The global hydraulic components market is projected to witness significant growth from 2021 to 2031 (forecast period). The hydraulic components market prognosis appears to be highly promising, owing mostly to the ever-increasing housing construction. Hydraulic components are widely used in heavy-duty construction equipment such as cranes, trucks, excavators, bulldozers, and wheel loaders.
The global hydraulic components market is expected to grow as a result of infrastructure development and investment in construction activities. Furthermore, hydraulic machines are frequently utilized in a variety of industrial and special-purpose vehicle verticals, such as platform vehicles, forklifts, transport vehicle attachments, and garbage trucks. Heavy machinery and equipment are in high demand from a variety of end-use industries, including aerospace, industrial, testing machinery/simulator, material processing/forming machinery, autos, mining, and ships/fishing machinery.
Key players operating in the global hydraulics components market are Caterpillar Inc., Eaton Corporation PLC, Komatsu Ltd., Hunan Teli Hydraulic Co. Ltd., Changjiang Hydraulic Component Co., Ltd., Parker-Hannifin Corporation, DY Power Corporation, Ligon Industries LLC, Weber-Hydraulik GmbH
Several tactics, such as collaboration, product launches, mergers and acquisitions, and expansion, are implemented in the hydraulic components market. Industry participants make significant investments in research and development efforts and pursue their expansion goals.
Triumph Group, for example, secured numerous contract renewals with Boeing Commercial Airplanes on May 18, 2021. Triumph will be positioned as a top-tier provider of hydraulic components across numerous Boeing programs as a result of the move, which will expand their collaboration on essential system components.
The expanding demand for hydraulic equipment in the construction industry and their growing application in mining equipment are expected to boost the global hydraulic components market. As per the National Investment Promotion and Facilitating Agency (India), the worldwide construction equipment industry is expected to reach USD 5 billion by 2025. Hydraulic components are widely used in wheel loaders, concrete boom trucks, telehandlers, and excavators, among other things. Hydraulic components have a variety of characteristics and benefits that make them the top choice for a variety of end-use applications. Hydraulics technology is gaining traction with the rising adoption of the Industrial Internet of Things (IIoT) and becoming more practical and commercial due to its ability to transmit electricity via fluid pressure within a sealed system.
The COVID-19 outbreak wreaked havoc on the hydraulic components market, resulting in massive revenue losses. Manufacturers encountered several challenges, including procuring raw materials and components needed for manufacturing, luring labor from quarantines, and transporting finished goods to markets. Replacements of products were delayed due to severe lockdown restrictions, further affecting the production facilities. Furthermore, the lockdown limitations slowed component and device manufacturing, causing product prices to rise and, as a result, market demand to fall. On the other hand, the hydraulic components market is quickly getting back to normal, with a steady uptick in demand. The market is estimated to pick up following the relaxation of lockdown in many countries.
The North America hydraulic components market is projected to expand due to the increasing use of automated and mechanized agriculture methods across the countries. Moreover, strong demand for machinery and equipment in the increasing industrial, mining, agriculture, and oil and gas industries in the United States and Canada and rapid implementation of new and effective hydraulic component technologies are expected to propel the hydraulic components market in North America.
The Asia Pacific hydraulic components market is anticipated to develop owing to increased application and demand in various machinery and equipment used in agriculture, industrial, forestry, marine, and mining industries throughout the region's countries. Asia Pacific is among the major regions for mobile hydraulic sales due to an increasing percentage of agricultural vehicle production and a declining captive market. Furthermore, due to an increase in construction projects in emerging economies, hydraulic excavators have skyrocketed. Countries such as India, China, and others are examples of rising regions where infrastructure and commercial projects are increasing, resulting in high demand for hydraulic components.
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Hydraulic Components Market
*86 figures and 60 tables includes