Hydraulics is a technology and applied science using engineering, chemistry, and other sciences that involves the mechanical properties and use of liquids. Components that collectively make up an entire hydraulic system assembly are referred as hydraulic components.
A major factor driving growth of the global hydraulic components market is increasing use of hydraulic components in various end-use applications including hydraulic machines used in various equipment such as hydraulic lifts and vibration control systems. In addition, rising investment and development in infrastructure and construction projects, growing demand of hydraulic machine in agriculture sectors is expected to support growth of the global hydraulic components market to a significant extent over the forecast period.
However, development of electric actuators as an alternative for hydraulic cylinders component is a major factor expected to restrain growth of the global hydraulic components market to a certain extent over the forecast period.
The global hydraulic components market report has been segmented on the basis of type, application, and region.
On the basis of type, cylinder barrel segment is expected to contribute major revenue share in the global hydraulic components market and is expected to witness highest CAGR of over 5%, in terms of revenue over the forecast period, owing to increasing availability, and high adoption of specialized cylinder barrels that can hold and transfer high amounts of pressure in various equipment used in the construction industry.