Australia Hydraulics Market Forecast 2024-2030
Hydraulic equipment market trends are looking favourable in the foreseeable future, with strong growth predicted in the 2024 – 2030 period.
A number of key drivers are behind this positive outlook, including the growing role of emerging technologies and company sustainability targets.
Exciting technological innovations are changing the way hydraulic systems operate, are monitored, and are serviced, leading to improved profitability and sustainability.
Let’s examine the state of play in brief.
The Expanding Hydraulics Market in Australia
An analysis of hydraulic components market trends for Australia reveals that significant growth can be expected in the next 6 years.
Key drivers include the steady economic development and infrastructure improvement and development across the country.
Industrial hydraulics are in demand in an increasing number of industries, with key markets in mining, agriculture, aviation, and construction.
In addition to higher volume orders, hydraulic equipment suppliers are reporting a greater demand for hydraulics that leverage the latest technological improvements. This is primarily because new technology can reduce costs, improve efficiency and improve the sustainability performance of the organisation.
Environmentally responsible measures are becoming increasingly important as overseas markets move towards more sustainable practices and expect the same from their Australian partners.
Components Driving the Market: From Motors to Transmissions
The demand for hydraulic motors, pumps and accumulators remains strong. These key hydraulic components in many industrial applications are the focus of much research and development. Many companies are optimising performance by capitalising on the latest advances relevant to their industry.
Similarly, improvements in filters, valves and hydraulic transmissions have resulted in improved efficiency.
Ensuring that these components are in good order and are well-maintained is the first step in running a smooth operation. However, when it’s time to replace parts, be sure to investigate the latest improvements – these can make an impressive difference to the bottom line.
Mobile vs. Industrial Hydraulics: Which Sector is Dominating?
Hydraulic industries are performing well overall, with some differences in demand when comparing industrial hydraulics with mobile hydraulics.
Hydraulic companies in Australia report continued strong demand for industrial hydraulics, fuelled by ongoing growth in key industries within Australia. In contrast, some industries are still experiencing diminished demand for mobile hydraulics as a result of the COVID-19 pandemic and ongoing war between Russia and the Ukraine.
Construction, Agriculture, and Material Handling: The Key End-Users
Australia’s construction industry is booming, with rapid growth in the main centres and peripheral cities growing in response to improved public transport and more opportunities to work from home.
Similarly, demand for hydraulic industrial equipment for material handling is being driven by economic growth and stricter safety and handling requirements.
This increased growth has increased demand for hydraulic equipment.
In addition, agricultural practices are evolving rapidly, with an increasing role for technology in precision agriculture applications. Through improved hydraulic systems, farmers are able to better regulate inputs and improve sustainability performance.
For example, technological advances have made possible the live, on-demand monitoring of measures such as soil moisture and the opportunity to remotely adjust pump timers to optimise irrigation rates.
Emerging Technologies and Sustainability in Hydraulics
The Internet of Things (IOT) has revolutionised the hydraulic industry, enabling real-time monitoring of system performance.
Users can track power usage and receive alerts as soon as the system requires maintenance. This helps ensure that maintenance occurs in a timely manner, before any damage to the production line or machinery occurs.
Live tracking of energy consumption empowers users to better manage when and how power is used within the business, helping industries to reduce their carbon footprint and save money.
These improved hydraulic systems are becoming the market standard.
Businesses looking to improve their sustainability performance are encouraged to speak to their hydraulic supply company to discuss integrating technology into hydraulic systems.
The Competitive Landscape: Major Players and Industry Leadership
Australia’s hydraulic industry is dominated by major players such as Eaton and Parker Hannifin.
These titans are key players, ensuring that Australian industry has access to the latest global innovations in hydraulics.
Here at Gerrard Hydraulics, we pride ourselves on being one of the key hydraulic companies Perth has to offer, helping deliver market-leading products to the local market.
Seizing the Opportunities in Australia’s Hydraulic Market
In a rapidly changing world, staying ahead of the game is the only way to remain profitable.
In addition, businesses also need to consider their environmental and social sustainability, with social licence to trade becoming a crucial requirement for ongoing business success.
Businesses can thrive by embracing advanced, technologically improved hydraulic systems. These systems reduce maintenance and repair costs, optimise inputs and outputs, reduce workloads and get the tick for environmental performance.
Gerrard Hydraulics can provide customised hydraulic solutions that meet the growing demands of your industry.
Contact us today to discuss your requirements and explore the possibilities.