The global hydraulic component market is poised for steady growth, with an estimated value of approximately US$60 billion in the coming years. A comprehensive report has been released, offering a panoramic view of the key growth influencers and major investment prospects within this dynamic industry.
- Rapidly Increasing Demand for Hydraulic Cylinders Sparks Market Growth
Hydraulic systems, known for their complexity and adaptability, consist of seven fundamental components: reservoir oil tank, pipes, hydraulic pump, power source, actuator, valves, and filters. The increasing expectations for hydraulic component performance across various industries are driving market growth. Hydraulic components are now required to excel in diverse working environments, from extreme temperatures to corrosion resistance and explosion-proof functionality. This wide range of functional attributes continues to fuel the expansion of the hydraulic component market.
- Integration of Electronics Boosts Hydraulic Cylinder Efficiency
The integration of electronics with hydraulic cylinders has led to the emergence of electro-hydraulic cylinders, also known as intelligent cylinders. These cylinders combine electronic controls with servo valves and transducers, providing electrically controlled valves and rod position feedback for enhanced performance and versatility. The rise of intelligent cylinders has expanded the applications of hydraulic equipment, mitigating the threat from alternative technologies like electronic actuators and contributing to the growth of the hydraulic component market.
- Double-Acting Cylinders Dominate the Market Trend
Double-acting hydraulic cylinders, designed for applications where gravity plays a significant role, are expected to experience substantial growth. These cylinders are widely used in heavy trucks, forklifts, and earthmoving machinery, further expanding their market share. The booming construction sector, projected to be worth US$15.5 trillion by 2030, especially in countries like the US, China, and India, will drive the demand for hydraulic cylinders and bolster the hydraulic component market.
- Functional Attributes Propel the Market
In 2021, the mobile hydraulic sector held a significant market share, primarily driven by the need for hydraulic cylinders in various mobile applications such as cranes and excavators. With the growing potential of the construction industry, increasing urbanization, and industrialization, the demand for hydraulic equipment in mobile applications is expected to rise. Manufacturers are offering integrated hydraulic cylinder systems to provide differentiated products, leading to practical design, improved engineering options, and reduced operational costs. Investment in hydraulic cylinder research and development (R&D) to meet surging demands remains a primary focus for industry players.
- Unprecedented Industrial Expansion in Asia Pacific Fuels Growth
The expansion of the hydraulic component market in the Asia Pacific is driven by increasing urbanization and industrialization, particularly in sectors such as construction, agriculture, and mining. Automated and semi-automated material handling equipment is being adopted to boost productivity and reduce downtime. Rising labor costs have further incentivized investments in automated solutions, driving the market for material handling equipment. The growing demand for automated solutions across various industries, coupled with the enhanced performance and safety of material handling equipment, continues to drive the demand for hydraulics in the region.
- Competitive Landscape
Key players in the hydraulic component market include Eaton Corp. (US), Bosch Rexroth AG (Germany), Hydratech Industries (Denmark), Caterpillar Inc. (US), Pacoma GmbH (Germany), Wipro Enterprises (India), and Parker-Hannifin Corporation (US).
In summary, the global hydraulic component market is on a trajectory of growth, driven by diverse factors including technological advancements, expanding construction sectors, and the rising demand for automated solutions. The industrys ability to adapt to evolving needs and innovate through R&D initiatives is expected to ensure its sustained growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/hydraulic-component-market
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COMTEX_442126092/2840/2023-10-19T10:57:05
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