Hydraulic Components Market

Hydraulic Components Market Size (2024-2029):

The Global Hydraulic Components Market was estimated at USD 69.66 billion in 2023, and it is expected to reach a revised size of USD 88.14 billion by 2029, with a CAGR of 4.82% over the foreseen period of 2024 - 2029.

Hydraulic components contain highly pressurized fluid. These are some of the limitations of the hydraulic components market. These components should be checked periodically for leaks and lubrication, and filters should be changed regularly. A hydraulic cylinder is a mechanical actuator that produces linear motion and unidirectional force using hydraulic fluid under pressure. Converts the energy reserved in hydraulic fluid into force, allowing linear movement of the cylinder. Hydraulics is a branch of applied science and the latest technology that uses chemistry, engineering, and other sciences that entail mechanical properties and the use of liquids. Hydraulics are used for transmission and power generation with the use of fluids under pressure. Hydraulic components cover parts of science and most of the engineering building blocks.

MARKET DRIVERS

The increasing demand for food products in the world is a key factor that is expected to lead to increased use of agricultural machinery during the forecast period. Safety and improving machine performance are the most important steps in the design and development phase. The most critical aspect of machine safety and integration is not integration, but the proper handling of all kinds of shutdowns and restarts, creating the need for properly designed programs, including hydraulic systems that help restart the machine back to a predetermined safety position and resume the automatic cycle with minimal operator intervention. Hydraulic components can be used safely even in the chemical and mining industries, as they do not cause sparks. Hence, the need to improve the safety and operation of machinery is expected to drive the expansion of the global hydraulic components market during the outlook period.

MARKET RESTRAINTS

Ill-thought-out lockdowns being imposed by governments based on the ground situation that differs from place to place have their own negative effect on industrial activity, to which the hydraulic components fragment is also susceptible.

MARKET OPPORTUNITIES

The factors driving the demand for hydraulic components are the increasing call for hydraulic equipment in the construction industry and its increasing use in mining equipment. Hydraulic components are required on a massive scale in wheel loaders, telehandlers, concrete boom trucks, and excavators, among others. These requirements should encourage the installation of hydraulic equipment on construction sites. Several features and benefits associated with hydraulic components make them the preferred choice for various end applications. With the rapid adoption of the Industrial Internet of Things (IIoT), hydraulic technology is gaining importance and becoming more and more functional and commercial with its capabilities of transmitting power using the pressure of fluid in a system sealed.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Hydraulic Components Market Analysis By Product Type

• Hydraulic Pump
• Hydraulic Motor
• Valve
• Cylinder
• Others

Hydraulic pumps are used to move or lift fluids. They have a piston that moves in a tight cylinder and forces are exerted on the fluid by the movement of the piston. The valve is a device that regulates or controls the flow of fluid to open, close, or partially obstruct fluid passages. The hydraulic components market is used in industries such as oil and gas, marine, and aerospace.

REGIONAL ANALYSIS

The Hydraulic Components Market includes are

• North America - U.S., Canada.
• Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
• Middle East & Africa - KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

In terms of region, Asia-Pacific countries such as India, China, and Japan lead the market in terms of the manufacture and use of hydraulic components. The demand for these components is increasing in the region due to rapid industrialization and urbanization. The manufacturing and industrial sectors are developing at a rapid pace in India. This stimulates the market for hydraulic components in the country. The expansion of the construction industry increased sales of construction equipment containing hydraulic components, and increased investment to develop intelligent machine tools are expected to boost the hydraulic components market in the near future. European countries such as Germany, the United Kingdom, the Netherlands, and France are investing in aerospace manufacturing and construction. North America continues to be an emerging market due to investments made in the manufacturing sector. The United States government is considering renewing its infrastructure plans. The call for the hydraulic components market will focus on improving energy-efficient hydraulics, increasing R&D activities in formulating innovative hydraulic fluids, and advancing electro-hydraulic automation. The market in the Middle East and Africa is expected to grow in the coming years due to the recovery from the economic downturn. Countries such as Saudi Arabia, United Arab Emirates, Kuwait, and Qatar have invested heavily in the hydraulic components market.

KEY PLAYERS IN THE GLOBAL HYDRAULIC COMPONENTS MARKET

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), Wipro Enterprises (India), and Others.

RECENT HAPPENINGS IN THE GLOBAL HYDRAULIC COMPONENTS MARKET

• Interpump Group has introduced its latest brand Interpump Hydraulic Connectors to provide hose and connector goods to the North American industry. This recent introduction expands the firm’s offering beyond Europe, into the North American industry, where the firm has served as a producer of high-quality hoses and connectors for close to 30 years.
• MICO, Incorporated launched a new website. The site shows simplified navigation for visitors looking for hydraulic braking systems and components for a broad range of uses.