The hydraulic power unit market has been segmented based on geography into Europe, Asia Pacific, North America, and Rest of the World. The RoW segment comprises regions such as Latin America, the Middle East, and Africa. Europe and North America have been significantly contributing toward the global HPU market growth. Although the market in North America is likely to continue its excellent performance throughout the forecast period, the market in Europe is anticipated to witness sluggish growth owing to the matured state of the construction industry in the region.
Keeping up with its trend of impressive growth over the past few years, the Asia Pacific hydraulic power unit market is likely to witness the fastest growth by 2024 owing to rapid industrial growth, an increase in construction activities, and higher industrial investments. The rise in housing developments, the growing demand for higher agricultural output, and several upcoming infrastructure projects are predicted to continue driving the HPU market in Asia Pacific.
In the past, Latin America and Africa have been enjoying a decent share in the global market due to the increasing applications of hydraulic power units in material handling, oilfield operations, and construction equipment. Over the course of the forecast period, the market in these regions is anticipated to witness healthy growth driven by the rising standards of living and a consequent demand for better housing facilities, a surge in oil exploration activities, and the increasing stress on agricultural outputs. The Middle East is also projected to positively contribute toward the growth of the hydraulic power unit market in the coming years owing to the rise in construction activities, spurred by ongoing and upcoming international events.
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