Hydraulic Components Market Revenue Details & Threats In The Market Till 2026

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 global hydraulic components market is segmented on the basis of type, application, and region.

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The actual component design used for a particular system depends upon the service use, temperature, pressure, operation, and maintenance requirements. Hydraulic components offer customers a range of optimum variants to enhance their value-adding processes.

The advantages of hydraulic components are ease and accuracy of control, multiplication of force, constant force and torque, simple, safe and economical. Hydraulic components have application in hydraulic system machinery, aerospace equipment, marine applications, automobiles etc.

Adoption for hydraulic components is increasing rapidly for application in heavy-duty construction equipment, trucks, excavators, cranes, wheel loaders, and bulldozers. Development and investment in infrastructure as well as construction projects are boosting the growth of global hydraulic components market.

Hydraulic cylinders are widely used in production of agricultural equipment such as tractors, combine harvesters, harvesting machines, loaders, planters, tillage machines, log-splitters, fertilizer spreaders, front-wheel packers, front-power lifts, seed-conveyors, and mulching machines. However, the growing global population has increased the demand for food products, which is further resulting in the need to enhance farm productivity.

Continuous focus by manufacturers for development of innovative and technologically advanced hydraulic cylinders, with the objective to gain a competitive edge, expand market reach, and enhance product offerings.

Due to presence of prominent international players in the market such as Parker Hannifin Corp., Eaton Corporation Plc, HydraForce, Inc., Ligon Industries, LLC, and Caterpillar Inc., coupled with increasing presence of domestic hydraulic components providers are major factors driving growth of the North America market currently and is expected to dominate the global hydraulic components market.

North America market is expected to dominate the global hydraulic components market as compared to that of markets in other regions. Driving factors for growth of the market rising demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the US and Canada.

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