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Future Market Insights predicts that it's set to achieve a value pool of US$ 43 billion by the end of 2023. But that's not all - the future looks even brighter with an expected global demand surge for Hydraulic Intensifiers, reaching an astounding US$ 60 billion by 2033. This remarkable growth is set to take place at a CAGR of 3.3%, indicating that the market is booming with no signs of slowing down any time soon.
Hydraulic intensifiers are widely used in various industries, including manufacturing, construction, and automotive, among others, owing to their ability to improve the efficiency and productivity of operations, according to Future Market Insights. This significant growth is attributed to several drivers, including:
Growing demand for hydraulic intensifiers in manufacturing: The manufacturing industry is the largest consumer of hydraulic intensifiers, with increasing automation and mechanization of processes, leading to a high demand for these devices. The use of hydraulic intensifiers in manufacturing processes increases efficiency, reduces energy consumption, and enhances productivity.
Rising demand for fuel-efficient vehicles: The automotive industry is another significant consumer of hydraulic intensifiers, with a focus on developing fuel-efficient vehicles. The use of hydraulic intensifiers in automotive manufacturing helps reduce energy consumption and emissions, thereby driving demand for these devices.
Advancements in hydraulic intensifier technology: Advances in hydraulic intensifier technology have led to the development of high-performance and energy-efficient devices, which are more durable and reliable. These technological advancements are driving demand for hydraulic intensifiers in various industries.
Growing demand for renewable energy sources: The increasing focus on clean and renewable energy sources is driving demand for hydraulic intensifiers, which are used in hydraulic power generation systems. The use of hydraulic intensifiers in hydroelectric power generation, for instance, enhances the efficiency of energy conversion, reducing the cost of energy production.
The need for improved safety in industries: Hydraulic intensifiers are widely used in safety systems for various industries, including construction and mining. With the increasing emphasis on safety in workplaces, the demand for hydraulic intensifiers in safety systems is expected to increase, thereby driving the growth of the hydraulic intensifiers market.
Increasing demand for automation and robotics: The adoption of automation and robotics is on the rise across various industries, driven by the need for increased efficiency and productivity. Hydraulic intensifiers play a crucial role in the operation of automated systems, and the increasing adoption of automation and robotics is driving demand for hydraulic intensifiers.
The need for precision in manufacturing: The use of hydraulic intensifiers in manufacturing processes provides enhanced precision and accuracy, leading to increased productivity and efficiency. With the increasing demand for precision in manufacturing, the demand for hydraulic intensifiers is expected to rise, thereby driving market growth.
The growth of the aerospace industry: The aerospace industry is also a significant consumer of hydraulic intensifiers, with hydraulic systems used in various aircraft components. With the growth of the aerospace industry, the demand for hydraulic intensifiers in this sector is expected to increase, driving the market growth.
Increasing investments in infrastructure development: Governments worldwide are investing heavily in infrastructure development, particularly in developing countries. This has led to a surge in demand for construction equipment and machinery, including hydraulic intensifiers, driving the market growth.
Construction Recovery Likely to Augment Hydraulic Intensifiers Sales
Construction sales around the globe have been impacted by the COVID-19-induced slowdown. This has negatively impacted construction material handling equipment and parts sales. Hydraulic intensifiers find its application in excavators & land movers and the construction industry has a prominent share of hydraulic intensifier sales, therefore construction sector is anticipated to create lucrative opportunities for the market in the future.
This equipment is also used extensively in the Agriculture industry for tractors and other agriculture machinery. Although covid-19 guidelines such as lockdown have meant restricted agriculture activities, sales are likely to improve over the course of the assessment period. They are also referred to as Hydraulic boosters which are used to provide power assistance for applying hydraulic brakes.
Asia Pacific Hydraulic Intensifiers Market Outlook
The need to meet the requirements of a growing population in the Asia Pacific, in conjunction with expanding industrialization in emerging nations, is fueling the growth of agriculture and construction industries, which, in turn, are increasing the request for hydraulic intensifiers for use in agriculture and construction equipment.
The outbreak of COVID-19 is widespread in the region and has driven a noteworthy slowdown in this industry vertical. The widespread has seriously influenced the supply chain of the market.
Further increasing oil & gas offshore exploration will provide momentum to the market in the region, with the increasing use of ROVs (robot-operated vehicles) in exploration, its sales are also anticipated to grow synchronously with it.
USA & Canada Demand Outlook for Hydraulic Intensifiers
The USA is one of the largest markets for Hydraulic intensifiers globally. Sales in the USA is fueled by agriculture, oil &gas, firefighting, military equipment, drilling & mining application and automobile. Although the construction industry remains a prominent contributor.
Increased development activities will be a significant factor in driving the development of these products in the USA Growing investment in infrastructural advancement and the USA government’s noteworthy investments in the development of sports infrastructure and facilities.
This development in construction activities will increase the demand for hydraulic-based construction equipment, such as excavators, water-powered cranes, and loaders. This, alongside innovative improvements within the core construction and infrastructure industry, is anticipated to increase demand.
These insights are based on a report on
Hydraulic Intensifiers Market
by Future Market Insights
Source: Email/GFMM
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