Market Research Future (MRFR) presumes the global hydraulic components market to reach USD 60.5 billion at a CAGR of 5.30% during the forecast period.
Multiple Factors to Augment Market Growth
The expanding demand for hydraulic equipment in the construction industry, as well as their growing application in mining equipment, are boosting demand for hydraulic components. Revenue from the construction equipment industry is expected to reach USD 5 billion by 2025, according to the National Investment Promotion and Facilitating Agency (India). Hydraulic components are widely used in wheel loaders, telehandlers, concrete boom trucks, and excavators, among other things. These requirements are intended to encourage the use of hydraulic equipment on construction sites. Hydraulic components have a variety of characteristics and benefits that make them the preferred choice for a variety of end-use applications. With the rising adoption of the Industrial Internet of Things (IIoT), hydraulics technology is gaining traction and becoming more practical and commercial due to its ability to transmit power via fluid pressure within a sealed system.
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During the design and development phase, the most important phases are improving machine safety and operation. The most important aspect of machine safety and integration is not integration but the proper handling of all types of stops and restarts, which creates a demand for properly designed programs, such as hydraulic systems that assist in restarting the machine by returning to a predetermined position of safety and resuming the automatic cycle with minimal operator intervention. Since hydraulic components do not generate sparks, they are suitable for use in the chemical and mining sectors. As a result, the demand for improved machine safety and operation is likely to fuel the growth of the worldwide hydraulic components market over the forecast period.
The global hydraulic components industry has been segregated into different market segments based on product, applications, and end-users.
Based on the product, the global hydraulic components market has been segregated into cylinders, motors, valves, pumps, and others.
Based on applications, the global hydraulic components market has been segregated into industrial and mobile.
On the basis of end-users, the global hydraulic components market has been segregated into agriculture, automotive, construction, material handling, oil & gas, and others.
APAC to Dominate the Global Market
Due to increased investments by manufacturers in electronics and other significant applications, the Asia Pacific region is expected to hold the majority of market share over the projection period. Furthermore, with regional government bodies focusing on infrastructure development, the Asia Pacific hydraulic components market has enormous potential for growth throughout the forecast period. With fast-growing industrial development and favorable government FDI regulations, the region is ready for considerable investments from major firms in the next years. Furthermore, with government initiatives in India, the possibility for growth and development of the hydraulic components market in emerging economies during the projection period is enormous. Manufacturing costs are cheaper in Asia Pacific countries such as China and India than in industrialized countries, which is expected to fuel demand for hydraulic components in this area over the forecast period.
Notable players in the global hydraulic components market Eaton Corp. (US), Parker-Hannifin Corporation (US), Pacoma GmbH (Germany), Caterpillar, Inc. (US), Bosch Rexroth AG (Germany), Hydratech Industries (Denmark), and Wipro Enterprises (India)
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