Rising demand of hydraulic valves in construction and agricultural machineries is one of the key driving factors for the hydraulic valves market. Increase in farm mechanization is accelerating the use of agricultural machineries, while development in infrastructure projects and transportation facilities will propel the demand for construction machinery. Construction & Agricultural machinery together, are estimated to provide ~USD 800M absolute dollar opportunity in the global market by the end of 2029.
Further, effective integration of latest technologies such as 3D printing & Internet of Things (IoT) is expected to unlock future growth prospects in the global market. Prominent manufacturers are capitalizing significantly in their R&D endeavors to strike a fine balance between cost and effectiveness of hydraulic valves. The report estimates that the market is foreseen to expand by ~1.4 times to reach a valuation of ~USD 2bn by end of 2029.
The hydraulic valve market can be construed as a fragmented market. Bosch Rexroth, Eaton Inc., Kawasaki Heavy Industries, Helios Technology, Enerpac Tools Group, Parker-Hannifin, Curtiss-Wright, Danfoss Industries and Hydraforce are the largest competitors in the hydraulic valve market. The competitors have been seen to be moving to East Asia & South Asia to gain a foothold.