Components that collectively make up an entire hydraulic system assembly are referred to as hydraulic components. These components come in various shapes and sizes and are extensively used in a variety of machinery and hydraulic equipment worldwide.

Global Hydraulic Components Market: Market Dynamics

Hydraulic components are majorly use for various end-use applications such as automation, automobiles, aviation, defense, fabrication industry, food and beverage, foundry, materials handling, mining, newspapers and periodicals, oil industry, paper and packaging, robots, ships, transportation, under sea, wood working, plastic industry, press tools, entertainment etc.

In addition, hydraulic machines are widely used in various equipment such as hydraulic lifts and vibration control systems for high-story buildings and trains, sluice gates, crushers, and compactors. Moreover, demand for heavy machinery and equipment is increasing from various end-use verticals such as industrial, material processing/forming machinery, aerospace, mining, automobiles, testing machinery/simulator, and ships/fishing machinery.

Moreover, 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. In addition, growing global population have led to increasing demand for food products, which is further expected to result in need to enhance farm productivity, thereby increasing rate of adoption of more technologically-efficient methods of farming in developing as well as developed countries. Growing demand for food across the globe is a key factor that is expected to lead to increasing utilization of agricultural machinery over the forecast period.

Global Hydraulic ComponentsMarket: Market Forecast

The comprehensive research report comprises a complete forecast of the global hydraulic components market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global hydraulic components market is expected to expand at a CAGR of 5.4% during the forecast period.

Read more: Global Hydraulic Components Market to Reach US$ 49.1 Billion by 2021 and is Projected to Register a CAGR of 5.4% by 2026