Renewed investments in oil & gas to bolster growth in the mobile hydraulic equipment sector, finds Frost & Sullivan
SANTA CLARA, Calif., Aug. 27, 2018 /CNW/ -- The growing end-user demand for energy-efficient hydraulic equipment with superior user control is opening doors to innovative mobile electro-hydraulic equipment. Due to the proliferation of smart solutions across industries, hydraulic equipment manufacturers have identified abundant opportunities in the areas of product development, system design, and cross-industry collaborations. The companies best suited to succeed in this market are the ones that position themselves as hydraulic systems providers instead of mere component suppliers, as they will be able to tap revenue opportunities in providing system-level solutions and value-added services. They could also establish strategic partnerships with Industrial Internet of Things (IIoT) service providers in order to broaden their product and service portfolios.
"Integration of hydraulics and electronics and the greater penetration of predictive analytics are expected to help slow down the market's movement toward all-electric systems," said Varun Raman, Industrial Automation & Process Control Research Analyst at Frost & Sullivan. "Electro-hydraulic equipment's ability to increase energy efficiency, enhance control, and eliminate fluid leaks will restrict the growth of electric systems in applications traditionally catered to by hydraulic solutions. The systems' product benefits of lower energy costs and use of IIoT technology will further accelerate its market growth."
Frost & Sullivan's recent analysis, Global Mobile Hydraulic Equipment Market, Forecast to 2023, examines the key growth drivers, restraints, product segments, and end-user industries in the regions of North America, Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), and the Rest of the World (ROW). The study also includes future growth opportunities, strategic imperatives for those opportunities, and CEO's 360 degree perspective.
For further information on this analysis, please visit: http://frost.ly/2px
"The mobile hydraulic equipment market is receiving another major boost from the recovery of the oil & gas industry. This is especially evident in North America, which has a large installed base of legacy infrastructure, and in Asia-Pacific, which is investing heavily in new equipment," noted Raman. "Besides, with productivity and energy efficiency becoming more influential purchase factors than price, successful business cases based on lower total cost of ownership and increased machine uptime will allow manufacturers to carve a niche in the highly competitive market."
Other significant growth opportunities include:
- Additive manufacturing. Advancements in metal 3D printing are expected to drive the technology's application in customized mass manufacturing and gain a first-mover advantage by reducing product lead times.
- The Made in China 2025 initiative. Manufacturers can assess the feasibility of setting up a base in China through joint ventures. End-user industries such as agriculture, construction, and aerospace and defense are key growth areas.
- Miniaturized mobile hydraulic equipment. This will meet the demand for compact, powerful hydraulic equipment.
Global Mobile Hydraulic Equipment Market, Forecast to 2023 is part of Frost & Sullivan's global Mechanical Power Transmission Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Mobile Hydraulic Equipment Market, Forecast to 2023
SOURCE Frost & Sullivan