Global Hydraulic Cylinder Market Growing Steadily Despite the Pandemic. Projected to Reach USD 22.7 Billion by 2027 from USD 12.6 billion in 2020, at a CAGR OF 4.3%
Published | 24 May 2021
A recent study conducted by the strategic consulting and
market research firm, BlueWeave Consulting, revealed that the global
hydraulic cylinder market was worth USD 12.6 billion in the year 2020. The market is
estimated to grow at a CAGR of 4.3%, earning revenue of around USD 22.7 billion by the end of 2027. The global
hydraulic cylinder market is flourishing at a substantial rate owing to various
factors such as ongoing research and development activities as well as
technical advances in hydraulic cylinders and a rise in construction and mining
activities. Less energy consumption, resilience to harsh environments,
flexibility, safety, and reliability are some additional factors
that will drive up demand for hydraulic cylinders in the industry.
Expanding
Demand for Advanced Agricultural Equipment Propelling the Market Growth
Hydraulic cylinders are revolutionizing the agriculture
industry in profound ways. From crop planting to harvesting and cattle
breeding, hydraulic systems are nowadays used in several agricultural
operations. Double-acting hydraulic cylinders are commonly used in agriculture
industries due to their retraction capacities. Since there are various implications of hydraulic cylinders in the
agriculture industry, therefore, different kinds of equipment like harvesters,
tractors, sprayers, loaders, etc., are available in the market, which in turn,
is driving the growth of the hydraulic cylinder market worldwide.
Infrastructural
Development Boosting the Market Demand
Hydraulic cylinders are also shaping the infrastructure
sector worldwide. Governments of different countries are financing and
supporting the construction of commercial and residential buildings for
developing their country’s infrastructure. As construction activities increase,
so does the demand for hydraulic cylinders, especially in developing economies
such as China, India, and Thailand. This, combined with technological
advancements in the construction and infrastructure sectors, is expected to
propel the global Hydraulic Cylinders Market forward in the coming years.
Mobile Equipment
Segment Estimated to Witness High Demand During the Forecast Period
In terms of application, the global hydraulic cylinder
market is categorized into mobile and industrial segments. Between these two,
the mobile equipment segment is growing at a high CAGR
over the past few years and is estimated to expand its market share during the
forecast period. The mobile application is further subdivided into heavy
equipment, marine, aviation, and other categories.
The mobile application segment, which includes
agricultural devices, construction vehicles, and marine equipment, has the
largest market share since they are increasingly used for operating excavators,
dump trucks, balers, man-lifts, loaders, balers, telehandlers, and much more. Moreover,
the rapid industrialization of many countries contributes to the market's
increased demand for mobile hydraulic cylinders, which in turn is driving the
growth of the hydraulic cylinder market.
Global Hydraulic Cylinder Market - Regional Insights
Geographically, the global hydraulic cylinder market is
segmented into North America, Europe, Asia-Pacific (APAC), Latin America
(LATAM), and Middle-East & Africa (MEA). Among these regions, North America
holds the largest market share in the global hydraulic cylinder market due to
the large number of construction activities going on in this region. However,
the Asia-Pacific region is also catching up as a potential market as it has
registered high demand for hydraulic cylinders over the past few years. The
push for infrastructural development by the governments of APAC countries is
playing a crucial factor behind the growth of the hydraulic cylinder market in
the region.
Impact of COVID-19 on the Global Hydraulic Cylinder Market
The overall hydraulic cylinder demand has been slowed as
a result of the COVID-19 outbreak. As
a result of the lockdown, operations in various end-user sectors such as manufacturing,
mining, oil and gas, and others were disrupted, resulting in a dramatic drop in
demand for hydraulic cylinders. Furthermore, supply chains were completely
disrupted as the government temporarily halted all imports and exports,
especially from the most severely affected countries. As a result, the global
hydraulic cylinder market had to witness a significant demand and supply
gap in the industry, as raw materials for the manufacture of these cylinders
could not be transported.
Global Hydraulic Cylinder Market Competitive Landscape
The leading market players in the global hydraulic
cylinder market are Bucher Hydraulics GmbH,
Precision Hydraulics Cylinders, Eaton, Enerpac, Parker HANNIFIN CORP,
SMC Corporation, Wipro Infrastructure Engineering, Bosch Rexroth AG, WEBER-HYDRAULICS GMBH, KYB Americas Corporation,
YUASA CO., LTD, Texas Hydraulics, Kappa Engineering, Pacoma GmbH, and other
prominent players. The market players are constantly engaging in partnerships
and mergers for expanding the application and functionality of their products.
They are also investing to extend their business operations to various regions
all around the world to gain a competitive advantage.
Don’t miss the business opportunity of the global
hydraulic cylinder market. Consult our analysts to gain crucial insights and
facilitate your business growth.
The in-depth analysis of the report provides information
about growth potential, upcoming trends, and statistics of the global hydraulic
cylinder market. It also highlights the factors driving forecasts of total
market size. The report promises to provide recent technology trends of the
global hydraulic cylinder market and industry insights to help decision-makers
make sound strategic decisions. Furthermore, the report also analyses the
growth drivers, challenges, and competitive dynamics of the market.
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