DUBLIN--(BUSINESS WIRE)--The "Worldwide Hydraulic Cylinder Industry" report has been added to ResearchAndMarkets.com's offering.
The global hydraulic cylinder market was valued at USD 14.3 billion in 2021 and is projected to reach USD 18.3 billion by 2027; it is expected to register a CAGR of 4.4% from 2022 to 2027.
Double-acting hydraulic cylinders to account for larger share of hydraulic cylinder market during forecast period
The double-acting segment is expected to hold a larger share of the hydraulic cylinder market during the forecast period from 2022 to 2027. Owing to the retraction property of these cylinders, they are used in aerospace, automotive, agriculture, and several other industries. These cylinders have a higher demand in mobile applications such as lifting equipment, earth moving equipment, forklifts, and heavy trucks. Double-acting hydraulic cylinders are suitable in presses and chippers for opening and closing drawers and all types of raising and lowering devices such as excavators and cranes.
Welded hydraulic cylinders to account for largest share of hydraulic cylinder market during forecast period
Welded hydraulic cylinders held the largest share of the hydraulic cylinder market in 2021. The large market size of welded hydraulic cylinders can be attributed to their dominance in mobile hydraulic applications such as construction equipment, material handling equipment, mining equipment, and forklifts. These are mainly preferred where space is a constraint due to their short length and compact design, enabling them to fit better into the tight confines of machinery. They are more durable than tie-rod cylinders and do not suffer from failures due to tie rod stretch at high pressures and long strokes.
Agriculture industry to register highest cagr in hydraulic cylinder market during forecast period
The market for the agriculture industry is expected to grow at the highest CAGR during the forecast period. The agriculture industry is growing with the increasing use of machines for performing complex tasks - from planting vegetables to plowing fields. From pecan tree shakers to sugar cane harvesters and automated bale trailers to sprayer booms, hydraulic cylinders are deployed in almost all the agriculture equipment for lifting and movement control. The globally increasing population and the deteriorating environmental conditions have put pressure on the agriculture industry to meet the food demand. This has increased investments in machines for precision agriculture, which is expected to drive the demand for hydraulic cylinders.
Mobile equipment to hold larger share of hydraulic cylinder market during forecast period
The mobile equipment segment held a larger share of the hydraulic cylinder market in 2021. Mobile equipment, such as excavators, loaders, and cranes, require hydraulic cylinders to operate. The applications of hydraulic cylinders in the mobile equipment industry include earthmoving, material handling, mining, and defense. An increase in industrialization and construction activities will further increase the demand for hydraulic cylinders in mobile applications.
Hydraulic cylinders with bore size of 50-150 mm to hold largest market share during forecast period
Hydraulic cylinders with a bore size ranging from 50 to 150 mm held the largest share of the hydraulic cylinder market in 2021. These hydraulic cylinders find applications in many types of construction, earthmoving, material handling, and agricultural equipment. Increasing construction activities, rapidly developing storage and material handling infrastructure, and the modernization of agriculture equipment have fueled the demand for hydraulic cylinders with a bore size ranging from 50 to 150 mm.
Market Dynamics
Drivers
- Significant Demand from Construction Industry
- Increasing Demand for Material Handling Equipment
- Growing Use in Mining Equipment
- Rising Demand for Agricultural Equipment
Restraints
- Increased Concerns Regarding Oil Leaks
- High Manufacturing and Maintenance Costs
Opportunities
- Increasing Demand for Lifting Equipment in Shipping Industry
- Growing Focus on Developing Smart Hydraulic Cylinders
- Continuous R&D and Technological Advancements in Hydraulic Cylinders
Challenges
- Availability of Substitutes
Companies Mentioned
- Aggressive Hydraulics, Inc.
- Bailey International, LLC
- Bosch Rexroth
- Burnside Autocyl
- Caterpillar
- Eaton
- Enerpac Tool Group
- Holmatro
- Hydac
- Jarp Industries
- Jiangsu Hengli Hydraulic
- Kappa Engineering
- Kyb Corporation
- Lehigh Fluid Power, Inc.
- Ligon Hydraulic Cylinder Group
- Marrel
- Pacoma GmbH
- Parker-Hannifin Corporation
- Prince Manufacturing
- Smc Corporation
- Standex International
- Texas Hydraulics Inc.
- Weber-Hydraulik GmbH
- Wipro Enterprises
- Yuasa Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/bxdfog
