Hydraulic and Pneumatic Components Market

A hydraulic system is a transmission system that uses pressurized hydraulic fluid to power hydraulic machinery.A pneumatic system is a collection of interconnected components using compressed air to do work for automated equipment. Hydraulic and Pneumatic Equipment andcomponents include pumps, pressure regulators, control valves, actuators, and servo-controls.

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Hydraulic and Pneumatic Components Market Industry Benchmarks

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The industry average payment terms in Hydraulic and Pneumatic Components Market category for the current quarter is 67.5 days

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    Jackson, Mississipi
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    Hydraulic and Pneumatic Components Market market report transcript

    Hydraulic and Pneumatic Components Regional Market outlook

    • Europe will continue to dominate the market, in terms of growth prospects in pneumatic equipment consumption, until 2020. The Middle East and Africa (MEA) and APAC regions are expected to grow at the fastest CAGR from 2018 to 2022
    • Increasing focus on bringing in more productivity and eliminating hazardous manual tasks are expected to be the major drivers in the coming few years

    Hydraulic and Pneumatic Components 

    • The pneumatic equipment market was valued at $40.7 billion in 2018 and is expected to grow at a CAGR of 5.43 percent to reach $55.89 billion by 2024
    • North America accounted for 45 percent of the market share in 2017. The pneumatic equipment is fragmented and is competitively catering to a variety of industries with vast end-user segments across industries, such as oil & gas, mining, cement, paper and pulp, etc

    Hydraulic and Pneumatic Components: Industry Trends 

    • Increasing levels of focus on improving mine safety in developed regions, like North America and Western Europe, signal an increasing buyer maturity and willingness to partner with automation suppliers
    • Global suppliers are entering new geographies in developing regions, such as Chile, Brazil, India, etc., through mergers and acquisitions, thus offering multi-location solutions to global buyers
    • The fragmented pneumatic and lubrication market in APAC and the MEA has provided a great opportunity for global OEMs and service providers to tap into this market
    • These regions are considered to be developing, in terms of adopting automation to improve on oil exploration, mine safety, offshore mining, etc., instead of adopting conventional mining approach

    Hydraulic and Pneumatic Components: Overview

    • The pneumatic equipment market was valued at $42.9 billion in 2019 and is expected to grow at a CAGR of 5–6 percent to reach around $56 billion by 2024
    • Upcoming brownfield and greenfield projects in the oil & gas and power generation industries are expected to sustain the demand. This growth is also due to technological advancement and miniaturization & automation in equipment design worldwide
    • Oil & gas, mining, and chemicals contributed to almost 50 percent of the market size. The emerging middle classes, generally, are consuming more processed and packaged foods, which is leading to accelerated investment in the food & beverage segment of process equipment

    Procurement Strategy: Overview

    Sourcing Strategy 

    • Global suppliers are preferred because they can cater to the needs and demands of the global customers
    • Global vendor not only helps in standardizing the products across the sites but also helps in sped pool consolidation

    Vendor Preference 

    • One to two suppliers are preferred, as they can help in improving the design of the machines
    • The negotiation power will be less with multiple suppliers

    Engagement Model 

    • Large buyers first prepare the list of preferred components suppliers. The list is prepared, based on the performance of equipment's used in previous plants or an expert's advise. The list is given to the integrators and is advised to use components of selected suppliers only in their equipment
    • The integrators manage the procurement of these components on behalf of the customer. A repair, replacement or warranty issue is also managed by Integrator. In this way, they act as a single point of contact for the customer for every problem

    Pricing Models

    • The equipment/machineries are bought through bidding process where the least cost supplier generally wins the contract
    • The pricing model is fixed. The pricing depends on the design specifications and requirements

    Hydraulic and Pneumatic Components Market Overview: Hydraulic Cylinders and Components

    The hydraulic cylinder market was valued at $15.46 billion in 2019 and is expected to reach $20.72 billion by 2024. North America is the largest regional sub-sector with an estimated 31 percent market share in 2018, followed by Europe at 25 percent

    • The Asia-Pacific market is the third largest regional subsector with 20 percent market share. It is expected to have the greatest rate of growth, approximately 7 percent over through 2024 Steady growth of the hydraulic components market is attributed to continuous demand from agriculture, construction equipment, mining equipment, material-handling equipment, industrial equipment, aerospace and defense sectors.
    • Single acting hydraulic cylinder market size was $3.5 billion in 2018. In terms of volume, it is expected to witness gains at over 6 percent, subject to better efficiency in DC power applications.
    • Double acting products are estimated to reach over $11 billion by 2025
    • Rod hydraulic cylinders’ market share, owing to its wide application in the agriculture equipment industry, is predicted to expand at the rate of over 6 percent in the future
    •  Welded products are likely to be worth over $11 billion in 2025. These products are used widely in material handling, construction, industrial and mining equipment