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.
“Advancement of hydraulic valves with integrated embedded processors and network capability has increased the reliability and responsiveness of flow control” says the report analyst.
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. Furthermore, the top competitors are launching new products to meet the increasing demand of end-use industries. For Instance, in December 2019, Sun Hydraulics launched a new FleX Series 3-way, direct-acting, solenoid-operated, directional blocking poppet valve. These new directional valves offer low leakage and are used for load holding applications. In October 2019, Kawasaki Heavy Industries introduced K3VLC85 variable displacement pump and KLSS18 directional control valve for agricultural equipment. KLSS18 valve is used in construction and can be designed to meet the needs of agricultural tractors by including features such as hitch control.
