When you work in the hydraulic industry, it is important to stay up to date on current topics. The global hydraulic market is expanding, and it is important to know why, even if you feel that it doesn’t affect your business. In reality, a changing global hydraulic equipment market affects available technologies, equipment costs, and best in practice maintenance standards.
With the global hydraulic equipment market predicted to expand 6% through 2020, it is important to know the factors driving this growth. Here are the top three trends that are driving the predicted growth estimate for the global hydraulic equipment market.
In order to differentiate, many manufacturers of hydraulic equipment are offering various integrated cylinder solutions and systems. This allows manufacturers to increase the value of their parts through systems that incorporate these cylinders, as well as ancillary components like valves and pumps. While this increases the profit for hydraulic equipment manufacturers, end users see a more efficient design that lowers the operating costs and engineering associated with the equipment.
Since hydraulic cylinders are such critical components in a system, end users have been reacting favorably to the solutions that offer better performance. This has lead to hydraulic component manufacturers offering packaged integrated solutions that include all components for assembly, such as valves, cylinders, connectors, hoses and pumps.
Multiple OEMs have remained committed to their in-house production of hydraulic components and equipment. This gives manufacturers more control over the design, engineering, logistics, quality and costs of their products. This shifts the market, because many of the largest consumers of hydraulic components, are also the biggest manufacturers. These shifts may bring in a time of consolidation in the hydraulic industry, where major firms, like Caterpiller and Deere & Company, manufacture a majority of cylinders. These behemoths then consume these products internally, and they never make it fully to the primary or secondary market where you will consume them.
As end users adopt the more advanced cylinders, they are seeing an increase in accuracy and functionality in controlled performance. Smart cylinders use electronic controls to ensure more efficient operation of the hydraulic equipment. With the success of these smart cylinders, focus has shifted away from alternative technologies, such as electric actuators.
While this article looks at the global hydraulic equipment market, Bernell Hydraulics has your local hydraulic component and equipment needs covered. We have three retail stores throughout the Inland Empire area that are stocked with inventory, a vast warehouse of parts that can be shipped anywhere in the world, and a team of knowledgeable and professional hydraulic equipment technicians that can diagnose and repair your hydraulic machines. If you need service done on or parts for your hydraulic equipment, Bernell Hydraulics is the place to go!