Hydraulic Components Market is expected to Reach $75.3 Billion by 2027,a CAGR of 6.2% during the forecast period (2020 - 2027).
The hydraulic components market outlook appears very promising, mainly due to the continually rising industrial activities. Outside diameter (OD) and inside diameter (ID) machines produce parts with high-quality surface finishes and excellent accuracy required for extremely precise grinding applications such as hydraulic components.
Governments in countries across the globe are undertaking reliability improvement programs, and hydraulic component replacement is a major initiative of these programs. Additionally, the growth in demand for electricity and grid infrastructure worldwide boosts the hydraulic components market size. With the increasing demand from the automotive sector, the market is projected to witness significant growth during the forecast period.
Additional factors defining the growing market landscape include the rising demand for hydraulic equipment in the construction and oil gas industry.
Hydraulic components are a crucial part of the manufacturing and other end-use industries. The increasing demand for enhanced safety and precision in manufacturing processes drives the demand for hydraulic components. Many manufacturers engaged in providing hydraulic systems focus on developing technologies that ensure machine safety.
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COVID-19 Impact on the Hydraulic Components Industry
The COVID-19 outbreak hit the hydraulic components industry severely, causing huge revenue losses. Manufacturers faced a number of problems like obtaining raw materials components required for product manufacturing, attracting workers from quarantines, and delivering end products to markets. Due to strict lockdown mandates, replacements of products were postponed, which impacted the production facilities further.
Besides, the lockdown restrictions put a brake on component and device manufacturing, spiked product prices, and subsequently lowered market demand. However, the hydraulic components market is rapidly returning to normal, witnessing a steady rise in demand. The market is estimated to pick up following the uplift of lockdown in many countries.
Key Industry Trends
Hydraulic components are extensively needed for wheel loaders, telehandlers, concrete boom trucks, and excavators, promoting the installation of hydraulic equipment at construction sites. Various features and advantages that hydraulic components offer make them the preferred choice for several end-use applications. Increasing legislative measures for expanding reliable grid infrastructure in developing nations would further complement the business landscape.
Therefore, these components have become increasingly functional and commercial with their capabilities of transmitting power by using fluid pressure within a sealed system. With the rapid uptake of the Industrial Internet of Things (IIoT), hydraulics technology is garnering significant market prominence. Augmenting demand for hydraulic actuation components for complex landing gear valves and thrust reverser are major hydraulic components market trends.
Besides, vast technological advances and evolution in hydraulic technology that have simplified various processes substantiate the market demand. Increasing smart city projects and increasing awareness about energy efficiency benefits the environment, and improving wireless grid communication technology boosts the closer market demand. Rising uses of hydraulic accumulators, manifolds, and steering locking actuators in multiple legacy platforms impact the market growth positively.
The hydraulic components market analysis is segmented into product, application, end-user and region. The product segment is sub-segmented into motors, pumps, valves, cylinders, and others. The application segment is sub-segmented into industrial and mobile.
The end-user segment is sub-segmented into construction, agriculture, material handling, automotive, oil gas, and others. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Asia Pacific dominates the global hydraulic components market. The market growth attributes to rapid investments in developing hydraulic technologies. Besides, rapid developments in industrial and mobile applications across the end-user markets substantiate the hydraulic components market size. With the rapidly increasing industrial development and favorable government policies regarding FDI, the region is witnessing immense demand for hydraulic components.
Substantial investments by manufacturers towards electronics and other major applications drive the hydraulic components market growth. Moreover, rising government initiatives focusing on infrastructural developments offer immense scope for market growth. The region is expected to maintain its market position throughout the assessment period.
North America stands second globally in terms of hydraulic components market revenues. Rising uses of filtration technologies to reduce downtime influence the hydraulic components market growth. The spurring rise in construction and agriculture in the region drives the hydraulic components market size. Factors such as the increasing infrastructure development projects and power demand in the region substantiate the market growth.
The US accounts for the major hydraulic components market value in the region. Additionally, rising advances and uptake of smart technologies and automation create substantial market demand. Increasing demand for connectivity and hydraulic components, alongside the latest satellite technologies in the region, influences the market growth.
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Europe has emerged as a lucrative market for hydraulic components globally. Factors such as rising complete commercial vehicle parts solution and the growing automotive industry in the region boost the hydraulic components market size. The strategic focus on high-value systems offerings, including actuation, hydraulic fueling systems, and gearing solutions, push the hydraulic components industry in the region.
Furthermore, electric utility upgrade programs and power system simulators used in various power systems create substantial market demand. The rapidly growing automotive aftermarket industry and commercial light and heavy-duty parts businesses in the region propel the growth of the market. Significant maintenance, repair and overhaul offerings demonstrate progress in improving operational execution.
The hydraulic components market witnesses implementations of several strategic deals, such as collaboration, mergers acquisitions, product launches, and expansion. Industry players make vast investments in research and development activities and fostering their expansion plans.
For instance, recently, on May 18, 2021, --- Triumph Group announced securing multiple contract extensions with Boeing Commercial Airplanes. The move will extend their collaboration on critical system components and position Triumph as a top-tier supplier of hydraulic components across multiple Boeing programs.
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