Global Hydraulic Component Market: Executive Summary on Trends, Latest Developments, Growth Drivers & Risks, Favourite Brands, and Regional Leaders Overview (Includes Business Impact of COVID-19)

                                          
The global hydraulic components market was valued at approximately US$ 8.8 Bn in 2017, and is expected to register a CAGR of 5.4%. The report offers in-depth insights, revenue details, and other vital information regarding the global hydraulic components market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global hydraulic components market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global hydraulic components market is segmented on the basis of type, application, and region.


In a hydraulic system, many components are necessary for the operation and control of the system. For each component in a system there are many different designs available. The actual component design used for a particular system depends upon the service use, temperature, pressure, operation, and maintenance requirements. Hydraulic components offer customers a range of optimum variants to enhance their value-adding processes. Components that collectively make up an entire hydraulic system assembly are referred to as hydraulic components. The components include pistons, piston rods, and hydraulic cylinders among various others. These components come in various shapes and sizes and are extensively used in a variety of machinery and hydraulic equipment across the globe. The advantages of hydraulic components are ease and accuracy of control, multiplication of force, constant force and torque, simple, safe and economical. Hydraulic components have application in hydraulic system machinery, aerospace equipment, marine applications, automobiles etc.


A major factor driving growth of the global hydraulic components market is increasing demand for hydraulic components in various end-use applications such as food & beverage for various types of food processing equipment, wrapping, and bottling, in oil industry for on-shore and off-shore oil rigs, in plastic industry for automatic injection molding machines, raw material feeding, jaw closing, movement of slides of blow molder, in transportation industry for hydraulic elevators, winches, and overhead trams, etc.


Moreover, adoption for hydraulic components is increasing rapidly for application in heavy-duty construction equipment, trucks, excavators, cranes, wheel loaders, and bulldozers. Development and investment in infrastructure as well as construction projects are boosting the growth of global hydraulic components market. In addition, hydraulic machines are also widely used in several industrial and special-purpose vehicle verticals, such as fork lifts, platform vehicles, garbage trucks, and accessories for transport vehicles. Demand for heavy machinery and equipment is increasing from various end-use verticals such as industrial, material processing/forming machinery, aerospace, mining, automobiles, testing machinery/simulator, and ships/fishing machinery.
In addition, the demand for hydraulic components and machines are growing across the agriculture sectors across the globe. Hydraulic cylinders are widely used in production of agricultural equipment such as tractors, combine harvesters, harvesting machines, loaders, planters, tillage machines, log-splitters, fertilizer spreaders, front-wheel packers, front-power lifts, seed-conveyors, and mulching machines. However, the growing global population has increased the demand for food products, which is further resulting in the need to enhance farm productivity. This has led to rising adoption of more technologically-efficient methods of farming in developing as well as developed countries around the globe.


However, availability of alternative for hydraulic cylinder such as electric actuators may hinder the growth of global hydraulic components market. Electric actuators offering more flexibility to their motion-control capabilities with regard to velocity, position (multiple positions, accuracy), output force, acceleration, and complex control on motion in variable situations than hydraulic cylinders component may restraint the growth of the global hydraulic components market to certain extent over the forecasted years.


Moreover, advancements by manufacturers such as development of components that are more compact and lightweight is expected to create new opportunities in terms of revenue for players operating in the global hydraulic components market over the forecast period. Continuous focus by manufacturers for development of innovative and technologically advanced hydraulic cylinders, with the objective to gain a competitive edge, expand market reach, and enhance product offerings. The market for hydraulic components is expected to witness significant growth owing to an increase in investments for construction and renovation of airports during the forecoming years.
Due to presence of prominent international players in the market such as Parker Hannifin Corp., Eaton Corporation Plc, HydraForce, Inc., Ligon Industries, LLC, and Caterpillar Inc., coupled with increasing presence of domestic hydraulic components providers are major factors driving growth of the North America market currently and is expected to dominate the global hydraulic components market. In addition, increasing new construction, reconstruction, and redevelopment projects initiated by the government in cities such as Portland, Denver, Sacramento, and Atlanta is expected to boost demand for construction equipment, and in turn drive growth of the hydraulic components market in North America. In contrast, Asia Pacific market is expected to register highest CAGR during the forecasted period, owing to rising demand for hydraulic components from various end-use industries in countries in the region, especially from the construction sector in China, Japan, and India. Moreover, increasing mining activities, especially related to iron ore and coal, in emerging economies such as China, Indonesia, and India is projected to boost demand for hydraulic components market.


Market Analysis by Type:



On the basis of type, cylinder barrel segment is expected to contribute major revenue share in the global hydraulic components market and is expected to witness highest CAGR of over 5%, in terms of revenue over the forecast period, owing to increasing availability, and high adoption of specialized cylinder barrels that can hold and transfer high amounts of pressure in various equipment used in the construction industry.
Market Analysis by Application:

Among all the application segments double acting cylinder is expected to register highest CAGR of over 5%, owing to high adoption of double acting cylinders, owing to various benefits offered as compared to single acting cylinders in various hydraulic equipment across the globe.

Market Analysis by Region:

North America market is expected to dominate the global hydraulic components market as compared to that of markets in other regions. Driving factors for growth of the market rising demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the US and Canada.
Asia Pacific market is expected to witness the highest CAGR growth of over 5.5% in the global hydraulic components market during the forecast period, owing to application and requirement in various machinery and equipment used in agriculture, forestry, manufacturing sector, marine, and mining industry across the countries in this region

Global hydraulic components market segmentation:
Segmentation by type:

  
Cylinder Barrel
  
Piston
  
Piston Rod

Others (hydraulic cylinder caps, hydraulic cylinder heads, and seals)

Segmentation by application:

  
Single Acting Cylinders
  
Double Acting Cylinders

Key Market Players included in the report: Global Hydraulic Component Market

  
Eaton Corporation PLC
  
WEBER-HYDRAULIK GmbH
  
Bosch Rexroth AG
  
Hydratech Industries A/S
  
Pacoma GmbH
  
ASO HYDRAULICS & PNEUMATICS,
  
Fiellberg Oy
  
Parker-Hannifin Corporation
  
Ligon Industries LLC
  
Caterpillar Inc.
  
Enerpac Corp.
  
Wipro Enterprises (P) Limited
  
KYB corporation
  
DY Power Corporation
  
Komatsu Ltd.
  
Hunan Teli Hydraulic Co., Ltd.
  
Hengli Group
  
Bengbu Hydraulic Machinery Co., Ltd.
  
Sichuan Changjiang Hydraulic Component Co., Ltd.

Key Insights Covered: Global Hydraulic Component Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Hydraulic Component industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Hydraulic Component industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Hydraulic Component industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Hydraulic Component industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Hydraulic Component industry.

Research Methodology: Global Hydraulic Component Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.