The global Hydraulic Components Market Size is expected to register a CAGR of ~ 5.30% from 2023 to 2032 and hold a value of over USD 72.89 million by 2032.
Hydraulic components are mechanical devices used in hydraulic systems to transmit, control, and distribute fluid power. They are commonly used in industrial machinery, construction equipment, mobile machinery, and other applications where high force and high power are required.
The COVID-19 pandemic has had a significant impact on the hydraulic components market, as the global economic slowdown and decreased demand for goods and services have reduced the demand for hydraulic components.
Additionally, the supply chain disruptions caused by the pandemic have resulted in price hikes and reduced availability of hydraulic components, as well as increased lead times for the delivery of new components.
Key Players
· Eaton Corp. (US)
· Parker-Hannifin Corporation (US)
· Caterpillar Inc. (US)
· Bosch Rexroth AG (Germany)
· Pacoma GmbH (Germany)
· Hydratech Industries (Denmark)
· Wipro Enterprises (India).
Regional Analysis
The Asia-Pacific region is estimated to hold the largest market share in the global hydraulic components market, due to several factors, including the region's rapidly growing manufacturing and construction industries, increasing demand for energy-efficient technologies, and the availability of low-cost labor and raw materials.
Additionally, the region's large and growing shipping industry is also contributing to the growth of the hydraulic components market. These factors are expected to continue to drive the growth of the hydraulic components market in the Asia-Pacific region in the coming years.
Market Segmentation
The Global Hydraulic system components Market Share has been segmented into product, application, and end user.
Based on the product, the market has been segmented into Pumps, Motors, Valves, Cylinders, and others.
Based on the application, the market has been segmented into Industrial and Mobile.
Based on the end user, the market has been segmented into Construction, Agriculture, Material Handling, Automotive, Oil & Gas, and Others.
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