Hydraulic Components Market size is expected to Reach $60.5 Billion by 2027, a CAGR of 5.30% during the forecast period (2020 – 2027).
The rising demand for hydraulic equipment in the construction industry and its growing use in the mining industry is likely to drive the Hydraulic components market trends during the forecast period. Hydraulic components find applications in various industries, including oil & gas, automotive, material handling, construction, and others. The agriculture industry is one of the major end users of hydraulic components. The widespread use of hydraulic technology in agricultural equipment to drive motion has gained a lot of traction from machine designers and end users. Agricultural machinery designers and manufacturers focus on improving safety and ensuring safe operating functionality in their equipment, which can be achieved using hydraulic components. Additionally, machine manufacturers and end users are increasingly using hydraulics to integrate safety in manufacturing equipment, while also enhancing the reliability of their systems and extending their operational life. Thus, the increasing application of hydraulic components in agriculture, as well as the manufacturing sector is projected to propel the growth of the global hydraulic components market growth during the forecast period.
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Hydraulic equipment refers to equipment that uses pressurized fluids to perform machining operations. Hydraulic systems use liquids (usually oil) to transmit power and have a few advantages over electrical and mechanical equipment. Hydraulic systems can easily produce linear motion using hydraulic cylinders, whereas electrical and mechanical methods require mechanical devices to convert rotational motion into linear motion. Hydraulic components include motors, pumps, cylinders, valves, accessories, and others.
Moreover, the rising demand from the aviation and construction industries is also expected to boost the growth of the global hydraulic components market. Many manufacturers engaged in providing hydraulic systems focus on developing technologies that ensure machine safety. The construction and aviation industries use a variety of hydraulic equipment to transmit power to various subsystems that require high force to operate. For instance, the hydraulic components in airports provide power to control surfaces, load the cargo, control landing gear, and move several other components. Hydraulic motors are used to power flaps and in landing gear applications. Thus, rising investments in the aviation industry are expected to fuel the demand for hydraulic components
The global hydraulic components market trends has been segmented based on product, application, end-user, and region. Based on the product, the global market has been segmented into motors, pumps, valves, cylinders, and others. Based on the application, the global market has been segmented into industrial and mobile. Based on end-users, the market is segmented into construction, agriculture, material handling, automotive, oil & gas, and others.
Market Research Analysis
Hydraulic components are a significant part of the construction, material handling, agriculture, and other end-use industries owing to their increasing adoption for smooth lubrication in energy transmission, heat transfer, and controlling of the moving parts in machines. Many manufacturers engaged in providing hydraulic systems focus on developing technologies that ensure machine safety. The manufacturers also aim at enhancing energy consumption and connectivity as well as monitoring plant automation as it helps in better maintenance planning and increased operational efficiency.
In terms of region, the hydraulic components market trends is segmented as Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. The Asia-Pacific region dominates the global hydraulic components market share. Growing investments in the construction sector are set to drive the hydraulic components market trends in the region.
Scope of the Report
This study provides an overview of the global hydraulic components market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global hydraulic components market by product, application, end-user, and region.
Key Players
The key industry participants of the global market for hydraulic components include Eaton Corp. (US), Parker-Hannifin Corporation (US), Caterpillar, Inc. (US), Bosch Rexroth AG (Germany), and Wipro Enterprises (India), Pacoma GMbH, Hydratech Industries, Nurmi Hydraulics, Ligon Industries, LLC, Enerpac Tool Group Corp, KYB Corporation, Changjiang Hydraulic, DY Power Corp, and others.
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