|【英語タイトル】Asia-Pacific Hydraulic Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
The Asia-Pacific hydraulic equipment market is expected to grow at a CAGR of 3.12% during the forecast period 2021 – 2026. The growing demand for material handling equipment, increasing investment in infrastructure development, and reducing overall equipment costs are some of the major factors driving the growth of the hydraulic equipment market.
- The hydraulic solution is gaining traction in recent years as they are easy to control and by far the most compact, lightweight, and reliable equipment compared to the traditional approach. Modern hydraulic equipment is accessible in several industries, including construction, roofing, material handling, masonry, automotive, aviation, and manufacturing.
- Moreover, as per the IOGP’s Global Production Report 2019, demand for oil and gas is at the peak, greater than ever before, with dramatic growth in Africa, Asia Pacific, and the Middle East. This has fueled the investment in exploration and production of oil to meet the demand and supply. The key vendors are investing in the region to pursue the “local for local” market approach to providing faster availability and shorter reaction times.
- For instance, in 2019, India’s oil and gas sector witnessed investments around INR 5 trillion in exploration, distribution, marketing, regasification, and pipeline network laying. Through this, the government expects the domestic natural gas production to increase by around 20% from 32.87 billion cubic meters in 2018-19 to 39.3 billion cubic meters by 2020-21. Within the oil and gas sector, gear pumps are replacing vane pumps, albeit slowly. This trend is expected to continue over the forecast period, which is likely to result in a slight decrease in the share of vane pumps in the hydraulic pump market.
- However, the recent COVID-19 outbreak and nationwide lockdown have affected the regional manufacturing and industrial sector, especially in emerging countries like India, which is also expected to affect the market. According to World Bank published, Southeast Asian countries like Thailand and Malaysia are expected to deal with the biggest manufacturing losses due to the COVID-19 outbreak, while Vietnam could record a below-average decrease in its economic activity.
Key Market Trends
Construction Sector Will Experience Significant Growth and Drive the Market
- Asia Pacific region as a whole is united in experiencing substantial economic and population growth, which is expected to continue over the years and fuel the infrastructure development. According to the Asia Development Bank report, total infrastructure needs in the region will grow from USD 2.8 trillion (baseline estimate) to USD 3.1 trillion (climate-adjusted estimate). So, the total annual investment will range from USD 184 billion to USD 210 billion that would be utilized for large scale projects involving energy, road, rail, water, and other infrastructure. It is expected to drive the demand for hydraulic equipment in the construction sector.
- For instance, the Chinese government’s infrastructure spending grew by 3-5% in 2019, which includes USD 120 billion in railway construction and USD 270 billion in road and waterway projects. Moreover, sales of mobile crane trucks in the first half of 2019 was almost 40-50% higher, compared to the last year. One of the biggest Chinese company, Sany Heavy Industry, whose turnover grew 46% in 2018, has now become the sixth-largest equipment manufacturer in the world.
- Additionally, the infrastructure in India is also developing at an unprecedented rate; hence, the studied market vendors are also trying to utilize these opportunities. For instance, the Indian government plans to invest close to USD 1.4 trillion to build modern ports, highways, railways, airports, hospitals, and educational institutions to give a significant boost to the Indian economy. Big companies like Volvo are collaborating with government organizations. Domestic players, Bonfiglioli Transmissions, are also expanding their manufacturing facility to double the production in India.
Automobile Sector Will Experience Significant Growth and Drive the Market
- Automotive is another sector where hydraulic equipment, like pumps, are finding massive applications, like in energy generation to run the vehicles. And with the recent trend of Electric Vehicle (EV) and the growing adoption of robots in automotive manufacturing, the studied market scope is further expanding. Although China was one of the major manufacturers, however, the recent US-China trade war and COVID-19 outbreak are forcing many manufacturing companies, including automotive, to shift to other South Asian countries like India and Vietnam.
- Additionally, in December 2019, Gates launched a new hydraulic hose, MXG 4K, in the Indian market. According to the company, it is the next generation of premium hydraulic offerings that provides a highly flexible, lightweight, and compact design for the first fit, industrial, and automotive sector.
- Moreover, the smart factory adoption rate is highest in the automotive industry which is set to increase investment by over 60% in the next three years in order to gain productivity up to USD 167 billion. According to the report, 3 out of 10 automotive factories have been made smart in the past 1.5 to 2 years. For instance, Bosch invested EUR 31 million in an Indian plant that features the latest industry 4.0 solutions. It is expected to drive the automotive sector in Asian countries and will in turn fuel the hydraulic equipment market in the region.
The Asia-Pacific hydraulic equipment market is competitive and is dominated by a few major players like Bosch Rexroth AG, Emerson Electric Co., Danfoss Power Solutions, Parker-Hannifin Corporation , and Kawasaki Heavy Industries Ltd. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
- March 2020 – The Hydraulic Pump and Power Systems (HPS) Division of Parker Hannifin Corporation, launched a new online configuration tool for its Gold Cup Pump and Motor Series with support for additional product series planned in the future. The new eConfigurator tool will streamline a user’s online configuration with a convenient embedded tool view, including model-based dimensioning and an extended product summary in one location.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Suppliers
4.2.3 Bargaining Power of Consumers
4.2.4 Threat of New Entrants
4.2.5 Threat of Substitute Products
4.2.6 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact Of COVID-19 On The Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand For Material Handling Equipment
5.1.2 Increasing Demand From Construction Industry Via Government Initiatives And Investments
5.2 Market Challenges
5.2.1 High Maintenance Cost Over the Equipment’s Lifespan
6 MARKET SEGMENTATION
6.1 By Hydraulic Equipment Type
6.1.5 Accumulators & Filters
6.1.6 Others (Transmission, Fluid Connectors, Auxiliary Components And Other Accessories)
6.2 By End-User Industry
6.2.3 Material Handling
6.2.4 Oil & Gas
6.2.5 Aerospace & Defense
6.2.6 Other End-user Industries
6.2.7 Machine Tools
6.2.8 Other End-User Verticals
6.3 By Country
6.3.4 South Korea
6.3.5 Rest of Asia-Pacific
7 COMPETITIVE LANDSCAPE
7.1 Vendor Market Share
7.2 Mergers & Acquisitions
7.3 Company Profiles*
7.3.1 Bosch Rexroth AG
7.3.2 Emerson Electric Co.
7.3.3 Danfoss Power Solutions
7.3.4 Parker-Hannifin Corporation
7.3.5 Kawasaki Heavy Industries Ltd.
7.3.6 Daikin Industries Ltd.
7.3.7 Mitsubishi Heavy Industries
7.3.8 Tata Hitachi Construction Machinery
7.3.9 Kobelco Group
7.3.10 KYB Corporation
7.3.11 Shimadzu Corporation
7.3.12 Jiangsu Hengli Hydraulic Co. Ltd.
7.3.13 Taiyuan Heavy Machinery GroupCo., Ltd (Yuci Hydraulics)
8 FUTURE OUTLOOK OF THE MARKET