The global hydraulic cylinder market size is expected to grow from USD 13.4 billion in 2020 to USD 16.76 billion by 2027 at a CAGR of 3.2 %. The market growth is fueled by significant demand from the construction industry and growing use in mining equipment. Moreover, the increasing demand for material handling equipment is also driving the demand for hydraulic cylinders.
The challenging and huge projects of infrastructure development in the construction industry are becoming intricate. Though the outbreak of COVID-19 pandemic has badly affected the construction industry, the industry is expected to grow significantly post COVID-19 pandemic, driven by the increasing infrastructure spending in APAC and rebounding European infrastructure investment. New infrastructure development plans and projects are likely to drive the demand for various construction equipments (equipped with hydraulic cylinders) such as backhoes, excavators, trenchers, road construction planers, and dumpers. This is turn is expected to drive the market fir hydraulic cylinders.
Hydraulic cylinders operate on hydraulic fluids, mainly oil. Various factors such as inappropriate fittings and connections and environmental parameters including vibrations, shocks, and temperature variations lead to oil leakage in hydraulic cylinders. In industries such as mining and construction, which require extensive earthworks and deploying large fixed and mobile plant in an environmentally sensitive location, the problem of leakage persists largely. This leakage is not only expensive but also hazardous to the environment and personnel. Additionally, in the aerospace industry, the unexpected leakage causes delay resulting in prohibitive expenses, especially when these events occur on sites.
In the shipping industry, the dockyards usually contain numerous shipping containers of varied sizes and weights, which are stacked hundreds of feet high. To ship these heavy containers, lifting equipment are used. Shipping is the most important mode of transport across the world, which facilitates international trade. The majority of items are transported by ships across the world, from electronics, automobiles, textiles, raw metals, to oil & gas. The facilitating institutional and technological factors such as the adoption of industrial IoT and support from governments are propelling the growth of the shipping industry. The growing shipping industry fuels the need for lifting equipment at ports. Thus, the increase in the need for lifting machines is likely to increase the demand for hydraulic cylinders that are deployed in this equipment.
Eminent players across the hydraulic cylinder industry comprises Prince Manufacturing Corporation, Aggressive Inc, Eaton Corporation PLC, Bosch Rexroth AG, Best Metal Products, Wipro Infrastructure Engineering, Caterpillar Inc., Enerpac Corp., Hyco International, Inc, Hydrosila, Pacoma GmbH, Parker-Hannifin Corporation, Weber-Hydraulik Group, Texas Inc, NorrhydroOy, amongst others.
The hydraulic cylinder industry in APAC is expected to grow at the highest CAGR during the forecast period. Japan is expected to continue to account for the largest hydraulic cylinder market share in APAC during the forecast period, followed by Australia and China. The growth of the market in APAC can be attributed to rapid industrialization and infrastructure development. Hydraulic cylinders are major components in both construction equipment and agricultural equipment. Since both equipments has high demand in APAC, the market for hydraulic cylinders is expected to grow at a substantial rate in the next few years.
Report : Hydraulic Cylinder Market - By Function (Single-acting Hydraulic Cylinders, Double-acting Hydraulic Cylinders) By Specification (Tie-rod Cylinders, Welded Cylinders, Telescopic Cylinders, Mill-type Cylinders) By Industry (Construction, Aerospace & Defence, Material Handling, Agriculture, Mining, Automotive, Marine, Oil & Gas, Others) By Region (North America, Europe, Asia Pacific, Middle East & Africa, Rest of the World) - Industry Analysis, Opportunity and Forecast 2020 To 2027