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Hydraulic components are the components that collectively make up an entire hydraulic system, which offers customers a range of optimum variants to enhance their value-adding processes. The components include hydraulic cylinders, piston rods, etc. among various others. Hydraulic components offer many benefits, such as adaptability in pre-programmed machine speeds, smooth lifting and lowering of loads, elimination of production downtime losses and decrease in cost of production. The global machine tools market is expected to grow rapidly, which is expected to boost the hydraulics component market during the forecast period, 2019-2026.
Hydraulic vehicle production in APAC has more than tripled over the last decade, whereas Europe and Middle East vehicle production is mostly stagnant, showing no growth in the market. The high growth in APAC is due to the increasing mechanization on farms and rapid adoption of new technologies in the region.
Key Market Driver -
• Rising investment and development in infrastructure and construction projects, growing demand of hydraulic machine in agriculture sectors. • Increasing adoption for hydraulic components for applications in heavy-duty construction equipment, trucks, excavators, cranes, wheel loaders, and bulldozers etc.
Key Market Restraint -
• Heavy maintenance expenses as these components need to be regularly checked for leaks, lubrication, filters etc.
The global overall spending on construction and infrastructure estimate has risen from USD 3.5 to 3.8 trillion annually since 2016 and is expected to reach USD 69 trillion till 2035 due to an improved GDP growth outlook and a number of technical improvements, which would boost the global hydraulic component market during the forecast period.
There have also been new trends in the market, such as extensive use of hydraulic components in several special-purpose and industrial vehicle verticals, such as fork lifts, platform vehicles, garbage trucks, and accessories for transport vehicles.
The major companies comprising the Hydraulics Components market are Eaton Corporation PLC, Komatsu Ltd., Caterpillar Inc., DY Power Corporation, Hunan Teli Hydraulic Co. Ltd., Changjiang Hydraulic Component Co., Ltd., Parker-Hannifin Corporation, Ligon Industries LLC, Weber-Hydraulik GmbH
The market in North America is anticipated to hold the largest share in the global hydraulic components throughout the forecast period, owing to increasing adoption of automated and mechanized agriculture practices across the countries. Driving factors for growth of the market in this region are rising demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the US and Canada and early adoption of new and efficient technologies of hydraulic components.
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Asia Pacific hydraulic components market is expected to witness the highest growth during the forecast period owing to rising application and requirement in various machinery and equipment used in agriculture, forestry, manufacturing sector, marine, and mining industry across the countries in this region. The growing share of agricultural vehicle production and a shrinking captive market has crowned APAC one of the top regions for mobile hydraulic sales. Furthermore, the use of hydraulic excavators has been increased due to boost in construction activity in developing markets. Countries such as China, India, etc. constitute the emerging regions where the number and scale of infrastructure and commercial projects have been expanding, resulting in creating a huge demand for hydraulic components.
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