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Owing to the US-China trade war and the global economic slowdown caused by the COVID-19 pandemic, the global fluid power equipment market is projected to face a sharp revenue contraction in 2020.
Key end users, including oil and gas, aerospace and defense, and construction, are experiencing unprecedented declines due to the pandemic. The imposition of national lockdowns, travel bans, and the widespread stagnation of industrial activities have subdued the demand outlook for fluid power equipment.
The global pumps and motors market is expected to experience a 4-5% revenue decline. Globally, macroeconomic factors such as negative GDP growth in developed countries and low purchasing managers index (PMI) indicate a tightening of overall market spend on fluid power equipment.