Hydraulic Component Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Hydraulics, a highly useful, energy-efficient, and scalable method of generating force through the conveyance of liquids, is witnessing significant demand across various industries. With the development of highly complex hydraulic systems consisting of seven key components, the global hydraulic component market is experiencing strong momentum. The applications of hydraulic systems span from heavy earthmoving machinery to trucks, forklifts, and cranes, among others. As urbanization and industrialization continue to grow worldwide, the demand for hydraulic systems is forecasted to rise, creating strong tailwinds for the market's growth.

Burgeoning Demand for Double-Acting Hydraulic Systems Drives Market Growth

Among hydraulic cylinders, double-acting configurations are projected to showcase elevated demand due to their desirable performance. Forklifts, heavy trucks, and earthmoving machinery are some of the applications where double-acting hydraulic cylinders find extensive use. The thriving construction and infrastructure industries, investing heavily in building residential and road infrastructure, are emerging as leading generators of hydraulic cylinders. As the number of such projects grows, the global hydraulic component market is set to flourish in the study period.

Improving Functionality to Nurture Strong Business Outcomes

The demand for hydraulic cylinders installed in mobile machinery, such as cranes and excavators used in mining and material-handling situations, has exhibited significant promise in recent years. With the rapid growth in urbanization and industrialization, the global hydraulic component market shows high growth prospects. Manufacturers are offering more sophisticated types of hydraulic cylinders, specialized delivery systems, and subsystems with cylinders, pumps, and valves, propelling the market to greener pastures.

Thriving Agriculture and Construction Industries to Strengthen Asia Pacific’s Dominance

The Asia Pacific region is witnessing robust industrialization and urbanization, which bodes well for the hydraulic component market. Industries such as agriculture, construction, and mining are significant end-users of hydraulic systems in the region. Stakeholders are increasingly turning to heavy machinery with hydraulics to overcome growing labor costs and longer lead times. Moreover, various OEMs are actively exploring semi-automated material-handling systems. Major economies such as Japan, China, and Australia are the leading contributors to the region's positive market growth trajectory.

Notable Market Entities

Some of the major players in the global hydraulic component market include Wipro Enterprises (India), Bosch Rexroth AG (Germany), Eaton Corp. (US), Caterpillar Inc. (US), Pacoma GmbH (Germany), Hydratech Industries (Denmark), and Parker-Hannifin Corporation (US).