Growth in Industrial Activity Spurs Global Demand for Hydraulic Components to touch $67 Billion by 2022
Industry Experts published the new global market research report on Hydraulic Components. As per the new report ‘ Hydraulic Components – A Global Market Overview ’, the worldwide market for Hydraulic Components is projected to reach US$67.3 billion by 2022 from an estimated US$49.6 billion in 2016 growing by a compounded annual growth rate of 5.2% between 2016 and 2022. A growing impetus towards plant automation with a focus on enhancing productivity, reducing downtime and conserving energy has resulted in boosting demand for industrial hydraulic equipment designed for supporting process automation. Asian, Latin American and Middle Eastern regions have been at the forefront in plant and process automation, spurred on by the rapid pace of industrialization, development of manufacturing infrastructure and growth in GDP, a scenario ideal for robust growth in demand for hydraulics-based plant automation systems. Utilization of compact hydraulics in assembly automation provides several ta