The hydraulic components market outlook appears very promising, mainly due to the continually rising industrial activities. Outside diameter (OD) and inside diameter (ID) machines produce parts with high-quality surface finishes and excellent accuracy required for extremely precise grinding applications such as hydraulic components.
Governments in countries across the globe are undertaking reliability improvement programs, and hydraulic component replacement is a major initiative of these programs. Additionally, the growth in demand for electricity and grid infrastructure worldwide boosts the hydraulic components market size. With the increasing demand from the automotive sector, the market is projected to witness significant growth during the forecast period.
Additional factors defining the growing market landscape include the rising demand for hydraulic equipment in the construction and oil & gas industry.
Hydraulic components are a crucial part of the manufacturing and other end-use industries. The increasing demand for enhanced safety and precision in manufacturing processes drives the demand for hydraulic components. Many manufacturers engaged in providing hydraulic systems focus on developing technologies that ensure machine safety.
Key Industry Trends
Hydraulic components are extensively needed for wheel loaders, telehandlers, concrete boom trucks, and excavators, promoting the installation of hydraulic equipment at construction sites. Various features and advantages that hydraulic components offer make them the preferred choice for several end-use applications. Increasing legislative measures for expanding reliable grid infrastructure in developing nations would further complement the business landscape.
Therefore, these components have become increasingly functional and commercial with their capabilities of transmitting power by using fluid pressure within a sealed system. With the rapid uptake of the Industrial Internet of Things (IIoT), hydraulics technology is garnering significant market prominence. Augmenting demand for hydraulic actuation components for complex landing gear valves and thrust reverser are major hydraulic components market trends.
Besides, vast technological advances and evolution in hydraulic technology that have simplified various processes substantiate the market demand. Increasing smart city projects and increasing awareness about energy efficiency benefits the environment, and improving wireless grid communication technology boosts the closer market demand. Rising uses of hydraulic accumulators, manifolds, and steering & locking actuators in multiple legacy platforms impact the market growth positively.