A lead analyst at AMR highlighted that the market across the LAMEA region is expected to register the fastest CAGR during the forecast period.
Allied Market Research published a research report on the hydraulic cylinder market. The findings of the report state that the global market for hydraulic cylinders generated $14.07 billion in 2020, and is estimated to reach $21.24 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
The report provides detailed insights on the drivers, restraints, and opportunities to help the market players devise growth strategies. Factors such as developments in the construction sector, a rise in industrialization, and growing investment in infrastructural activities boost the growth of the global hydraulic cylinder market. Nonetheless, the high cost of hydraulic cylinders impedes the market growth. Moreover, an extensive range of applications and an increase in the adoption of material handling equipment would create new opportunities in the industry.
The report offers an explicit scene of the impact of the Covid-19 pandemic on the market globally. The pandemic led manufacturers in the hydraulic cylinder market to stop their businesses across the globe, which severely affected the revenue growth of the industry. The market was also impacted negatively due to a lack of raw materials and manpower and disruption of the supply chain in the sector. However, the market is recovering and gaining back its normal phase post the pandemic.
“The global hydraulic cylinders market is projected to witness significant growth in the coming years, owing to an increase in adoption of material handling equipment in countries, such as China, Brazil, India, and other South Asian countries. Nations such as the U.S., Germany, and Japan, have started using hydraulic cylinders owing to a surge in industrialization. Furthermore, the double-acting hydraulic cylinders segment is expected to experience rapid growth in the emerging economies, owing to the rise in the construction equipment industries and the agriculture sector.” said Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research.
The report offers detailed segmentation of the global hydraulic cylinder market based on function, design, and bore size. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
By function, the double-acting segment grabbed the largest share of more than three-fifths of the global market in 2020. On the other hand, the single-acting segment is expected to manifest the highest CAGR of 6.5% from 2021 to 2030.
By bore size, the 51mm to 100mm segment was the largest in 2020, contributing to nearly one-third of the global hydraulic cylinder market. The same segment is expected to register the highest CAGR of 6.5% throughout the forecast period.
The market across Asia-Pacific held the largest share in 2020, accounting for nearly two-fifths of the global market. However, the market across the LAMEA region is expected to register the highest CAGR of 5.0% during the forecast period.
The leading market players analyzed in the global hydraulic cylinders market report include Actuant Corporation, Bosch Rexroth AG, Caterpillar Inc., Eaton Corporation Plc, Jarp Industries, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Parker Hannifin Corporation, Texas Hydraulics, and Wipro Enterprises Limited.