According to Fact.MR, a market research and competitive intelligence provider, the global hydraulic valves market will enjoy the valuation of US$ 5,459.1 million in 2022 and is projected to grow with the healthy CAGR of 3.8% during the forecast year. Also, the market is poised to grow increasing installation of hydraulic system with integrated cooling system.
Hydraulic valves regulate the flow and pressure of fluids (water or oil) by controlling the amount of fluid flowing through the system. Increasing demand for hydraulic valves in construction and agricultural machinery is a key factor driving the hydraulic valves market.
Advances in agricultural mechanization are accelerating the use of agricultural machinery, while infrastructure projects and the development of transportation facilities are boosting the demand for construction machinery.
Moreover, the rise in the consumption of oil and gas has been observed in developed and developing countries. Thus, industries are shifting their focus on expanding their product offerings and production facilities through offshore and onshore exploration of oil & gas to fulfil the increasing demand and thereby the supply of the same. This all has created immense opportunities for the valves manufacturers.
More effective integration of modern technologies such as 3D printing and the Internet of Things (IoT) is expected to open up future growth prospects in the global market. Renowned manufacturers have benefited greatly from research and development efforts to find the cost-effectiveness balance for hydraulic valves.
Key Takeaways from Market Study
- The global hydraulic valves market is projected to grow 4X and reach US$ 7,895.8 million by 2032.
- The market witnessed 2% CAGR between 2017 and 2021.
- Under product type, directional control hydraulic valves dominate the market with US$ 2,243.6 million valuation in 2022.
- Construction Machinery segment is expected to reach market valuation of US$ 1,388.5 million by 2022 end.
- North America dominated the market with 0% market share in 2021.
“Advancement of hydraulic valves with integrated embedded processor and network capability has increased the reliability and responsiveness of the flow control” says a Fact.MR analyst.
Market participants can create integrated sales channel to streamline their supply chain. As number of hydraulic systems are increasing in numbers owing to increase in industrial manufacturing and construction, the manufacturers have lucrative opportunity to create additional revenue.
Integrating with different advancements in the technology, the players in the market should try coming up with new product range that has improved features than that of the existing valves. Introduction of sensors or compact control units to monitor the flow of the fluids through the valves can be an upgradation in the product attracting more customers.