Hydraulic Tools Market Expected to Reach $2.7 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hydraulic Tools Market," The hydraulic tools market size was valued at $1.6 billion in 2020, and is estimated to reach $2.7 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.

In 2020, North America dominated the hydraulic tools market, in terms of revenue, accounting for around 38.5% share of the global market, followed by Europe. The economy of Europe has grown over the past couple of years, which, in turn, boosts the growth of the construction industry. This, in turn, is expected to fuel the hydraulic tools market forecast.
By type, the hydraulic cylinder & jack segment has accounted for the largest share in the global hydraulic tools market share in 2020 and the tension & torque tools segment is expected to witness significant growth during the forecast period, owing to technological innovations and deployment in the oil, gas, and petrochemical industry.

In terms of end user, the industrial manufacturing segment secured the highest share in the hydraulic tools market in 2020, and is expected to grow at a CAGR of 6.5% during the forecast period, owing to increase in the manufacturing sector around the globe. These factors are expected to provide lucrative growth opportunities for hydraulic tools market players in developing economies. The hydraulic tools market is projected to witness significant growth in the coming years, owing to increase in adoption of material handling equipment in countries such as China, Brazil, India, and other South Asian countries. Nations such as the U.S., Germany, and Japan, have started using hydraulic tools, owing to surge in industrialization.
COVID-19 has already affected the sales of hydraulic tools market in 2020, and is expected to hamper growth of the hydraulic tools market. Major demand for hydraulic tools was badly affected, owing to the spread of COVID-19 virus. Further, disruption of supply chains hinders the hydraulic tools market growth. Several manufacturers in the hydraulic tools market stopped their business activities, owing to lockdown implemented in developed and developing countries in 2020 and ban on construction activities. This halt in production activities impacted the revenue of hydraulic tools manufacturing companies. For instance, net sales of Robert Bosch GmbH dropped by 3.6% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global hydraulic tools market analysis. However, the market is projected to cover from the 1st quarter of 2021, owing to reduced restrictions and reopening of the global hydraulic tools industry. Moreover, in 2021 with availability of vaccine against COVID-19, the hydraulic tools market trends is expected to gradually witness growth.

Regionally, the market analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America region generated the highest revenue
in 2020.
Prominent players, such as Actuant Corporation, Atlas Copco AB, SPX Flow, Kudos Mechanical Co., Ltd., IDEX Corporation, Hi-Force, and Cembre S.P.A., Emerson Electric Co., Robert Bosch GmbH, and Stanley Black & Decker, Inc., have adopted new product launch & acquisition as their key strategy to expand their market foothold.