Hydraulics is a technology and applied science using engineering, chemistry, and other sciences that involves the mechanical properties and use of liquids. Components that collectively make up an entire hydraulic system assembly are referred as hydraulic components.
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%. 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.
A major factor driving growth of the global hydraulic components market is increasing use of hydraulic components in various end-use applications including hydraulic machines used in various equipment such as hydraulic lifts and vibration control systems. In addition, rising investment and development in infrastructure and construction projects, growing demand of hydraulic machine in agriculture sectors is expected to support growth of the global hydraulic components market to a significant extent over the forecast period.
However, development of electric actuators as an alternative for hydraulic cylinders component is a major factor expected to restrain growth of the global hydraulic components market to a certain extent over the forecast period.
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. 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. 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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The global hydraulic components market report has been segmented on the basis of type, application, and region. On the basis of region, the global hydraulic components market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in North America is expected to dominate the global hydraulic components market and account for highest market share in terms of revenue, owing to increasing adoption of mechanized/automated agriculture practices and approaches across the countries in these region.
Prominent players in the global hydraulic components market include, 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.