Hydraulic Actuator Market Size, Share, Opportunities, And Trends By Type (Linear Actuator, Rotary Actuator, Semi-Rotary Actuator), By Material (Aluminum, Carbon Steel), By End-User (Agriculture, Construction, Mining, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Sep 2023
- Report Code : KSI061615459
- Pages : 145
The hydraulic actuator market was valued at US$2.795 billion in 2021 and is expected to grow at a CAGR of 3.72% during the forecast period.
A hydraulic actuator is a mechanical device that utilizes the power of pressurized fluid to generate motion or force. The different types of hydraulic actuators include linear actuators, rotary actuators, and semi-rotary actuators which are made using carbon steel or aluminum and can be used for agriculture, construction, and mining activities to provide precise control for heavy lifting and moving tasks. Factors such as an increase in agricultural equipment sales and a rise in mining activities are driving the hydraulic actuator market size expansion.
Market Drivers
- Growing agriculture equipment sales
Hydraulic systems offer excellent control over speed, and direction to fluid motors perform precise maneuvers. This level of control is essential for tasks like seed planting, spraying pesticides, and harvesting, where accuracy and efficiency are critical. The increased sales of harvesters coupled with the new launches of agricultural equipment are expected to boost the hydraulic actuator industry's growth. According to the Association of Equipment Manufacturers (AEM), Canada's combined harvester sales increased up to 10.7 % in 2022 compared to 2022,
- Increased construction spending
Hydraulic actuators play a crucial role in various construction equipment and machinery, such as excavators, cranes, loaders, and bulldozers. These actuators provide the necessary power and force required for efficient movement and operation of heavy machinery in construction sites. Hydraulic actuators offer precise control and strong lifting capabilities, allowing construction equipment to handle heavy loads and perform intricate tasks with ease. The rising infrastructure spending drives the hydraulic actuator industry growth. Under the Union Budget 2021-22 of India, funding of INR 1.97 lakh crore (over US$ 26 billion) was announced to enhance India’s manufacturing capabilities and exports.
- Growing mining activities
Mining operations involve tasks like drilling, crushing, and material handling. Hydraulic actuators offer the necessary power to perform these tasks efficiently, enabling the operation of heavy machinery and equipment such as excavators, loaders, bulldozers, and crushers. The increased mineral production and introduction of new mining equipment will positively impact the hydraulic actuator market growth. Accordingly, Indian iron ore production increased to 253.97 million tonnes in 2021-22 from 199.8 million tonnes in 2017-18. In April 2023, Hitachi Construction Machinery Co., Ltd. launched an "EX5600-7 ultra-large hydraulic backhoe excavator" with improved welding strength and thickness of the boom and arm.
The Asia-Pacific region is expected to witness high CAGR
Asia Pacific holds a significant share of the hydraulic actuator market due to the favorable initiatives and investment to boost mining and agriculture activities in economies such as India and China. In June 2022, the Minerals Security Partnership (MSP) initiative was launched in China which aimed to ensure that critical minerals are produced to support the economic development and potential of mineral resources in China. Moreover, in the annual budget of 2021-22 India, Rs. 1050 crore was allocated under the ‘Sub Mission on Agricultural Mechanization (SMAM)’ scheme to boost farm mechanization in the country. Such positive developments will expand the hydraulic actuator market size in the Asia Pacific.
Regulations implemented to reduce emissions will restrain the hydraulic actuator market growth.
The combustion engines used to power the hydraulic systems can also generate emissions. Regulations aimed at reducing emissions from the major sector such as mining can negatively impact the expansion of the hydraulic actuators market. In November 2022, for instance, the International Methane Emission Observatory (IMEO) announced the Methane Alert and Response System (MARS), which is a satellite-based system to detect methane emissions. It would start with major emission sources from the mining sector but would also expand to cover other methane-emitting sectors, such as waste and livestock.
Market Developments
- June 2022: PDC LLC launched high-quality electro-hydraulic actuators marketed under the Magnus Force® brand offering consumers a cost-effective solution with aggressive lead times.
- Emerson introduced the hydraulic actuator that used ECAT Valve Actuation Technology which had a small electric motor to pressurize hydraulic fluid to drive the actuator and was designed to offer zero-emission. The company launched such a product to expand its presence in the hydraulic actuator industry.
Company Products
- CytroForce: This product by Bosch Rexroth sets new benchmarks in terms of power density, energy efficiency, and quiet operations. The solution is delivered preconfigured, allowing even machine manufacturers with very little hydraulics experience to benefit from previously unknown application possibilities and minimal total costs from engineering to maintenance.
- Dantorque R-Series Helical Spline Hydraulic Valve Actuator: Such product by Emerson Electric Co is a compact and fully concentric actuator and this product is only intended for use in large-scale fixed installations excluded from the scope of Directive 2011/65/EU on the restriction of the use of certain hazardous substances in electrical and electronic equipment (RoHS 2).
- Electro-Hydraulic Actuator: This product by Rotex Automation is a self-contained electrohydraulic actuator suitable for linear and rotary applications.
Hydraulic Actuator Market Scope:
Report Metric | Details |
Market Size Value in 2021 | US$2.795 billion |
Growth Rate | CAGR of 3.72% from 2021 to 2028 |
Base Year | 2021 |
Forecast Period | 2023 – 2028 |
Forecast Unit (Value) | USD Billion |
Segments Covered | Type, Material, End-User, and Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | Bosch Rexroth, Bray International, Eaton Corporation, Emerson Electric Co, Flotech Inc., Moog Inc, PARKER HANNIFIN CORP, Rotex Automation, Rotork, The Kerry Company Inc. |
Customization Scope | Free report customization with purchase |
Segmentation
- By Type
- Linear Actuator
- Rotary Actuator
- Semi-Rotary Actuator
- By Material
- Aluminum
- Carbon Steel
- By End-User
- Agriculture
- Construction
- Mining
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Other
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. HYDRAULIC ACTUATOR MARKET BY TYPE
5.1. Introduction
5.2. Linear Actuator
5.3. Rotary Actuator
5.4. Semi-Rotary Actuator
6. HYDRAULIC ACTUATOR MARKET BY MATERIAL
6.1. Introduction
6.2. Aluminum
6.3. Carbon Steel
7. HYDRAULIC ACTUATOR MARKET BY END-USER
7.1. Introduction
7.2. Agriculture
7.3. Construction
7.4. Mining
7.5. Others
8. HYDRAULIC ACTUATOR MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. UK
8.4.3. France
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. South Korea
8.6.4. India
8.6.5. Australia
8.6.6. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
10. COMPANY PROFILES
10.1. Bosch Rexroth
10.2. Bray International
10.3. Eaton Corporation
10.4. Emerson Electric Co
10.5. Flotech Inc.
10.6. Moog Inc
10.7. PARKER HANNIFIN CORP
10.8. Rotex Automation
10.9. Rotork
10.10. The Kerry Company Inc.
Bosch Rexroth
Bray International
Eaton Corporation
Emerson Electric Co
Moog Inc
PARKER HANNIFIN CORP
Rotex Automation
Rotork
The Kerry Company Inc.
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