How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years.

Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil achieve sustainable development goal (SDG) 9, especially 9.2, by 2030 by increasing the contribution of the manufacturing sector in gross development product (GDP).

The end user segment of the hydraulic equipment market is classified into oil and gas, mining, metal and machinery manufacturing, marine, construction, automotive, agriculture, aerospace, and others. Under this segment, the agriculture category is projected to demonstrate the fastest growth during the forecast period, owing to the improvements brought about by hydraulic equipment in planting and harvesting. Additionally, the convenience offered by hydraulic equipment in plowing will also augment their popularity in the agrarian community.

Geographically, the Asia-Pacific region accounted for the largest share in the hydraulic equipment market in 2020, and it is also expected to demonstrate significant growth throughout the forecast period. The growth of this region can be credited to the increasing construction activities, accelerating industrialization rate, and mounting investments being made in the infrastructure sector of regional countries. Additionally, the booming industrialization will also create a considerable demand for hydraulic equipment in the region.

Therefore, the increasing construction activities and booming industrial sector in developing countries will create an enormous requirement for hydraulic equipment in the foreseeable future.

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