Hydraulic Components Market is expected to Reach $60.5 Billion by 2027, a CAGR of 5.30% during the forecast period (2020 - 2027).
Modern hydraulic components are accessible as a part of several industries. Its use extends to construction services, and others like roofing, material handling, masonry, automotive, aviation, and manufacturing purposes, as well. Hydraulic components extend their use to the functioning of machines like bulldozers, lifts, and cranes. The automotive and aviation industries use it for power transmission purposes and braking applications. The market is witnessing a rise in the need for energy and discoveries of new shale fields. Hence, these are compelling the Exploration and Production companies for service expansion to support the rising market demand.
Many hydraulic component manufacturers offer various integrated hydraulic cylinder systems and solutions. They aim to extend innovation and differentiation in their product lime. A combined study undertaken by Global Construction Perspective (GCP) and Oxford Economics, highlights that the construction industry is expected to reach a value of USD 15.5 trillion by the end of 2030. A larger part of this growth is expected to come from countries such as India, China, and the US, North America. There have been many technological developments in the core construction and infrastructure industry which will highlight the market trends and market expansion.
The factors driving the demand for hydraulic components are the rising demand for hydraulic equipment in the construction industry and their growing use in mining equipment. According to the National Investment Promotion & Facilitating Agency (India), revenue from the construction equipment industry is estimated to reach USD 5 billion by 2025. Hydraulic components are required on a large scale in wheel loaders, telehandlers, concrete boom trucks, and excavators, among others. These requirements are expected to promote the installation of hydraulic equipment at construction sites. There are various features and advantages associated with hydraulic components that make them the preferred choice for several end-use applications. With the rapid adoption of the Industrial Internet of Things (IIoT), hydraulics technology is gaining a lot of importance and becoming increasingly functional and commercial with its capabilities of transmitting power by using fluid pressure within a sealed system.
Machine safety and operation enhancement are the most significant steps during the design & development phase. The most critical aspect of machine safety and integration is not integration but the proper handling of all types of stops and restarts, which creates demand for properly designed programs, including hydraulic systems that help restart the machine by returning to a predetermined position of safety and resuming the automatic cycle with minimal operator intervention. Hydraulic components are safe to use even in the chemical and mining industries because they do not cause sparks. Thus, the need for machine safety and operation enhancement is expected to drive the growth of the global hydraulic components market during the forecast period.
The Prominent Players in the Global Hydraulic Components Market are Eaton Corp. (US), Parker-Hannifin Corporation (US), Caterpillar, Inc. (US), Bosch Rexroth AG (Germany), Pacoma GmbH (Germany), Hydratech Industries (Denmark), and Wipro Enterprises (India), among others.
According to the information that has been circulated by the USGS National Minerals Information Center, the US region, North America, had produced over USD 82 billion of raw mineral materials in 2018. This production had increased by almost 3% over the revised total of USD 79.7 billion, attained in 2017. The mining domains’ positive trends in the North American region have helped to improve the demand and sales of the mining components.
The development of smart hydraulic components, including sensors, flow meters, and others, has led to flexibility and ease of installation. Continuous research & development are conducted on smart hydraulics, especially in mobile working machines that help in conserving resources and reduce greenhouse gas emissions, which is the need of the hour. For instance, the National Fluid Power Association (NFPA) has conducted several research projects highlighting the improvement of energy efficiency of hydraulic systems and how off-road vehicles driven by hydraulic components have a strong impact on global emissions. These factors are expected to create opportunities for the players operating in the global hydraulic components market during the forecast period.
Global Hydraulic Components Market is 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 the end user, the market is segmented into construction, agriculture, material handling, automotive, oil & gas, and others.
Geographically, the global market has been segmented into five major regions, namely North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Asia-Pacific region is estimated to hold the major market share during the forecast period, owing to increasing investments being made by manufacturers towards electronics and other major applications. Moreover, with the regional government bodies focusing on infrastructural developments, there is immense scope for the growth of the market in Asia-Pacific during the forecast period. With the rapidly increasing industrial development combined with favorable government policies regarding FDI, the region is poised for significant investments from major manufacturers in the forthcoming years. Additionally, with government initiatives in India, the scope for growth and development of the market in the emerging economies is immense during the forecast period. The manufacturing costs in Asia-Pacific countries of China and India are lower than those in the developed countries, which is projected to drive the demand for hydraulic components in this region during the forecast period.
Hydraulic systems use liquid (usually oil) to transmit power and have a few advantages over electrical and mechanical systems. Hydraulic components include pumps, actuators, valves, cylinders, and motors, among others. The major advantages of hydraulic components are the infinite availability of the source, easy to control, safe, easy to maintain as there are fewer moving parts, and easy to utilize. Application of hydraulic systems includes water pistons, wheelchair lifts, braking systems in cars, rudders in boats, wing flaps in aircraft, and others. The demand for hydraulic components is expected to show significant growth during the forecast period.
Moreover, nowadays, automation and artificial intelligence are being adopted by almost every industry, to reduce the human effort and bring modernization to improve the performance and efficiency of products and services. Therefore, integrated sensors and control capabilities are becoming increasingly essential in hydraulic applications. For instance, in April 2019, Weber-Hydraulik (Germany), a full-range supplier of hydraulic components, presented development ideas and solutions related to integrated sensors for hydraulic cylinders. These sensors help to detect cylinder positions and include an electronic module for image processing and communication. Internal and external leaks can significantly affect hydraulic components. Hence, there is a need for automated products to increase their efficiency.
MRFR’s report on the global hydraulic components market covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancements, and macroeconomic and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|CAGR||5.30% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Eaton Corp. (US), Parker-Hannifin Corporation (US), Caterpillar, Inc. (US), Bosch Rexroth AG (Germany), Pacoma GmbH (Germany), Hydratech Industries (Denmark), and Wipro Enterprises (India)|
|Key Market Opportunities||Increased concerns regarding oil leaks in hydraulic system|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Huge demand for hydraulic equipment in construction and oil & gas sectors, adoption of industrial internet of things (IIoT), and benefits of water hydraulics are major drivers of the global hydraulic component market.
The agriculture end-user is estimated to fetch huge revenues for the global hydraulic component market.
APAC commands a high share of the global hydraulic component market owing to sales of agricultural vehicles, investments by electronic manufacturers, and focus on safe systems by government bodies.
Hydratech Industries, Caterpillar, Inc., Parker-Hannifin Corporation, Pacoma GmbH, Wipro Enterprises, Eaton Corp., and Bosch Rexroth AG are key players of the global hydraulic component market.
Development of smart components amid the rise of IIoT are growth opportunities for players in the global hydraulic component market.