If you’re in the medical coding field you need to stay up to date on annual changes to HEDIS Quality Measures. If you are a teacher, you need to know about recent curriculum changes and standardized tests. If you’re in the construction industry, you need to have up to date information on zoning and building codes. The truth is that no matter what industry you find yourself in, it is crucial to stay up to date on current topics and news.
The same can be said for the hydraulics industry. This is why Bernell Hydraulics takes pride in staying current on popular topics and industry reports. If you’re in the hydraulic business, it’s a good idea to do the same! That is why we offer industry updates to our customers to keep them well-informed.
Recently, the industry reporting company Research and Markets has released the Global and China Hydraulic Industry Report 2017-2021 report. This report gives a basic overview of the hydraulic industry before taking a more detailed look at the global hydraulic industry, with a specific focus on China.
According to this report, the global hydraulic components market totaled approximately $35.2 billion in 2016. This staggering number is a 2.6% from 2015, and the growth was driven by the strength of Chinese machinery and equipment markets. Based on the growth of China and other global markets, this market is on track to reach an impressive $46.6 billion by the year 2021.
Currently, China is the second largest hydraulic components market in the world. Though their overall value dropped just over half of a percent in 2016, the country has approximately a quarter of the global hydraulic parts market. Signs of improvement in the once downtrodden construction machinery industry during early 2017, has China poised to gain even more market share. An increase to RM75.9 billion in 2021 from the current RM58 billion is predicted, which will further increase China’s market share.
The low to medium-end hydraulic component market is controlled by a few major players in China, but higher end products are controlled by a few main companies. Precision Machinery, Kawasaki, Eaton, Linde, Rexroth and some other entities monopolize the high-end global hydraulic parts market and you can look for these manufacturers to increase their product lines in the coming years as the market grows.
It’s one thing to look to the future and debate how impactful mechanical-electrical-hydraulic integration will be in the coming years, but it’s another to talk about how to manage your current hydraulic system. At Bernell Hydraulics, we have the industry knowledge and expertise to keep your current hydraulic system up and running. From custom builds and preventative maintenance, to diagnostic and repair services, Bernell Hydraulics can get the job done. Give us a call at 800-326-7252 to learn more, of visit one of our four stores located throughout Southern California.