Despite being tempered by the global recession, the world market for hydraulic equipment is expected to gain momentum over the next few years to reach USD38.9 billion by 2015. Hydraulics is the technology that uses fluid power to generate mechanical power. Hydraulic equipment is used in a wide range of application markets including agriculture, military, construction, industrial machinery, oil and mining and automotives. In automotives, hydraulic systems are used in, among others, forklifts, aircrafts and cranes. According to a comprehensive global report by Global Industry Analysts Inc, the erosion in market value for global hydraulic equipment for the past two years was caused by the slowdown on the construction and industrial machinery sector, which are among the most prominent end-use markets for hydraulic equipment. "Sales of earthmoving and mining equipment have especially come under the yoke of the recession, with shortages in finances and budgetary constraints suppressing demand. Additionally, lethargy in construction activity in most parts of the world, particularly the industrialised nations, has tranquilised demand for most construction equipment like forklifts, construction cranes, road rollers and ground machines, all of which use mobile hydraulic components, " according to the report.
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