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May 18, 2023

Global Hydraulic Components Market Report 2020: Profiles of 44 Major Companies & Industry Guide Containing Contact Details for 550+ Companies

News provided by 03 Feb, 2021, 14:30 ET Share this article DUBLIN, Feb. 3, 2021 /PRNewswire/ -- The "Hydraulic Components - A Global Market Overview" report has been added to ResearchAndMarkets.com's

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03 Feb, 2021, 14:30 ET

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DUBLIN, Feb. 3, 2021 /PRNewswire/ -- The "Hydraulic Components - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.

Construction Machinery is estimated as the largest end-use industry for Hydraulic Components globally, with a US$16.3 billion market in 2019. The COVID-19 crisis that has the world in its grips has taken a toll of the hydraulic components industry, too, although not to the devastating extent to which other sectors have been affected. Marginal declines are likely to be witnessed across the board over 2019-2020 and some semblance of growth can be expected only towards mid-2022. However, this positive outlook depends on how the pandemic situation pans out over the coming months and how economies react to developments. Ill-thought out lockdowns being imposed by governments based on the ground situation that varies from region to region have their own negative impact on industrial activity, to which the hydraulic components sector is also susceptible.During these Pandemic times, the overall global market is expected to reach US$60 billion in 2020, just 1% y-o-y growth compared to 2019.Research Findings & Coverage

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