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 | 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.
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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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