Hydraulic Components Market Projected to Reach USD 70,636.2 Million by 2030, at a CAGR of 5.30% – Report by Market Research Future (MRFR)
Hydraulic Components Market Growth Boost by Increased Concerns Regarding Oil Leaks in Hydraulic System
New York, US, June 13, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Hydraulic Components Market Information by Product, Application, End-User, and Region – Forecast till 2030″, By 2030, the hydraulic components market will be worth USD 70,636.2 million, developing at a rate of 5.30% between 2023 and 2030.
Hydraulic Components Market Overview
A hydraulic system, which provides customers with a variety of ideal variations to improve their value-adding activities, is made up entirely of hydraulic components. The parts comprise, among other things, piston rods, hydraulic cylinders, etc. Hydraulic components have various advantages, including the capacity to adjust pre-programmed machine speeds, smooth load lifting and lowering, the elimination of production downtime losses, and a reduction in production costs.
Hydraulic Components Market Competitive Landscape:
The reputed companies in the hydraulic components market include:
- Eaton Corp. (US)
- Parker-Hannifin Corporation (US)
- Caterpillar Inc. (US)
- Bosch Rexroth AG (Germany)
- Pacoma GmbH (Germany)
- Hydratech Industries (Denmark)
- Wipro Enterprises (India)
- Among others.
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Hydraulic Components Market USP Covered:
Hydraulic Components Market Drivers:
For centuries, agriculture has been an important and crucial industry all across the world. In the past, various tasks like ploughing, sowing, spraying fertiliser and pesticides, harvesting, and other procedures were done by hand. Farmers now prefer using machines for agriculture-related tasks due to increased industrialization and the development of many unique pieces of equipment. To improve efficiency and reduce high labour costs, farm operations use cutting-edge machinery like atomized tractors or harvesters.
Many businesses, including Komatsu, Bosch, John Deere, New Holland, and AGCO, are providing cutting-edge equipment with hydraulic motors, valves, and pumps, including tractors, dryers, sprayers, rotary cutters, mini excavators, wheel loaders, and planters & seeders, in response to the rise in the adoption of equipment in agriculture.
Hydraulic equipment has become more and more necessary as manufacturing in emerging nations has increased. Heavy-duty equipment is needed in a variety of industries, including mining and construction, agriculture, packing, and material handling. The speed and efficiency with which heavy-duty activities can be completed is increased by hydraulic motors, pumps, valves, cylinders, and actuators. Thus, hydraulic machinery or parts are a perfect and dependable choice for a variety of industrial tasks. Hydraulic-operated machines are available from businesses like Bosch Rexroth, Daikin, Eaton, and Parker Hannifin. These businesses provide motors, pumps, cylinders, valves, steering, seals, press machines, lifts, and cylinders depending on the use in the corresponding industry. For efficient working, businesses continually implement atomization, which has led to a constant demand for more modern hydraulic machinery. The hydraulic equipment market is fuelled by this.
Hydraulic Components Market Opportunities
Strong Demand for Energy-Efficient Hydraulic Equipment
The main issue is that hydraulic machinery consumes a lot of energy, which drives up the entire cost of buying and running industrial facilities and equipment. High pressure in hydraulic equipment requires a significant amount of energy to operate, which raises energy expenditures. Hydraulic equipment that is energy-efficient is used to reduce additional costs. Hydraulic technology has also become more effective thanks to a number of recent developments. In plastics processing equipment, variable speed pump drives, for instance, reduce pressure holding losses during pauses and partial load operation. Similar to this, loss reduction is achieved using a variable pump and valve systems that permit electronic flow matching.
Hydraulic Components Market Restraints:
Hydraulic equipment is being gradually replaced with electromechanical technologies. This is explained by the fact that equipment that is operated electro-mechanically has many benefits over equipment that is operated hydraulically. For instance, when the cost of ancillary hydraulic equipment is taken into account, an electro-mechanical system is less expensive than a hydraulic system. Additionally, because there is less chance of a leak, these systems need minimal upkeep and repair. Additionally, electro-mechanical devices only require electricity when the load is being moved. In contrast, hydraulic systems must maintain operational fluid pressure levels to retain the position while holding the load, which might slow down how quickly they respond to operator inputs. This restrains market growth for hydraulic components.
|Market Size 2030||2030: USD 70,636.2 Million|
|CAGR during 2022-2030||5.30% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application and End User|
|Key Market Opportunities||Increased concerns regarding oil leaks in hydraulic system|
|Key Market Drivers||Rising demand from construction and aviation industry Growing use in material handling equipment\r\n|
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Hydraulic Components Market COVID 19 Analysis
The manufacturing of hydraulic components had substantial supply chain interruptions as a result of the COVID-19 epidemic. A worldwide lockdown prompted manufacturers to close their facilities, which led to the start of a gap in the supply and demand cycle. The National Fluid Power Association has also described the pandemic’s effects on businesses, showing that some were severely impacted while others were able to show resilience. The market under study has experienced the emergence of customization as a key trend in hydraulic equipment dealing with heavy-load material handling during the COVID-19 pandemic, in addition to economic depression and operational difficulties.
Hydraulic Components Market Segmentation
The Hydraulic Components Market has been divided into motors, pumps, valves, cylinders, and others, depending on the product.
Cylinders, which made up the largest portion of the market, will surge at a notable pace in the coming years. Modern cylinders increase the stability of hydraulic machinery for handling enormous loads.
Hydraulic components have industrial and mobile applications.
The industrial segment will grab the highest CAGR over the course of the projected period. Several industries, including packaging, food and beverage, rubber, paper, printing, plastic, and press, use industrial hydraulic equipment. In sheet metal press workshops, for instance, hydraulic press machines are used to mold the sheets into the necessary forms utilizing dyes. Additionally, hydraulic press machines are used to form the sheet metal used for automobile bodies. Aerial maintenance platforms, hydraulic stackers, floor cranes, and drum lifters & tilters are just a few examples of the hydraulic machinery utilized in the material handling sectors to move stuff from one place to another.
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The top end-users in the hydraulic components market include construction, agriculture, material handling, automotive, oil & gas, and more. The market’s largest contributor will be the construction segment. To lower operating costs and boost productivity, manufacturers are delivering better solutions, different excavators for different needs, and increased technology and fuel efficiency.
Hydraulic Components Market Regional Insights
By virtue of rising expenditures made by manufacturers in electronics and other important applications, the Asia-Pacific market for hydraulic components will secure the lead during the review period. Additionally, there is enormous potential for market expansion as a result of the government entities’ concentration on infrastructure expansions. The region is set for sizeable investments from major manufacturers in the next couple of years thanks to the fast-expanding industrial growth and supportive government policies on FDI. The potential for market development in emerging economies is also considerable thanks to government initiatives in India. It is anticipated that over the projection period, demand for hydraulic components in the Asia-Pacific region will increase due to reduced production costs in China and India compared to industrialized nations.
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Considering automated and mechanized agricultural practices are becoming more prevalent, North America will be a robust market for hydraulic components over the evaluation period. Rising demand for machinery and equipment for applications in expanding industrial, agricultural, mining, and oil and gas industries in the US and Canada as well as early adoption of new and efficient technologies of hydraulic components are factors driving the market’s growth in this region.
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