Hydraulic Components: Introduction
- Hydraulics is a branch of applied science and modern technology that uses chemistry, engineering, and other sciences that involve mechanical properties and the use of liquids. Hydraulic systems use an incompressible fluid, such as water or oil, to transmit forces from one particular location to another within the fluid. Hydraulics is used for the transmission and generation of power with the utilization of pressurized liquids. Hydraulic components are based on concepts such as fluid control circuitry, dam design, pipe flow, pumps, and fluidics.
Key Drivers and Restraints of Hydraulic Components Market
- Investments in infrastructure sector has been increasing significantly, primarily in developing economies such as China and India, due to rapid urbanization and population migration from rural to urban areas. Growth in construction activities is estimated to drive the hydraulic components market. According to a combined study by Oxford Economics and Global Construction Perspective (GCP), the construction industry is expected to reach US$ 15.5 Trn by 2030.
- Technological innovations in hydraulic components with respect to design specifications in order to reduce cost and optimize efficiency are anticipated to augment the adoption of hydraulic components in the next few years
- High capital cost associated with the production of hydraulic components is expected to restrain the global hydraulic components market during the forecast period
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COVID-19 Impact Analysis
Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, several industries such as oil & gas and construction had to halt their operations temporarily. Disruption in the operation of the industrial sector is adversely affecting the demand for hydraulic components.
Hydraulic Components Market Segmentation
- The global hydraulic components market can be segmented based on product type, end-user, and region
- Based on product type, the global hydraulic components market can be segregated into hydraulic pump, hydraulic motor, valve, cylinder, and others. Hydraulic pumps are used to move or raise fluids. They have a piston moving in a closely-fitting cylinder and forces are exerted on the fluid by motion of the piston. Hydraulic motor is mechanical actuator that converts hydraulic pressure and flow into torque and angular displacement or rotation. Valve is a device that regulates or controls the flow of the fluid for opening, closing, or partially obstructing passageways of fluids flowing. Hydraulic cylinder is a mechanical actuator used to provide unidirectional force through a unidirectional stroke. Hydraulic components are employed in industries such as oil & gas, construction, marine, and aerospace.
- According to the National Fluid Power Association, hydraulic components provide constant force. Hydraulic components can be safely used in chemical plants and mines, as they do not cause sparks. Most aircraft use hydraulics in their braking systems and landing gear.
- Hydraulic components contain highly pressurized fluid. Hydraulic components can cause burns, bruises, or accidental injection of fluid into the body. These are some of the restraints of the hydraulic components market. These components need to be periodically checked for leaks and lubrication, and filters must be changed regularly.
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Global Hydraulic Components Market: Regional Analysis
- In terms of region, the global hydraulic components market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Asia Pacific accounted for a major share of the global hydraulic components market in 2020. Growth of the market in the region can be ascribed to rapid industrialization and urbanization. Manufacturing and industrial sectors are expanding at a rapid pace in India. This is boosting the hydraulic components market in the country. Growth of the construction sector, rise in sales of construction equipment containing hydraulic components, and increase in investments for developing smart machine tools are anticipated to propel the hydraulic components market in the near future.
- The hydraulic components market in Europe is anticipated to expand at a significant pace during the forecast period due to rise in investment in manufacturing and aerospace industries in countries such as Germany, the U.K., the Netherlands, and France
- North America continues to remain an emerging region of the global market due to the investments made in the manufacturing sector. The U.S. Government plans to refurbish its infrastructure plans. Demand for hydraulic components is rising in the U.S. due to focus on improving energy efficient hydraulics, increase in R&D activities in formulating innovative hydraulic fluids, and advancements in electro-hydraulic automation.
- The market in Middle East & Africa is anticipated to expand in the next few years due to the recovery from the economic slowdown. Countries such as Saudi Arabia, the UAE, Kuwait, and Qatar have invested substantially in the hydraulic components market.
Key Players Operating in Global Market
- Leading companies operating in the global hydraulic components market include:
- Bosch Rexroth
- Daikin Industries
- Eaton Corporation
- Kawasaki Heavy Industries
- Parker Hannifin
Global Hydraulic Components Market: Research Scope
Global Hydraulic Components Market, by Product Type
- Hydraulic Pump
- Hydraulic Motor
Global Hydraulic Components Market, by End-user
- Oil & Gas
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