Hydraulic fluid has long been a crucial component in the hydraulic fluids market, serving applications such as aviation and industrial machinery. Since its inception in the 1700s, the hydraulic equipment market has expanded into a global powerhouse, with an estimated value of $77.5 billion by the end of 2021. Naturally, there is expanding interest in this market, with millions of investors looking to capitalize on the ever-growing opportunity. However, it is important to have a comprehensive understanding of the hydraulic equipment market's history, current trends, and outlook before potentially investing.
Hydraulic equipment operates on fluid-mechanic principles first outlined by Pascal in 1648 who stated that confined fluid could exert an equal force in every direction. Years later, in 1738, the famous mathematician Daniel Bernoulli created some of the first systems using confined fluid as an energy source. Since then, engineers have employed hydraulic fluid in a wide variety of applications. Today, it is used extensively in powering large industrial machines as hydraulic fluid can power various axes of motion at the same time. Additionally, aircraft hydraulic fluid was chosen as the preferred method of controlling moveable aircraft components due to the small amount of fluid needed to power such structures. There are many aircraft hydraulic fluid types in the present, but the most commonly used are petroleum-based, water-based, and synthetic fluids.
The current hydraulic equipment market can be broadly divided into mobile hydraulic equipment and industrial equipment. The mobile hydraulic market, which is quite larger than its counterpart, includes airplanes, tractors, and other machinery that employ hydraulics to generate force or lubricate structures. Conversely, the industrial hydraulic equipment market encompasses applications such as presses and machine tools.
In 2020, the global hydraulic market was drastically impacted by the effects of the COVID-19 pandemic. Regional lockdowns and supply chain issues proved to be large issues for the production and distribution of hydraulic equipment. As a result, the estimated value in 2020 was $37.4 billion, which pales in comparison to the 2021 forecast. Such rebounds are expected to occur well into 2025, with a compound annual growth rate of 2.4%.
Currently, there is a significant push for the improvement of several existing hydraulic equipment technology:
Additionally, engineers are working with chemists and material scientists to create a better performing hydraulic fluid. Such factors contributing to the fluid's performance include:
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