Factors such as the soaring demand for fabricated metals in the automobile sector, increasing application of hydraulic press machines in the manufacturing sector, and rapid automation in the industrial sector are expected to help generate revenue of $11,733.2 million for the hydraulic press machine market by 2023. According to P&S Intelligence, the market will advance at a CAGR of 4.8% during the forecast period (2017–2023). Moreover, the demand for such equipment is driven by their higher operational efficiency than traditional presses.
Hydraulic press machines use a hydraulic (driven by the force of fluids) solid cylinder to generate a compressive force. The popularity of these machines is increasing in the industrial sector due to their high productivity and need to reduce labor costs. These press machines find application in the military, automotive, abrasives, and ceramic industries, primarily for compressing metals into sheets, drawing, power compacting, forging, blanking, stamping, coining, and embossing. Besides, the force produced by these machines during fabrication and other processes cannot be replicated by any other method.
Furthermore, technological advancements such as the integration of variable frequency drives (VFDs) in mechanic presses have increased the demand for hydraulic press machines in the manufacturing sector. VFD allows the operator to ascertain the pressing speeds, as it offers better operational efficiency. Due to this, these machines are used in the aerospace sector for coining and forging aircraft parts. Additionally, the integration of new components, energy-efficient circuits, and fast-acting valves make these machines more efficient than the traditional ones.
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This market research report provides a comprehensive overview of the hydraulic press machine market
* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings