of lockdowns in various countries across the globe.
• Lockdowns resulted in the closure of various manufacturing facilities, including those of hydraulic power, which negatively impacted its demand. Thus, decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
• In addition, the there was a gradual decline in the demand for solar related equipment in most of the countries across the world due to the shut down of industrial manufacturer.
• This was mainly due to the presence of stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.

The report offers a detailed segmentation of the global hydraulic power market based on operating pressure, component, application, end-use and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

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Based on operating pressure, the 2000-3000 PSI segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The 0-750 PSI segment, on the other hand, is expected to cite the fastest CAGR of 6.7% during the forecast period.

Based on component, the auxiliary component segment held the dominating market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The control segment, on the other hand, is expected to cite the fastest CAGR of 6.3% during the forecast period.

Based on application, the cutting segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The simulation and testing segment, on the other hand, is expected to cite the fastest CAGR of 7.6% during the forecast period.

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Based on region, the market across North America held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 6.5% during the forecast period.

The key players analyzed in the global hydraulic power industry report include Bosch Rexroth AG, Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, Parker Hannifin Corporation, Weber Hydraulik GmbH, Hydac International GmbH, Hydro-Tek Co Ltd., Bailey International LLC, Eaton Corporation, Energy Manufacturing Company Inc., Hydromega, Branch Hydraulic Systems Ltd., Related Fluid Power Ltd., HCS Control Systems Ltd., Danfoss, Siemens AG, and Daikin Industries.

The report analyzes these key players in the global hydraulic power market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolios, business performance, and operating segments by prominent players in the market. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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