Hydraulics is defined as a branch of applied science and modern technology which uses chemistry, engineering & other sciences that involve mechanical properties & the use of liquids. Hydraulic components are used for the transmission and generation of power with the utilization of pressurized liquids. These are based on concepts such as fluid control circuitry, pipe flow, pumps, dam design, and fluidics.
The increase in demand for hydraulic components in the construction industry is a key driving factor which expected to boost the global hydraulic component market growth during this forecast period. Furthermore, the increase in the use of these components in mining equipments will positively influence the market growth. Also, growing the need for energy & discoveries of new shale fields are compelling the E&P companies to expand their exploration programs will support the global hydraulic component market growth. Moreover, Hydraulic component allows users to accurately wield a large amount of power with a little input force which expected to propel the global hydraulic component market growth over the forecast period. As per to the National Fluid Power Association, hydraulic components also offer constant force. These components are safe in chemical plants & mines as they do not cause sparks.
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High maintenance cost is the major restraint which expected to hamper the global hydraulic component market growth during this forecast timeline.
The Global Hydraulic Component Market is segmented into product such as Motors, Pumps, Valves, Cylinders and others, by application such as Industrial and Mobile. Further, market is segmented into application such as Construction, Agriculture, Automotive, Material Handling, Oil & Gas, and Others.
Also, the Global Hydraulic Component Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Eaton Corp., Wipro Enterprises, Hydratech Industries, Pacoma GmbH, Bosch Rexroth AG, Caterpillar, Inc., Parker-Hannifin Corporation, Emerson Electric Co., Kawasaki Heavy Industries Ltd, Bucher Hydraulics GmbH, etc.
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