Components that collectively make up an entire hydraulic system assembly are referred to as hydraulic components. These components come in various shapes and sizes and are extensively used in a variety of machinery and hydraulic equipment worldwide.
The first five-year cumulative revenue (2017–2021) is projected to be approximately US$ 49.1 Bn, which is expected to increase significantly over the latter part of the five-year forecast period. 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%.
Global Hydraulic Components Market: Market Dynamics
Hydraulic components are majorly use for various end-use applications such as automation, automobiles, aviation, defense, fabrication industry, food and beverage, foundry, materials handling, mining, newspapers and periodicals, oil industry, paper and packaging, robots, ships, transportation, under sea, wood working, plastic industry, press tools, entertainment etc.
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In addition, hydraulic machines are widely used in various equipment such as hydraulic lifts and vibration control systems for high-story buildings and trains, sluice gates, crushers, and compactors. Moreover, 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.
Moreover, 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.
Global Hydraulic Components Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global hydraulic components market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global hydraulic components market is expected to expand at a CAGR of 5.4% during the forecast period.
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Global Hydraulic Components Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region. The type segment includes cylinder barrel, piston, piston rod, and others (Others include hydraulic cylinder caps, hydraulic cylinder heads, and seals). The application segment includes single acting cylinders and double acting cylinders. The regions covered in the analysis North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By type: The cylinder barrel segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 5% between 2017 and 2026
By application: The double acting cylinder segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of over 5.6% over the forecast period
By region: The market in North America accounted for highest revenue share in the global hydraulic components market in 2016, and is expected to register a CAGR of over 5% between 2017 and 2026
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Global Hydraulic Components Market: Competitive Analysis
The research report on the global hydraulic components market includes profiles of some of major companies such as 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., and Sichuan Changjiang Hydraulic Component Co., Ltd.
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