The global hydraulic cylinder market size is expected to reach USD 20.82 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growth of the global market is mainly driven by a number of factors such as a rise in demand for heavy construction and mining vehicles from various industries; demand for mobile applications such as excavators, loaders, graders, dump trucks, backhoes, and dozers; and considerable growth on construction activities across the globe due to smart city and smart infrastructure initiatives. In addition, the ongoing trend of infrastructure development among the developed and developing countries is projected to boost the growth of the global market. On the other hand, the emergence of smart cylinders is expected to create lucrative growth opportunities for the industry.
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The agriculture segment is projected to witness the highest growth rate over the study period. This is mainly attributed to the growing usage of automated machines for the execution of complex tasks. These machines include tractors, skid steers, loaders, spraying equipment, and baler, along with the heavy machines used for planting, weeding, and harvesting. In addition, the emergence of innovative agriculture machines equipped with smart cylinder systems is expected to create lucrative growth opportunities for the segment.
For instance, in February 2021, TAFE – Tractors and Farm Equipment Limited, one of the leading tractor manufacturers worldwide, launched its new DYNATRACK Series, an advanced range of tractors that offer a dynamic performance unmatched utility and versatility, and sophisticated technology.
This tractor is equipped with DYNATRACK’s DynaLIFT system to offer superior productivity, lift capacity, and speed. On the other hand, Asia-Pacific is anticipated to witness the highest growth in the global market due to the infrastructure development trend in developing countries such as China and India.
Market participants such as 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 are some of the key players operating in the hydraulic cylinder industry.
Polaris Market Research has segmented the hydraulic cylinder market report on the basis of function, specification, application, industry vertical, and region:
Hydraulic Cylinder, Function Outlook (Revenue – USD Billion, 2018 – 2030)
Hydraulic Cylinder, Specification Outlook (Revenue – USD Billion, 2018 – 2030)
- Tie Rod
- Mill Type
Hydraulic Cylinder, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Hydraulic Cylinder, Industry Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Material Handling
- Oil & Gas
Hydraulic cylinder, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa