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Hydraulic Component Market

Hydraulic Component Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

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Industry: Energy & Natural Resources | Author Name: Harshad

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The approximately US$60 Bn hydraulic component market expects steady growth over the next few years. The report would provide a panoramic view of the key growth influencers, and major investment pockets in the global hydraulic component market.

Rapidly Increasing Demand for Hydraulic Cylinders to Fuel Growth of Hydraulic Component Market

Hydraulic systems are incredibly complex and all vary slightly depending on their intended use. Every system contains seven different basic components, including  a reservoir oil tank, pipes, a hydraulic pump, a power source, an actuator, valves, and filters, which collectively function correctly. As hydraulic systems are nowadays widely used, the expectations on hydraulic components performance is increasing. This is expected to predominantly drive the growth of hydraulic component market worldwide. For example, hydraulic components can adapt to different working environments such as severe cold and heat; some should be corrosion-resistant, and some should be explosion-proof. Mobile hydraulic components are expected to have the merit of small size, and lighter weight, and hydraulic components which used in offices and hospitals require no leakage, and low noise. A broad range of functional attributes will thus continue to fuel the growth of hyadraulic component market.

Accuracy, functionality, controlled performance, and user-friendliness are all improving due to the integration of electronics with hydraulic cylinders. As a result, electro-hydraulic cylinders, sometimes called intelligent cylinders, are becoming more popular on the market. These cylinders combine electronic controls with servo valves like transducers, which provide electrically controlled valves and rod position feedback to ensure effective operations. The creation of intelligent cylinders has increased the range of hydraulic equipment applications while lessening the threat posed by developing alternative technologies like the usage of electronic actuators. This is likely to push the prospects of hydraulic component market.

Double-acting Cylinders Dominate Hydraulic Cylinder Trend in Hydraulic Component Market

The two primary functional trends in the hydraulic cylinder industry are double-acting, and single-acting. Due to their use in applications where gravity plays a significant role in acceleration and retardation, double-acting hydraulic cylinders are expected to experience substantial growth. Additionally, hydraulic cylinders with double-acting functions are widely utilised in heavy trucks, forklifts, and earthmoving machinery, which will significantly increase the market share for hydraulic cylinders. Over the projection period, it is also anticipated that the expanding construction sector will boost demand for hydraulic cylinders, in turn boosting the growth of hydraulic component market.

A joint study by Global Construction Perspective (GCP), and Oxford Economics projects that by 2030, the construction industry will be worth US$15.5 Tn. Most of the growth is anticipated from nations like the US, China, and India. Due to this and technical advancements in the core construction and infrastructure sector, the hydraulic cylinder market trend is expected to improve. Due to increased global investments in infrastructure projects, there is a growth in the demand for construction equipment. Additionally, numerous governments are making significant investments in sports facilities, and infrastructure construction that further indicate opportunities arising on the horizon of hydraulic component market.

Functional Attributes of Hydraulic Cylinder Uplift Hydraulic Component Market

In 2021, the mobile kind of hydraulic sector held a more significant market share. Hydraulic cylinders are necessary to operate various mobile hydraulic machinery, including cranes and excavators. Numerous mobile equipment applications, including material handling and mining, use hydraulics. The need for hydraulics equipment in mobile applications is anticipated to rise in response to the construction industry's expanding potential and increasing urbanisation, and industrialisation. A growing number of hydraulic equipment manufacturers are providing various integrated hydraulic cylinder systems and solutions to offer differentiated goods. These manufacturers can increase value by delivering systems or subsystems comprising cylinders, and ancillary items like pumps, and valves. These integrated services also contribute to improving the ability to capture aftermarket and maintenance service income.

From the end users’ point of view, the arrangement above results in a more practical design, better engineering and purchasing options, and reduced total operational costs. Increased investment in hydraulic cylinder research and development (R&D) to produce advanced variations that meet surging demands is one of the primary methods used by industry players. Some of the key manufacturers in hydraulic component market space like Parker-Hannifin Corporation, KYB Corporation, and Danfoss have invested heavily in R&D operations to advance their hydraulic technologies.

Unprecedented Industrial Expansion Across Asia Pacific Fuels Hydraulic Component Market

The expansion of the hydraulic component market in the Asia Pacific is aided by the region's increasing urbanisation and industrialisation, which has increased the potential of sectors like construction, agriculture, and mining. Numerous significant OEMs (Original Equipment Manufacturers) in the area are having difficulties due to growing labour costs and longer lead times brought on by manual methods. To boost productivity and decrease downtime, firms all across the area, particularly in nations like China, Japan, and Australia, are implementing automated and semi-automated material handling equipment. The region's hydraulics industry is expanding due to the rising demand for material handling equipment. The hydraulics industry's expansion is aided by the region's rising need for mining, building, and agricultural machinery. One of the critical hydraulics markets in the Asia Pacific region is Japan. Major automakers and suppliers can be found in Japan, where they face difficulties like growing labour prices and longer lead times due to manual operations. Companies are implementing automated and semi-automated material handling systems to address these issues.

The rising cost of labour is causing issues for businesses everywhere. The relative productivity declines as labour expenses rise. Government rules, a mismatch between supply and demand, and a lack of trained workers drive rising labour prices. Companies are finding it reasonable to invest in automated solutions due to the rise in labour prices. The market for material handling equipment is anticipated to be driven by the rising need for automated solutions across several industries, including automotive, metal, construction, and mining. The function, controllability, power, and safety of material handling equipment are all being improved through hydraulics. As a result, demand for hydraulics is driven by the rising demand for material handling equipment.

Global Hydraulic Component Market: Competitive Landscape

SMC Corporation upgraded the Pin Cylinder product line in August 2021 to have a lower overall length. This will make the machine more compact and allow for a significant reduction in the installation space. On the other side, Enerpac introduced the RC-Series hydraulic cylinders in June 2021. These cylinders have better corrosion and damage resistance because of the use of four high-performance bands.

A few of the 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).

The Global Hydraulic Component Market is Segmented as Below:

By Product

  • Pumps
  • Motors
  • Valves
  • Cylinders
  • Others
  • By Application
  • Industrial
  • Mobile

By End User

  • Construction
  • Agriculture
  • Material Handling
  • Automotive
  • Oil & Gas
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Hydraulic Component Market

  • Hydraulic Component Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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