New York, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global hydraulic cylinders market is expected to garner a revenue of $16,977.3 million by 2028 and grow with a stunning CAGR of 5.0% in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the hydraulic cylinders market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Hydraulic Cylinders Market
Drivers: Increase in demand for hydraulic cylinders from the construction sector is predicted to boost the hydraulic cylinders market in the forecast period. Along with this, rapid urbanization and industrialization are predicted to help the market grow in the forecast period.
Opportunities: Rapid technological advancements and innovations in the hydraulic cylinder manufacturing industry are anticipated to offer numerous growth opportunities for the market in the forecast period. Fast-paced urbanization and a surge in the disposable income of the general global population are expected to be the major factors behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the hidden danger of oil leakage associated with hydraulic cylinders is predicted to be a major restraint in the full-fledged growth of the hydraulic cylinders market.
Impact of Covid-19 on the Hydraulic Cylinders Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The hydraulic cylinders market has been no exception to this phenomenon. One of the most important reasons behind the decline in the growth rate of the market was the decline in demand for hydraulic cylinders from various industries such as mining, material handling, oil and gas exploration, construction, etc. Along with this, unavailability of labor, shortage of raw materials, etc. also affected hydraulic cylinder manufacturing, which further led to a decline in the growth rate of the market.
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Segments of the Hydraulic Cylinders Market
The report has divided the hydraulic cylinders market into certain segments based on type, design, application, and region.
Type: Double Acting Systems Sub-segment to be the Most Dominant
By type, the double acting systems sub-segment is predicted to have a dominant market share and register a revenue of $10,686.7 million by 2028. The ability to extend and retract within short period of time makes double acting cylinders more efficient and precise. This capability of double acting cylinders is expected to help the market grow in the forecast period.
Design: Welded Hydraulic Cylinders Sub-segment to Have the Highest Market Share
By design, the welded hydraulic cylinders sub-segment is anticipated to be the most profitable one and generate a revenue of $8,941.5 million by 2028. Welded hydraulic cylinders are more durable and can be custom-made for specific applications. This wide applicability of welded cylinders is expected to help the sub-segment register substantial growth in the forecast period.
Application: Mobile Sub-segment to be the Most Lucrative
By application, the mobile sub-segment of the hydraulic cylinders market is anticipated to have the most dominant market share and garner $10,646.1 million by 2028. The wide applicability of mobile applications of hydraulic cylinders such as agricultural machines, marine equipment, earth moving equipment, and construction vehicles is predicted to help in propelling the sub-segment forward.
Region: Market in Asia-Pacific Region to be the Most Profitable
By regional analysis, the hydraulic cylinders market in the Asia-Pacific region is expected to be the most profitable and rise with a CAGR of 5.6%. The ever-growing construction sector in various developing countries due to massive growth in population is predicted to be the primary growth driver of the market in the forecast period.
Prominent Hydraulic Cylinders Market Players
Some leading market players of the hydraulic cylinders market are
- Bosch Rexroth AG
- Caterpillar, Inc.
- Enerpac
- Wipro Infrastructure Engineering
- Aggressive Hydraulics, Inc.
- SMC Corporation
- Parker Hannifin
- Eaton
- KYB Americas Corporation
- Bailey International LLC, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire here to get access to the Key companies’ Development Strategic Report
For instance, in April 2021, Brake Supply, a heavy equipment manufacturing company, announced the acquisition of Perfection Hydraulics, an OEM and aftermarket manufacturer of hydraulic pumps and cylinders. This acquisition is expected to help Brake Supply substantially in the coming period as the company will be able to expand its foothold in the market in the near future.
Finally, the Research Dive report also summarizes many crucial aspects of the hydraulic cylinders market including SWOT analysis, latest strategic developments, the financial performance of the key players, and product portfolio.
More about Hydraulic Cylinders Market:
- Hydraulic Cylinders Market: Strategic Agreements, Company Acquisitions, and Investments to Propel the Industry Growth
- Different Types of Hydraulic Cylinders and a Brief Insight into the Design of Each Type
