Newark, NJ, July 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global hydraulic cylinder market is expected to grow from USD 12.82 billion in 2019 and to reach USD 17.27 billion by 2027, growing at a CAGR of 3.8% during the forecast period 2020-2027.
The growing construction and mining industry is the primary reason for the market growth of the hydraulic cylinder. The emergence of advance infrastructure has increased the usage of hydraulic cylinders due to the complex mechanism. There are various applications which require lifting of heavy materials which has increased the demand for the hydraulic cylinders in such application based industries.
A hydraulic cylinder is used as a mechanical actuator in the construction and manufacturing industry. It is often called as hydraulic pump. It is used to provide a uni-directional force with the help of rotation motion. It is used as sub-assemblies in the hydraulic power transfer systems. Hydraulic systems are more straightforward and durable than the mechanical and electrical system. The cylinders enable the hydraulic system to apply linear force by transferring the fluid pressure to the operation point without the use of any gears. These cylinders are used in the applications where hydrostatic energy is converted into the mechanical energy for operation.
The primary driving factor for the market is the growing infrastructural needs, especially in the emerging economy have resulted in constant demand of the hydraulic cylinders. Apart from this, the growth of military and civil base in certain nations has increased the use of hydraulic cylinders in the defence sector. The availability of extensive range has made the product compatible in many applications. These cylinders operate on fluids like oil, and certain factors such as vibrations, shocks, inappropriate fittings lead to the leakage of oil, which is proving to be a restraint for the market growth. Also, the growing popularity of the pneumatic cylinders owing to the higher operational speed and simpler design is hampering the market demand for hydraulic cylinders.
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Key players operating in the hydraulic cylinder market are Caterpillar, Eaton, Kappa Engineering, Aggressive Hydraulics Inc., JARP Industries, SMC Corporation, Bosch Rexroth, Enerpac Tool Group, KYB Corporation, Pacoma, Wipro Enterprises, Holmatro, HYDAC, Standex International, Lehigh Fluid Power Inc., Texas Hydraulics, Marrel, YUASA Co. Ltd., Bailey International LLC and others. The major players are focusing on expansionary policies such as mergers & acquisitions, recent developments, joint venture, collaborations, product innovations and partnership. Caterpillar and Kappa Engineering are some of the biggest manufacturers and suppliers of hydraulic cylinder in the global market.
- In April 2019, Pennar Industries announced that it would expand its hydraulic cylinder production plant to 200,000 units per annum which are currently 75,000 units per annum.
- In January 2019, Hydroline OY announced the launch of the LEO, lifecycle efficiency online, which is an innovative technology for predictive maintenance of the hydraulic cylinders.
Welded type product dominated the market and held the largest market share of 32.03% in the year 2019
On the basis of the product type segment, the global hydraulic cylinder market includes tie-rod, mill-type, telescopic, welded, threaded and others. Welded type segment dominated the market and held the largest market share of 32.03% in the year 2019. The reason for higher market shares can be attributed to the availability of more advantages in comparison to the other sub-segments. The welded type segment helps the machine to fit in even in a tight confine because of the narrow-body structure. There are also fewer chances of failures due to the long stretch, which makes it favourable for specific applications.
The double-acting segment dominated the market and held the largest market share of 67.43% in the year 2019
On the basis of the function segment, the global hydraulic cylinder market is segmented into single acting and double acting. Double-acting segment dominated the market and held the largest market share of 67.43% in the year 2019. The double-acting cylinders have two ports, unlike the single-acting cylinders. These ports help to cycle the pressurized fluid at both sides. These cylinders are ideal for applications in industries such as are automotive and agriculture where a part is needed to move in two directions with complete control.
50-150 MM segment dominated the market and held the largest market share of 53.81% in the year 2019
On the basis of the bore size segment, the global hydraulic cylinder market includes <50 MM, 50-150 MM and >150 MM. The 50-150 MM segment dominated the market and held the largest market share of 53.81% in the year 2019. The 50-150 MM is the most used bore size. Bore size is the inside diameter of the cylinder and the piston. The 50-150MM segment covers the sizes which are majorly used in the industries. The hydraulic cylinders with the above-mentioned bore size have more extensive applications in different verticals.
Mobile application segment dominated the market and held the largest market share of 61.82% in the year 2019
The application segment is categorized into two broad sub-segments, mobile and industrial. The mobile application segment dominated the market and held the largest market share of 61.82% in the year 2019. The mobile applications such as construction vehicles, marine equipment and agriculture machines require lifting of heavy materials which can be swiftly done by the use of hydraulic cylinders.
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Regional Segment Analysis of the Hydraulic Cylinder Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global hydraulic cylinder market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for the significant market share of 35.77% in the year 2019. The region has availability of advance technology which enables more significant R&D of the product as compared to the other regions. Further, the presence of efficient manufactures coupled with the vast demand for hydraulic cylinders in the construction and defence sector has resulted in the market growth in the region. However, Asia-Pacific is expected to grow at the highest rate. The process of rapid industrialization is the primary reason for the market growth.
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About the report:
The global hydraulic cylinder market is analyzed on the basis of value (USD Billion) volume (Units), export (Units), and import (Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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