Research And Markets - Global Hydraulic Equipment Market For Mobile Applications CAGR Growth Of 6.38% By 2020 - Trends, Technologies & Opportunities Report 2016-2020 - Vendors: Moog, Dongyang Mechatronics
DUBLIN, November 2, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Hydraulic Equipment Market for Mobile Applications 2016-2020" report to their offering.
The global hydraulic equipment market for mobile applications is forecast to grow at a CAGR of 6.38% during the period 2016-2020. Commenting on the report, an analyst from the research team said: One trend gaining traction in this market is the rising demand for fire-resistant hydraulic fluids. Fire-resistant hydraulic fluids that offer many benefits and inherent safety characteristics are increasingly used in hydraulic equipment. Fire-resistant hydraulic fluids were developed to suit the high safety requirements of industries such as steel production and underground mining. In the steel industry, fire-resistant hydraulic fluids are required to ensure safe working conditions for hydraulic applications in coke ovens, ladle furnaces, slide gate systems, electric arc furnaces, and continuous casters. According to the report, mechanization of agriculture and growth in agriculture machinery market will drive growth in the market for hydraulic equipment. Meeting worldwide agricultural productivity targets to fulfill the estimated demand for food, fiber, and fuel by 2050 is a significant challenge for the global agriculture industry. Increased mechanization helps to overcome various agricultural constraints such as unskilled labor, limited arable land, and scarce resources to meet the 2050 targets. Further, the report states that the global mining sector faced several challenges in 2015 due to factors like geopolitical turmoil, increasing costs, price volatility, the decline in the quality of mined products, and lack of adequate financing. With the drastic fall in the price of commodities, mining companies found it quite difficult to recalibrate. In 2016, the industry still faces a host of unresolved issues like declining demand for mined products.