The global hydraulic press machine market is projected to enhance at a growth rate of 4.53% CAGR during the forecast period & is expected to reap a revenue of $22,249.7 million by 2027. 2018 has been considered as the base year for the market study is & the forecasted period is from 2019 to 2027.
The growing demand for high-force pressing applications, the increase in adoption of automated systems in the manufacturing domain, and the rising interest in the usage of fabricated material in the automotive industry are primarily driving the market growth.The advancement of the smart manufacturing and the growing uptake of hydraulic press by the plastic industries will provide opportunistic aspects to the said market to increase its penetration further.
The hydraulic press machines have low product differentiation and face moderate competition that turns the said market very stable for the time being across the world.
Geographically, the market for hydraulic press machines is segmented into the regions of Asia Pacific, North America, Europe and a clustered regional segment made up of the remaining countries, titled as Rest of World.
In 2018, the Asia Pacific had been the largest and fastest growing regional market for hydraulic press machines with an estimated market share of 44.27% by revenue. The increase in demand for commercial & passenger vehicles in developing economies of the region, has raised the demand for fabricated metal products to be integrated into the automobiles which heavily depends on these machines which are run by the automated systems for faster manufacturing. This factor will driving the growth of hydraulic press machines market in the Asia Pacific.