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hydraulic cylinders market

Hydraulic Cylinder Market Share, Size, Trends, Industry Analysis Report, By Specification (Welded, Tie Rod, Telescopic, Mill Type); By Application (Industrial, Mobile), By Function; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 111
  • Format: PDF
  • Report ID: PM2449
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global hydraulic cylinder market was valued at USD 14.29 billion in 2021 and is expected to grow at a CAGR of 4.4% during the forecast period. A rise in demand for heavy construction and mining vehicles from mining, construction, and oil & gas industries has driven the growth of the global market.

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For instance, according to the ICRA Limited, the professional and independent investment information and credit rating agency, the mining and construction equipment industry is expected to grow by 15-20% in the calendar year 2021. Their use in mining, construction, and agricultural vehicles offered the power to lift, move and dig under any environmental conditions.

This growth of the construction sector around the globe is expected to boost demand for heavy construction vehicles equipped with hydraulic cylinders. They are primarily being used in earth-moving equipment for the purpose of producing linear motion and force.

In addition, such cylinders are seeing mobile applications such as excavators, loaders, graders, dump trucks, backhoes, and dozers. Moreover, they have a great density of power that enables them for great press, compactors, molding, injection, and forging presses. Such features associated with the industry boost growth of the global market.

During the Covid-19 pandemic, the global business ecosystem was disrupted. In addition, the companies implemented several precautionary measures to protect the safety and health of its employees and customers. The global hydraulic cylinder manufacturing facilities have employed several tactics to protect against infection.

For instance, in May 2021, Wipro Enterprises P Ltd., the hydraulic cylinder maker, stopped production at its plant in Chennai, India. Under this strategy, the company decided to declare three days, May 28, to 31, as no work days in order to break the Covid-19 spread to ensure the safety of all its stakeholders.

Industry Dynamics

Growth Drivers
The growth of the global market is mainly driven by a significant rise in demand for heavy construction and mining vehicles from a number of industries such as mining, construction, and oil & gas industries. In addition, considerable growth in construction activities across the globe due to smart city and smart infrastructure initiatives has boosted the demand for the market.

For instance, in March 2022, The European Union (EU) funded the “International Urban and Regional Cooperation (IURC)” introduced in India. More than 25 city municipalities in India and Europe will work toward sustainable carbon-neutral ecosystems through the concept of the circular economy.

Furthermore, the increasing adoption of material handling equipment such as industrial trucks, platform trucks, hand trucks, and Automated Guided Vehicles (AGVs) creates demand for the market. On the other hand, ongoing focus on the development of smart hydraulic cylinders is opportunistic for the growth of the market. Such type of cylinders incorporates a linear transducer or sensor that can be mounted either externally or internally.

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Report Segmentation

The global market is primarily segmented on the basis of function, specification, application, industry vertical, and region.

By Function

By Specification

By Application

By Industry Vertical

By Region

  • Single-acting
  • Double-acting
  • Welded
  • Tie Rod
  • Telescopic
  • Mill Type
  • Industrial
  • Mobile
  • Construction
  • Aerospace
  • Material Handling
  • Agriculture
  • Mining
  • Automotive
  • Marine
  • Oil & Gas
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Function

The double-acting segment dominated the global hydraulic cylinder market. The rising adoption of the industry in construction, aerospace, automotive, and agriculture industries has primarily driven the growth of the segment. They offer longer flexibility and resistance and are capable of transferring hydraulic fluids or output forces in both retracting and extending directions. Owing to the aforementioned features, these cylinders are seeing rapid growth in demand from mobile applications such as earth moving equipment, lifting equipment, forklifts, and heavy trucks. 

However, the single-acting segment is expected to witness considerable CAGR during the forecast period. Such cylinders are seeing rapid growth in demand as they are compact and space-efficient, reliable and easy to maintain, and offer high pressure and force potential.

Insight by Specification                                   

The welded segment is expected to contribute the largest revenue in 2021. This is primarily due to its high applicability in varied verticals such as mining, construction activities, and other handling equipment. In addition to this, an upsurge in investment across the mining industry is projected to drive the demand for welded hydraulic cylinders to carry the heavy work of mining.

However, the tie rod hydraulic cylinder segment is expected to witness considerable CAGR during the forecast period. Growth in the usage of agricultural equipment for farming to accelerate the production capacity will augment the demand for tie rod hydraulic cylinder market. For instance, tie rod cylinders are generally used in agriculture equipment such as folding, lifting, and steering.

Insight by Application

The mobile segment is expected to witness the highest CAGR during the forecast period. The demand for the hydraulic cylinder market is attributed to the ongoing growth in construction activities due to rising urbanization. In addition, the significant rise in investments related to the advanced equipment for the food & beverage industry to meet consumer demand fuels the growth of the market.

However, the industrial segment dominated the global market in 2021. The increasing demand for hydraulic cylinders in industrial applications such as manufacturing machinery, elevators, and civil engineering drives the growth of this segment.

On the other hand, The 2030 Agenda for Sustainable Development of the United Nations Industrial Development Organization (UNIDO) is aimed at achieving economic development. Such initiatives are expected to create lucrative growth opportunities for the segment.

Geographic Overview

North America is the largest revenue contributor in the global market due to an upsurge in investment across the construction industry. For instance, in November 2021, the U.S. Government approved the Infrastructure Investment and Jobs Act, a USD 1.2 trillion infrastructure bill.

This bill is expected to generate considerable demand for construction services, materials, and equipment. In addition, the government of the U.S. and Canada is more inclined toward strengthening the aerospace and defense sector. This factor is expected to boost demand for hydraulic cylinders in North America.

Moreover, Asia Pacific is anticipated to witness the highest growth in the global market due to the fact that this region has become a hub for foreign players to outsource the manufacturing of concerned products. In addition, the infrastructure development trend in developing countries has boosted the demand for such products in the region.

Competitive Insights

Some of the major players operating the market include Bosch Rexroth, Burnside Autocyl, Caterpillar, Eaton, Enerpac Tool Group, Hydac, Jiangsu Hengli Hydraulic, KYB Corporation, Pacoma GmbH, Parker-Hannifin Corporation, SMC Corporation, Standex International, Texas Hydraulics Inc., Weber-Hydraulik Gmbh, and Wipro Enterprises.

Hydraulic Cylinder Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 14.29 Billion

Revenue forecast in 2030

USD 20.82 Billion

CAGR

4.4% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Function, By Specification, By Application, By Industry Vertical, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Bosch Rexroth, Burnside Autocyl, Caterpillar, Eaton, Enerpac Tool Group, Hydac, Jiangsu Hengli Hydraulic, KYB Corporation, Pacoma GmbH, Parker-Hannifin Corporation, SMC Corporation, Standex International, Texas Hydraulics Inc., Weber-Hydraulik Gmbh, and Wipro Enterprises

Key Take-Away
Polaris Market Research
Hydraulic Cylinder Market Size Global Report, 2022 - 2030