New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Hydraulic Cylinder Market Size is to grow from USD 16.81 Billion in 2022 to USD 24.77 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.40% during the projected period. The widespread utilization of hydraulic cylinders for several applications such as the welded, tie rod, telescopic, and mill types in a wide variety of vehicles such as automotive, marine, construction, aerospace, material handling, agriculture, mining, oil & gas, and others are expected to boost the demand for the hydraulic cylinder market during the forecast period.
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A hydraulic cylinder is one of the four main components of a hydraulic system, whereas a hydraulic system is a technique that transports energy from a motor to an actuator, most usually a hydraulic cylinder, using fluid, most commonly hydraulic oil, as its medium. One of the key factors driving the hydraulic cylinder market is increased demand for the construction industry, which encourages more use of automated heavy construction trucks equipped with hydraulic cylinders for a variety of activities. The expanding usage of material-handling equipment in sectors like as farming, construction, and mining has increased demand for the global hydraulic cylinder market. Furthermore, the increased need for material handling machinery across various sectors globally is a major driver of hydraulic cylinder market growth.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Hydraulic Cylinder Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Welded, Tie Rod, Telescopic, Mill Type), By Function (Double-acting and Single-acting), By Industry Verticals (Automotive, Marine, Construction, Aerospace, Material Handling, Agriculture, Mining, Oil & Gas, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Description Here:
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The oil & gas segment accounted the largest revenue share of more than 37.2% over the forecast period.
On the basis of industry verticals, the global hydraulic cylinder market is segmented into automotive, marine, construction, aerospace, material handling, agriculture, mining, oil & gas, and others. Among these, oil & gas are dominating the market with the largest revenue share of 37.2% over the forecast period. Hydraulic cylinders are widely used in the oil and gas sector for oil rig drilling and fracking equipment, land-based rig walking systems, pipeline handling instruments, and other purposes.
The welded segment is witnessing significant CAGR growth over the forecast period.
On the basis of product type, the global hydraulic cylinder market is segmented into welded, tie rod, telescopic, and mill types. Among these, welded is witnessing significant CAGR growth over the forecast period. Construction, energy, oil and gas mining, trash and material management, and heavy machinery all require welded hydraulic cylinders. In these markets, the rising use of welded hydraulic cylinders is expected to support segment growth.
The double-acting segment is dominating the market with the largest revenue share over the forecast period.
On the basis of function, the global hydraulic cylinder market is segmented into the double-acting and single-acting. Among these, the double-acting segment is dominating the market with the largest revenue share of 68.3% over the forecast period. Double-acting hydraulic cylinders are found in large-scale engines such as naval engines, steam turbines, industrial combustion appliances, earthmoving equipment, and construction machinery.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 36.4% market share over the forecast period. The growing need for agricultural, construction, and extractive machinery in this region is propelling the market growth. Japan and China are the two largest hydraulic cylinder markets in the Asia Pacific. Furthermore, India's expanding population is predicted to boost the construction sector in the coming years, propelling the Asia Pacific hydraulic cylinder market forward.
North America, on the other hand, is expected to grow the fastest during the forecast period, owing to a greater emphasis on increasing economic growth rates through investments in infrastructure and construction, energy and power, transportation, aviation, logistics, and shipping, and the manufacturing sector. During the forecast period, the Europe market is expected to rise at a significant CAGR. The increased demand for hydraulic cylinders composed of high-quality components and raw materials is a primary driver of market revenue growth in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hydraulic Cylinder Market include KYB Corporation, Bosch Rexroth, Yates Industries Inc., Bosch Rexroth, Texas Hydraulics, Eaton, Southern Hydraulic Cylinder, Inc., SMC Corporation, Caterpillar, HYDAC, Pacoma GmbH, Wipro Enterprises, Parker-Hannifin Corporation, WEBER-HYDRAULIK GMBH, Liebherr, Jiangsu Hengli Hydraulic Co., Ltd., and among others.
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Recent Developments
In February 2023, Liebherr recently unveiled "hybrid" hydraulic cylinders — steel components covered in carbon-fiber-reinforced plastic (CFRP) — that can be up to 50% lighter than typical all-steel cylinders. If a weight-optimized product is already available, the application of CFRP can result in a weight reduction of 10-20%, according to the business. According to the company, all of its traditional hydraulic cylinders can be wrapped in CFRP after basic development and targeted design.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Hydraulic Cylinder Market based on the below-mentioned segments:
Hydraulic Cylinder Market, Product Type Analysis
- Welded
- Tie Rod
- Telescopic
- Mill Type
- Others
Hydraulic Cylinder Market, Function Analysis
- Double-acting
- Single-acting
Hydraulic Cylinder Market, Industry Verticals Analysis
- Automotive
- Marine
- Construction
- Aerospace
- Material Handling
- Agriculture
- Mining
- Oil & Gas
- Others
Hydraulic Cylinder Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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Global Hydraulic Cylinder Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Welded, Tie Rod, Telescopic, Mill Type), By Function (Double-acting and Single-acting), By Industry Verticals (Automotive, Marine, Construction, Aerospace, Material Handling, Agriculture, Mining, Oil & Gas, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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