Hydraulic Components Market By Type (Cylinder Barrel, Piston, Piston Rod) By Application (Single Acting Cylinders, Double Acting Cylinders) and Region - Global Forecast to 2026

The global hydraulic components market was valued at approximately US$ 8.8 Bn in 2017, and is expected to register a CAGR of 5.4%. The report offers in-depth insights, revenue details, and other vital information regarding the global hydraulic components market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global hydraulic components market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global hydraulic components market is segmented on the basis of type, application, and region.

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In a hydraulic system, many components are necessary for the operation and control of the system. For each component in a system there are many different designs available. The actual component design used for a particular system depends upon the service use, temperature, pressure, operation, and maintenance requirements. Hydraulic components offer customers a range of optimum variants to enhance their value-adding processes. Components that collectively make up an entire hydraulic system assembly are referred to as hydraulic components. The components include pistons, piston rods, and hydraulic cylinders among various others. These components come in various shapes and sizes and are extensively used in a variety of machinery and hydraulic equipment across the globe. The advantages of hydraulic components are ease and accuracy of control, multiplication of force, constant force and torque, simple, safe and economical. Hydraulic components have application in hydraulic system machinery, aerospace equipment, marine applications, automobiles etc.

A major factor driving growth of the global hydraulic components market is increasing demand for hydraulic components in various end-use applications such as food & beverage for various types of food processing equipment, wrapping, and bottling, in oil industry for on-shore and off-shore oil rigs, in plastic industry for automatic injection molding machines, raw material feeding, jaw closing, movement of slides of blow molder, in transportation industry for hydraulic elevators, winches, and overhead trams, etc.

Moreover, adoption for hydraulic components is increasing rapidly for application in heavy-duty construction equipment, trucks, excavators, cranes, wheel loaders, and bulldozers. Development and investment in infrastructure as well as construction projects are boosting the growth of global hydraulic components market. In addition, hydraulic machines are also widely used in several industrial and special-purpose vehicle verticals, such as fork lifts, platform vehicles, garbage trucks, and accessories for transport vehicles. 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.

In addition, the demand for hydraulic components and machines are growing across the agriculture sectors across the globe. 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. However, the growing global population has increased the demand for food products, which is further resulting in the need to enhance farm productivity. This has led to rising adoption of more technologically-efficient methods of farming in developing as well as developed countries around the globe.

However, availability of alternative for hydraulic cylinder such as electric actuators may hinder the growth of global hydraulic components market. Electric actuators offering more flexibility to their motion-control capabilities with regard to velocity, position (multiple positions, accuracy), output force, acceleration, and complex control on motion in variable situations than hydraulic cylinders component may restraint the growth of the global hydraulic components market to certain extent over the forecasted years.

Moreover, advancements by manufacturers such as development of components that are more compact and lightweight is expected to create new opportunities in terms of revenue for players operating in the global hydraulic components market over the forecast period. Continuous focus by manufacturers for development of innovative and technologically advanced hydraulic cylinders, with the objective to gain a competitive edge, expand market reach, and enhance product offerings. The market for hydraulic components is expected to witness significant growth owing to an increase in investments for construction and renovation of airports during the forecoming years.

Due to presence of prominent international players in the market such as Parker Hannifin Corp., Eaton Corporation Plc, HydraForce, Inc., Ligon Industries, LLC, and Caterpillar Inc., coupled with increasing presence of domestic hydraulic components providers are major factors driving growth of the North America market currently and is expected to dominate the global hydraulic components market. In addition, increasing new construction, reconstruction, and redevelopment projects initiated by the government in cities such as Portland, Denver, Sacramento, and Atlanta is expected to boost demand for construction equipment, and in turn drive growth of the hydraulic components market in North America. In contrast, Asia Pacific market is expected to register highest CAGR during the forecasted period, owing to rising demand for hydraulic components from various end-use industries in countries in the region, especially from the construction sector in China, Japan, and India. Moreover, increasing mining activities, especially related to iron ore and coal, in emerging economies such as China, Indonesia, and India is projected to boost demand for hydraulic components market.

Market Analysis by Type:

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.

Market Analysis by Application:

Among all the application segments double acting cylinder is expected to register highest CAGR of over 5%, owing to high adoption of double acting cylinders, owing to various benefits offered as compared to single acting cylinders in various hydraulic equipment across the globe.

Market Analysis by Region:

North America market is expected to dominate the global hydraulic components market as compared to that of markets in other regions. Driving factors for growth of the market rising demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the US and Canada.

Asia Pacific market is expected to witness the highest CAGR growth of over 5.5% in the global hydraulic components market during the forecast period, owing to application and requirement in various machinery and equipment used in agriculture, forestry, manufacturing sector, marine, and mining industry across the countries in this region

Global hydraulic components market segmentation:

Segmentation by type:

• Cylinder Barrel
• Piston
• Piston Rod
• Others (hydraulic cylinder caps, hydraulic cylinder heads, and seals)

Segmentation by application:

• Single Acting Cylinders
• Double Acting Cylinders

Segmentation by region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa