While the national news is filled with unfortunate COVID-19 related financial information, some sectors are doing better than ever and thriving in the face of challenges. For example, a growing number of people are discovering the hydraulic market is booming and is likely to stay strong for the next five years or so. Here's what you need to know about this situation to ensure you can take advantage of it with wise investments.
What the News is Saying
It has become clear that the hydraulic pump equipment market is going through a staggering increase all over the national news. In 2020 (and in spite of the COVID-19 pandemic), the global hydraulic pump equipment market reached $8,644 Million in sales and is likely to hit $12,150 Million by 2027. That is a CAGR of 4.8%, which is one of the highest within the market, particularly within the manufacturing and industrial field.
This growth projection is based on a number of different elements, including demand, supply, sales numbers, and units shifted. While the hydraulic equipment market is usually fairly consistent with its growth, this recent boost is fascinating and is causing many people to begin investing in the market even more. These increases further boost the market size and strength, improving its potential financial future even more.
This boost is happening to many different areas of the market, including elements like load cells. There are many different types of load cells, including strain gauge type load cells, hydraulic load cells, diaphragm load cells, spool type load cells, and ring type load cells. Which one to use depends on the primary and secondary factors. These include All are seeing a heavy increase in sales in recent years.
What is Driving This Increase?
Changes in the manufacturing industry and a higher demand for technological advances have helped fuel this market to higher and higher numbers. For example, storage security and data transmission (all very important for the modern market) have become more successfully integrated into hydraulic equipment. They now include elements like synced control units and much more.
Such advances have helped to make hydraulic equipment not just a more prominent market but a more expansive one. Gone are the days of specialized manufacturing-oriented equipment. Now, more available and even personal-use hydraulic pumps provide the average citizen with unique access to a myriad of mechanical elements. In this way, the market is likely to expand even more past 2027 and into the future.
Why This News Matters
Many of the top hydraulic equipment manufacturers also work in other fields, such as construction equipment design, and have struggled in these fields. For example, Kawasaki, Yuken, and other similar teams have seen historically low sales in their different markets. However, with hydraulic sales booming, they have stayed open and provided jobs and career options for those who'd otherwise be out of work.
For example, there is a heavy number of staffing shortages throughout the nation right now due to COVID-19. These include about 7.2 million open healthcare positions throughout the world, such as nurses, general care staff, and doctors. An increase in the hydraulic market could help to offset these economic problems and minimize concerns in other sectors.
This report covered a broad range of markets, including most of North America (primarily the United States and Canada) and several countries in Europe (mainly Germany, still a heavily manufacturing-oriented country). The success of hydraulic companies in other parts of the world also remains high, though this information was not included in the report, which served as the basis for this article.
Continue to watch the national news to see how these trends will improve in the future. Are they sustainable, or will there be a decrease as more market information emerges? Only time will tell, so keep your eyes open and your financial options diverse to ensure a higher level of potential success.