Hydraulic Components Market Dynamics, Forecast, Analysis And Supply Demand Till 2030
Hydraulic Components Market
Analysis
Hydraulic
Components Market share is expected to Reach $60.5 Billion by 2027, a CAGR
of 5.30% during the forecast period (2020 - 2027).
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.
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.
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Market Segmentation
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.
Regional Analysis
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.
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Key Players
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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