Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global hydraulic cylinder market size valued at USD 10.94 Billion in 2018 and is projected to reach USD 14.66 Billion by 2026, growing at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period. Growing technological advancements in the hydraulics industry is the primary factor responsible for positively affecting the hydraulic cylinder's market growth. Fortune Business Insights published this information in a new report, titled "Hydraulic Cylinders Market Size, Share and Industry Analysis and Regional Forecast, 2019-2026".
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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LIST OF KEY COMPANIES PROFILED:
- 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
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
COVID-19 Impacts:
Amid the COVID-19 pandemic, many of the chief manufacturers observed a negligible deterioration in their annual revenue production and have successively perceived drop in their profit margins. The declines are principally due to incompetence to continue updated supply of their products across their operative territories following the global breakdown of supply chains.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/hydraulic-cylinders-market-101356
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.
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.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019-2026 CAGR | 4.3% |
| 2026 Value Projection | USD 14.66 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 10.94 Billion |
| Historical Data | 2015-2017 |
| No. of Pages | 160 |
| Segments covered | Function, Product Type, Application, End-Use Industry, Region |
| Growth Drivers | Rapid industrialization with increasing construction and the infrastructural sector is expected to be the fastest-growing end-use industry in Market |
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.
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Countries Such as India, China, and the U.S. Significantly Contribute to the Market Growth
Governments are increasingly granting funds to the 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' slowdown in housing construction. Currently, countries such as China, India, and the U.S. contribute towards the hydraulic cylinders market revenue. The rising population in India is expected to drive the construction industry, which as a result, enabling growth in the market in APAC.
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.
Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global Hydraulic Cylinders Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Function (Value and Volume)
- Single Acting Hydraulic Cylinders
- Double Acting Hydraulic Cylinders
- By Product Type (Value)
- Welded Cylinder
- Tie Rod Cylinder
- Others (Telescopic, Threaded Cylinders, etc.)
- By Application (Value)
- Industrial Equipment
- Mobile Equipment
- By End-Use Industry (Value)
- Construction
- Agriculture
- Aerospace & Defence
- Forestry
- Marine
- Others (Mining, Oil and Gas)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Function (Value and Volume)
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