The "Hydraulic Components - A Global Market Overview" report has been issued recently. The report reviews analyzes and projects the global Hydraulic Components market for the period 2018-2027 in terms of US$ and the compound annual growth rates (CAGRs) projected from 2022 through 2027.

Cylinders account for the largest share of the global Hydraulic Components market, estimated at about 35% in 2022, which is expected to maintain a 2022-2027 CAGR of 4.5% in reaching a projected US$29 billion by 2027 while Hydraulic Power Units, however, is likely to record the fastest similar period CAGR of 5% and reach a projected US$8.3 billion by 2027.

The aftereffects of COVID-19 continue to linger even now, with some global regions reporting a sudden spurt in the number of new cases owing to newer and unspecified variants. Hydraulic Components are used in a variety of industrial areas, several of which witnessed a decline in activity during the pandemic period, thereby adversely impacting demand for them.

However, a look at the market figures for Hydraulic Components between the worst years of 2019 to 2021 put forth a picture of cautious optimism, as, compared to other sectors, declines in terms of region, product type and application have not been too steep.

This trend is likely to continue and growth would turn positive by the end of 2022, provided (and this is a big provided) the global economy is not again shattered by a blow in terms of another devastating wave labeled as COVID-22.