According to a new market research report published by Credence Research “Global Hydrostatic Transmission Market (Capacity (Light Duty, Medium Duty, Heavy Duty); Operation Type (VDM-CDP, VDP-CDM, VDM-VDP); Application (Agriculture, Construction & Mining, Logistics & Transport, Others))– Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall hydrostatic transmission market worldwide was valued at US$ 6.12 Bn in 2018 and is set to grow with a CAGR of 6.50 % during the forecast period.
The global hydrostatic transmission market is highly driven by increasing application in construction and mining sector due to their ability to offer high torque with low speed. These are also used by the construction and mining industries during various operations. The hydraulic transmission uses hydraulic fluid media for transmission of power from a source to the drive mechanism. These systems can easily move heavy machines such as industrial machinery, land-moving equipments, heavy machines with massive power and low speed.
One of the major benefits of hydraulic transmission systems is that these systems can simply shift its power to cope with the fluctuating load, and maintains high efficiency. The hydrostatic transmission has high demand by various end users owing to other numerous advantages such as high torque-to-speed ratio, low inertia, and dynamic braking, which are some of the driving factors for the growth of the market in near-future.
Based on application, the agriculture segment accounts the largest market share of more than 30% due to increasing use of the hydrostatic transmission in this industrial segment. The increasing farming globally, is a major factor for the growth of the market, as most of the agriculture product uses the hydrostatic transmission systems such as tractors and others which contribute in the growth of the market. The construction & mining segment is accounted to be the fastest growing segment during the forecast period.
Asia-Pacific is expected to be the fastest growing market due presence of growing and developing countries such as India, China, Japan, South Korea, Australia and others. The region is expected to grow with a CAGR of 7.2%. Further, the increasing development of infrastructure, growing mining and construction industries, agriculture facilities and initiative taken by the government for the development are some of the major factors for the growth of the market in the region.
Some of the prominent players operating in the hydrostatic transmission market include Parker Hannifin Corp., Eaton Corp. PLC, Kanzaki Kokyukoki Mfg. Co., Ltd., Danfoss A/S, Dana Incorporated, CARRARO Group, Poclain Hydraulics, Kawasaki Heavy Industries, Ltd., Robert Bosch GmbH, Inoxt, Inc., Tuff Torq Corp., Linde Hydraulics GmbH & Co. KG, Hydrosila Group, Pemar, S.A, and HANSA-TMP Group.
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