Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- The global hydraulic cylinders market will exhibit a CAGR of 4.3% between 2019 and 2026, and is estimated to reach USD 14.66 Billion by 2026, as against USD 10.94 Billion in 2018. Growing technological advancements in the hydraulics industry is the primary factor responsible for positively affecting the hydraulic cylinder market growth. Fortune Business Insights in a new report, titled “Hydraulic Cylinders Market Size, Share and Industry Analysis By Function (Single Acting Hydraulic Cylinder, Double Acting Hydraulic Cylinder), By Product Type (Welded Cylinder, Tie Rod Cylinder & Others), By Application (Industrial Equipment & Mobile Equipment), By End-Use Industry (Construction, Agriculture, Aerospace and Defence, Forestry, Marine & Others) and Regional Forecast, 2019 - 2026” highlights some of the current hydraulic cylinders trends in the forecast years.
Using hydraulic fluids, hydraulic cylinders convert hydrostatic energy into mechanical energy. These fluids include synthetic oils, emulsions, and mineral oils. The adoption of hydraulic cylinders in increasing owing to their improved accuracy, better functionality, and controlled performance in several applications.
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Companies Profiled in Hydraulic Cylinders Market:
- Bosch Rexroth AG
- Enerpac
- PARKER HANNIFIN CORP
- Wipro Infrastructure Engineering
- SMC Corporation.
- Bucher Hydraulics GmbH
- Precision Hydraulic Cylinders
- KYB Americas Corporation
- Eaton
- WEBER-HYDRAULIK GMBH
Demand for Hydraulic Cylinders to Rise on Account of Rapid Industrialization
The growing construction industry is expected to augment the hydraulic cylinders market demand in the forecast years. As per a study by the Global Construction Perspective (GCP) and Oxford Economics, the construction industry is expected to reach US$ 15.5 trillion by 2030. Majority of the growth comes from countries such as India, China, and the U.S. This, along with technological developments in construction and infrastructure industry, is expected to further advance the hydraulic cylinders market trend. Demand for these cylinders is expected to increase from other end-use industries such as Aerospace and Defence, Agriculture, Marine, Forestry, and others. Of these, analysts found that agriculture covered 21.4% of share in the global market in 2018. The World Bank made an investment of US$ 6.8 billion in 2018 in rural agriculture. As per research studies, the world population is projected to reach 9 billion by 2050. This is likely to fuel demand for agricultural machinery, driving the hydraulic cylinders market.
COVID-19 Impact -
COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the forecast period. The COVID-19 pandemic has had a negative impact on the global Hydraulic Cylinders Market.
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Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2018 |
| Historical Year | 2015 – 2017 |
| Forecast Year | 2019 – 2026 |
| Segments Covered | By Function, By Product Type, By Application, By End- Use Industry, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Bosch Rexroth AG, Enerpac, PARKER HANNIFIN CORP, Wipro Infrastructure Engineering, SMC Corporation., Bucher Hydraulics GmbH, Precision Hydraulic Cylinders, KYB Americas Corporation, Eaton, WEBER-HYDRAULIK GMBH |
| Hydraulic Cylinders Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Double-acting Hydraulic Cylinders to Lead the Market
As per function, double-acting hydraulic cylinders are likely to hold around 75% of the share in the hydraulic cylinders market. These cylinders are primarily used for manufacturing and heavy construction equipment. Owing to their rising demand than single-acting cylinders, these are expected to lead the market through the forecast years.
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Welded Hydraulic Cylinders to Hold 60% of the Share
Welded products are mainly used in heavy mobile equipment for lifting heavy loads and offer customizations as per requirements. These products are likely to cover 60% of the share during the forecast period. Apart from welded products, tie rob hydraulic cylinders are generally used in light and medium industrial machines. The National Fluid Power Association (NFPA) has set standard dimensions for these cylinders in order to maintain stability. For instance, Parker Hannifin’s tie rob cylinders are fatigue-free and work at maximum pressure to ensure safety and reliability of its cylinders.
Mobile Equipment to Cover Majority of the Share by 2026
As per application, the demand for mobile equipment is increasing in telescopic handlers, cranes and forklifts as these are fitted with high-quality hydraulic cylinders. Industrial Equipment is used in several applications such as metal casting, shaping, forging, and sheering, fueling demand for hydraulic cylinders.
Countries Such as India, China, and the U.S. Significantly Contribute to the Market Growth
Governments are increasingly granting funds to infrastructure companies in the U.S. This will help the market to grow considerably. Moreover, the construction sector in the U.S. is likely to grow at a faster rate than China as the country witnesses’ a slowdown in housing construction. Currently, countries such as China, India, and the U.S. contribute to the hydraulic cylinder market revenue. The rising population in India is expected to drive the construction industry, which as a result, enables growth in the market in APAC.
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Key Industry Developments:
- February 2020: The consortium led by Cinven, RAG Foundation, and Advent acquired Thyssenkrupp’s elevator technology business for USD 18.58 billion.
- November 2019:Mitsubishi Electric launched its MOVE elevator model focusing on faster delivery in low-rise and mid-rise buildings in Europe.
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