2014-02-21 13:16:03 - Hydraulic Components: Global Strategic Business Report - a new market research report on companiesandmarkets.com
The Global Hydraulic Components market is projected to reach US$63 billion by 2018, primarily driven by technology developments in the field of micro hydraulics and electro hydraulics.
The science of hydraulics has witnessed significant improvements over the decades making "Hydraulics" a key component in the field of applied science and engineering. Hydraulic machinery and equipment are today a critical part of the fluid power systems industry. Defined as a technology that enables transmission of applied force from one point to another through incompressible fluid as a transport medium, hydraulics today finds applications in a broad range of industrial equipment and vehicles. Hydraulics is widely used in material handling equipment, heavy industrial equipment, transportation (automotive/aerospace system components), aerial work platforms, construction
equipment, agricultural equipment, mining equipment, utility and service equipment, among others.
Cautious optimism prevails in the world market for industrial hydraulics as global manufacturing PMI although fragile and plagued with persistent challenges records modest recovery. Despite mild fluctuations, global PMI index expanded for four straight months in the year 2013 providing reasons for optimism. Industrial hydraulics is used widely in industrial machinery and machine tools. Major manufacturing industries that utilize hydraulic equipment include textile, packaging, paper, printing, plastics, rubber working, capping and sealing, and beverage industries, among others.
The US continues to remain the largest market for hydraulic components. Asia-Pacific is forecast to emerge as the fastest growing regional market with a projected CAGR of 7.2% over the analysis period. The region is expected to witness strong demand for hydraulic components used in mining equipment and agricultural machinery and implements. Demand is being led by the shifting growth in the mining industry to developing countries and by the rising investments in mechanization of agriculture in attempts to improve farm and labor productivity. Global Industry Analysts Â©
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