The Global Hydraulic Cylinder Market size was $12996.37376 million in 2019, $14015.18549 in 2021, and is anticipated to grow to a value of more than $22300 million by 2030, with an increasing CAGR (compound annual growth rate) of over 4% from 2022 to 2030.
Hydraulic cylinder market– Overview
A hydraulic cylinder is also known as a mechanical actuator which is generally used to give a unidirectional force through a unidirectional stroke. Hydraulic cylinders have many applications, such as in construction equipment, manufacturing machinery, elevators, and also civil engineering.
Hydraulic cylinder is present everywhere and we can see them daily in our lives as they are present in trucks, tractors, excavators, aerial platforms, mining equipment, etc. also, it is one of the four parts of the hydraulic system.
The hydraulic cylinder is basically the actuator or motor side of the system. The cylinders get their power from the pressurized hydraulic fluids that is mainly oil. Also, these cylinders consist of a cylinder barrel that has a piston connected to a piston rod which moves back and forth.
Key market trends- Growth determinants and Challenges
The hydraulic cylinder market growth is being fuelled by factors, such as the growing demand for heavy construction and also in mining vehicles from construction, mining, oil and gas industries. The rise in adoption of material handling equipment acts as a major booster for the market.
Additionally, the significant demand from the construction industry has played a major role to drive the market growth. As the construction products have become more complex and large, there has been a rise in demand for the equipment needed.
In the construction industry, hydraulic cylinders play a significant role and are also used in equipment, such as grinders, dozers, concrete cutting saws, etc. which has attributed in increasing its demand overall.
Also, cylinders have many opportunities in the coming future. As shipping is the most important mode of transport it has facilitated international trade. Hydraulic cylinders can be used in the making of lifting equipment in the shipping industry. There has been an increased demand of lifting equipment though it is still in its nascent stage but it is expected to grow during the forecast period.
On the flipside, the cost barriers and small and medium-sized enterprises have entered the hydraulic cylinder market which acts as a restrain for the market. Hydraulic cylinders are to be maintained regularly in order to avoid oil leakages and other malfunctions. This has acted as a restrain to the market growth.
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Segmental analysis of the market
Based on function
- Single- acting
- Double- acting
Double-acting segment is expected to have the highest share in the market. This is because of the retraction property of the cylinders which are used in aerospace, automotive, agriculture, and other industries.
Based on specification
- Welded
- Tie rod
- Telescopic
- Mill type
Welded hydraulic cylinders have the largest revenue share in the market. This is because of the dominance in mobile hydraulic applications, such as construction equipment, mining equipment, etc. also, they are more durable than other segments.
Based on Application
- Mobile
- Industrial
The mobile segment has the largest share in the hydraulic cylinder market. This is because of the mobile equipment which are used in the market, such as excavators, loaders, cranes, and requires hydraulic cylinders to operate.
Based on bore size
- <50 MM
- 50–150 MM
- >150 MM
The cylinders that have a bore size ranging from 50 to 150 mm has the largest share in the market. The hydraulic cylinders with this bore size find applications in many types of construction, earthmoving, material handling, and also agricultural equipment.
Asia Pacific is expected to amplify at a considerable CAGR
North America, Europe, Asia Pacific, Middle East and Africa are the major regions constituting the geographical landscape of worldwide Hydraulic Cylinder Market. Among these, Asia Pacific region has dominated the market growth during the forecast year. The increase in demand for food from the growing population in APAC region and the increasing industrialization in emerging countries have boosted the growth of the agriculture and construction industries in the region.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere are Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), Jiangsu Hengli Hydraulic Co., Ltd. (China).
Major developments
In June 2021, SMC Corporation launched an updated Compact Guide Cylinder product line known as the MGPK Series that was designed to be compact and feature a 28% reduction in volume and 41% reduction in weight compared with the previous models.
In June 2021, Jiangsu Hengli announced the successful completion of its 500T Heave Compensator Project that comprised of 1 main hydraulic cylinder, 3 accumulators, and 2 nitrogen pressure vessels. This has allowed minimum weight and ensured reliable strength which provides better operations and performance even under harsh ocean conditions.
Major questions answered in this report
- What is the growth rate of hydraulic cylinder market?
- What are the primary growth determinants of the hydraulic cylinder market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- Corporate learning market is projected to register at a CAGR of 4% over the forecast period of 2022-2030.
- Increasing demand for mining and construction vehicles are aiding market progression.
- Mobile segment is poised to expand significantly in the market.
- Asia Pacific is anticipated to record notable gains because of the rise in agricultural and construction industries.
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