LONDON, Feb. 8, 2017 /PRNewswire/ -- The rising demand for energy-efficient, easily operable, and smart sensor-embedded hydraulic systems that are Industrial Internet of Things (IIoT)-enabled is driving hydraulic manufacturing companies to expand their presence across the globe. The hitherto sluggish market will recover within five years as consumers across user verticals such as construction, material management, automotive, agriculture, and oil and gas exhibit willingness to invest heavily in integrated hydraulic solutions.
"Key mobile hydraulic equipment market participants, including Bosch Rexroth, Eaton Corp, Parker Hannifin and Danfoss, are venturing into smart platforms, especially for the automotive, chemical and energy industries, embedding sensors in pumps, cylinders and even accessories such as hoses to enhance power density and control oil leakage from equipment," said Frost & Sullivan Industrial Automation and Process Research Analyst Kiravani Emani. "Electronic integration will continue to play a pivotal role in boosting demand for hydraulic products."
Global Mobile Hydraulic Equipment Market, Forecast to 2020, part of Frost & Sullivan's Industrial Automation and Process Control Growth Partnership Service programme, highlights the opportunities emerging as traditional hydraulic systems give way to electronically integrated ones. The study explores the magnitude of the impact on the industry owing to the operational excellence that consumers will garner through smart sensor integration in these systems.
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Despite low investment activity in major mobile vertical markets such as agriculture, construction, and oil and gas, which has contracted the revenue margins of hydraulic manufacturers, the overall market remains positive:
To boost uptake, manufacturers must focus on educating consumers on the long-term benefits of electro-hydraulics solutions, and position themselves as one-stop vendors for a holistic range of services from installation to maintenance and replacement.
"End users will continue to invest in purchasing or replacing products that help to reduce energy consumption, noise levels, and oil leakages caused during equipment operation," observed Kiravani. "Hydraulic manufacturers who complement their product offering with service capabilities are likely to be a preferred choice for end users."
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Global Mobile Hydraulic Equipment Market, Forecast to 2020
MCB3-10
Contact:
Evgenia Oleynikova
Corporate Communications -- Europe
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E: Evgenia.Oleynikova@frost.com