May 27, 2020 3:52 PM ET
iCrowd Newswire – May 27, 2020
The Global Hydraulic Tools Market is estimated to grow at a CAGR of 5.9% during the forecast period 2019-2026. The market research study presents that the hydraulic tools industry accounted $1.56 billion in the year 2018 and is estimated to reach $2.34 billion by the end of the year 2026.
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The hydraulic tools industry is driven by various growth factors such as retrofit and replacement of existing equipment, increase in infrastructural spending, rapid industrialization and development of the global construction sector. However, high cost of hydraulic cylinders may hamper the market growth over the forecast period. On the contrary, increase in demand for material handling equipment is expected to create lucrative opportunities for the market players in the global hydraulic tools industry.
Segmentation Overview of the Global Hydraulic Tools Market
The global hydraulic tools market is segmented on the basis of various market segments that include type and end-user. These segments are further categorized into various sub-segments to study the market in detail considering various factors and geographical conditions.
The Type Segment of the Global Hydraulic Tools Market is Sub-Segmented into:
- Tension and Torque Tools
- Hydraulic Rescue Tools
- Hydraulic Cylinder and Jack
The End-User Segment of the Global Hydraulic Tools Market is Sub-Segmented into:
- Oil & Gas
- Industrial Manufacturing
As per the analyst viewpoint, the hydraulic cylinder and jack type segment dominated the segment with ~1/3rd of the market share in the global marketplace of the hydraulic tools. Moreover, the industrial manufacturing segment of the end user segment is anticipated to register the highest growth with a CAGR of 5.6% during the forecast period.
Geographical Overview of the Global Hydraulic Tools Market
The global hydraulic tools market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America hydraulic tools market held the largest market share in the year 2018 that accounted for ~1/3rd of the share in the global marketplace. The regional dominance is attributed to rise in commercial infrastructure construction activities and growth construction and mining equipment industries in the region. Similarly, the LAMEA hydraulic tools market is estimated to register the growth at a CAGR of 6.7% during the forecast period 2019-2026. The regional growth is attributed to economic growth in countries such as Argentina, Colombia, South Africa and Brazil.
Market Competition Insights
Hi-Force, Shinn Fu, HTL Worldwide Ltd., Actuant Corporation, Textron Inc., Kudos Mechanical Co., Ltd., SPX Flow, IDEX Corporation, Cembre Inc. and Atlas Copco AB among others are some major players included in the research study of the global hydraulic tools market. The market players are adopting various competitive strategies to withhold the large market share in the global hydraulic tools market. These market players have adopted various competitive strategies such as product development, joint ventures, collaboration, expansion, partnership and others to strengthen their industrial presence in the global hydraulic tools market.
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Keywords: Hydraulic Tools Market, Hydraulic Tools Market Size