The Global Market for Hydraulic Components is Forecast to Reach US$76.7 Billion by 2022

Ubiquity of Fluid Power in Modern Engineering Coupled With Smart Innovations in Hydraulic Technologies to Spur Growth of the Global Hydraulic Components Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Hydraulic Components market. The global market for Hydraulic Components is forecast to reach US$76.7 billion by 2022, driven by the ubiquitous use of fluid power in modern engineering and continuous developments in the science of hydraulics which help the technology to replace mechanical and electrical drives.

Hydraulic engineering revolves around transmitting energy and power through highly pressurized hydraulic fluids. Pressurized fluids have the potential to generate massive mechanical power equivalent to several hundred tons and are virtually indispensable in all heavy duty machinery. The technology offers several performance benefits over electrical systems including reduced design complexity by eliminating the need for gears, levers, pulleys, and other moving parts which would otherwise be required in electrical systems. Other benefits offered by hydraulics include easy and accurate design of control interfaces; efficient multiplication of force; simple engineering design; predictable performance; flexibility in machine design; ability of fluid systems to provide constant force and torque; cost effective and economical; easy and simpler to maintain; higher levels of safety when compared to mechanical and electrical systems. Over the years, Industrial hydraulics and mobile hydraulics have both witnessed refining technology advancements. Industrial hydraulics, more widely known as “oil hydraulics” has benefited greatly from the development of innovative, non-flammable water-based/mineral based/and synthetic hydraulic fluids. A large percentage of large industrial machines are designed on the principle of oil hydraulics.

Outdistancing classical solid mechanics, hydraulics is today a key component in the field of applied science and engineering. Growth in the market is expected to come from strong replacement demand especially in developed markets. The massive installed base of aging hydraulic equipment in these markets across key industrial sectors provides ample opportunities for equipment replacements. Corrosion, wear and tear and internal and external system leakage are primary reasons for equipment replacements. Also, repairs for hydraulic equipment are expensive with consumers preferring to replace the equipment as against repairing and reconditioning. As vital components in modern equipment, demand for hydraulic components will be influenced by the business outlook and confidence in sectors such as mobile construction equipment; industrial machinery; mining; automotive, aerospace, mechanized agricultural implements and machinery, forestry machines, material handling equipment, conveyor machines, oil and gas drilling and exploration equipment etc.

Other major factors poised to influence growth patterns include development of energy efficient hydraulics; increased R&D focus on formulating innovative hydraulic fluids; growing investments in industrial automation and the ensuing demand for motion and control technologies; and rising focus on predictive maintenance of hydraulic equipment/systems & the ensuing increase in parts replacement frequency; and advancements in electro-hydraulic automation.

As stated by the new market research report on Hydraulic Components, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.0% over the analysis period led by factors such as encouraging economic growth forecasts; recovery in the construction sector and a parallel increase in sales of construction equipment; expanding manufacturing base in low cost Asian countries a linear increase in investments on smart machine tools; optimistic outlook for commercial aviation and the ensuing increase in aircraft production and demand opportunities for aircraft hydraulics; hope for new recovery in mining and oil and gas equipment on the back of firmer oil and mineral commodity prices.   

Major players in the market include Atos Spa, Avic Liyuan Hydraulic Co. Ltd., Bailey International LLC, Bosch Rexroth AG, Crane Aerospace & Electronics, Inc., Daikin Industries Ltd., Dongyang Mechatronics Corporation, Eaton Corporation, Hengli Group, Kawasaki Heavy Industries Ltd., KYB Co., Ltd., Linde Hydraulics GmbH & Co. KG, Nabtesco Corporation, Nachi-Fujikoshi Corp., Parker Hannifin Corporation, Sauer-Danfoss, Inc., Tokyo Keiki, Inc., Weber-Hydraulik GmbH, Wipro Infrastructure Engineering Ltd., Yuci Hydraulics Co., Ltd., and Yuken Kogyo Co., Ltd., among others.

The research report titled “Hydraulic Components: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the USA, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The market is analyzed by major segments that include Accumulators & Filters, Cylinders, Power Packs, Pumps & Motors, Valves, and Others (Includes Accessories such as Pressure Switches, Micro-Switches Controlled Heaters, Pressure Gauges, Sensors, Reservoirs, Brakes, Hydraulic Clutches, Float Switches, and Monitoring Elements).

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