Global hydraulic cylinder market in terms of revenue was estimated to be worth USD 14.3 billion in 2021 and is poised to reach USD 18.3 billion by 2027, growing at a CAGR of 4.4% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
The market growth can be attributed majorly to the increasing demand for heavy construction and mining vehicles from construction, mining, and oil & gas industries. Increasing adoption of material handling equipment across industries worldwide is a major booster for the growth of the market. The hydraulic cylinder market has been segmented by function, specification, bore size, application, industry, and geography. pressure sensor
The major factors driving the market include the increasing potential of the construction industry, which induces increased adoption of automated heavy construction vehicles equipped with hydraulic cylinders for various operations. The increasing adoption of material handling equipment across industries such as agriculture, construction, and mining has also increased the demand for hydraulic cylinders worldwide. Government initiatives to revive infrastructural projects across countries have helped the demand for hydraulic cylinders to grow, owing to their increased adoption in construction and material handling industries. Increasing farm mechanization across regions, especially in APAC, and globally increasing mining exploration activities have also promoted the growth of the hydraulic cylinder market.
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With the onset of the COVID-19 pandemic, the world witnessed a health and economic crisis, forcing many businesses to shut down their manufacturing plants and halt most of the operations during the initial 1 to 2 months. During this crisis, the main objective of the companies was to sustain their business by finding safer ways to continue manufacturing operations or find other sustainable ways to get the revenue stream flowing. During this period, the industrial equipment and mobile equipment segments experienced a decline in demand owing to disruptions in the global supply chain. However, post the pandemic, there has been a significant revival in the demand for hydraulic cylinders worldwide. Owing to the surge in demand, industrial equipment and mobile equipment segments have made a strong comeback and are almost back to pre-COVID-19 levels. As a result, the hydraulic cylinder industry can be seen growing steadily.
Construction projects are becoming larger and more complex. Though the COVID-19 pandemic had affected the construction industry, post the pandemic, there has been a significant revival in the industry which is driven by the increasing infrastructure spending in APAC and rebounding European infrastructure investments. Rising urbanization in emerging markets such as China, India, Indonesia, Nigeria, and other countries is accelerating infrastructure investments. Many new infrastructure development plans and projects are in the pipeline, mostly in developing countries such as India and China, which are likely to drive the demand for construction equipment. In the construction industry, hydraulic cylinders are used in equipment such as backhoes, excavators, trenchers, road construction planers, grinders, concrete or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. These cylinders offer resistance against corrosion, abrasion, extreme temperatures, and weather changes and can be used continuously for extended periods. These advantages have increased their demand in the construction industry.
The manufacturing of a hydraulic cylinder requires metal forging and precise engineering to create a high-quality hydraulic cylinder. Hydraulic cylinders consist of several components, which include pistons, cylinder barrels, piston rods, cylinder bases, cylinder heads, and cylinder seals, to be fitted together. There are cost barriers for small and medium-sized enterprises (SMEs) to enter the hydraulic cylinder market. Besides the initial manufacturing cost of hydraulic cylinders, they also incur maintenance costs over time. Hydraulic cylinders need to be maintained regularly to avoid oil leakages and other malfunctions. The quality and finish of the cylinder rod need to be examined regularly. If the rod is bent, it can cause a load shift. Additionally, incorrect rod strength or diameter can also cause failure. The cylinder tube needs to be examined regularly, as the cylinder walls might undergo wear and tear, decreasing its thickness. This condition is known as a balloon tube. These factors lead to increased maintenance costs, thus posing a restraint in the adoption of hydraulic cylinders.
Dockyards usually have numerous shipping containers of varied sizes and weights, which are stacked hundreds of feet high. There are numerous containers worldwide with standard sizes of 20, 40, 45, 48, and 53 feet and weigh around 30 to 42 tons. To ship these heavy containers, lifting equipment are used. Shipping is the most important mode of transport worldwide that facilitates international trade. The majority of items, from electronics, automobiles, textiles, and raw metals to oil & gas, are transported by ships. 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, which fuels the need for lifting equipment at ports. Though the adoption of lifting equipment is still at a nascent stage, it is expected to rise significantly in the coming years and, therefore, is expected to be a potent source of demand for hydraulic cylinders.
Hydraulic cylinders are operated by fluid, mostly oil. The leakage of these fluids causes environmental contamination. Thus, end users looking to maintain a clean and healthy environment prefer cleaner alternatives against hydraulic cylinders. One such option is the use of pneumatic cylinders, which use the pressure of compressed gas to produce a force in a reciprocating linear motion. Since pneumatic cylinders use a gas, even if there is any leakage, it does not contaminate the surrounding. Pneumatic cylinders are used in agricultural and material handling applications, which require the personnel to be in close proximity to these cylinders. Thus, the availability of cleaner substitutes acts as a challenge for the growth of the hydraulic cylinder market.
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 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.
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.
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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.
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.
The hydraulic cylinder market in APAC held the largest share and is expected to grow at the highest CAGR from 2022 to 2027. The growing demand for agricultural, construction, and mining equipment in this region is supporting the growth of the market. The growing demand for food from the growing population in this region and the increasing industrialization in emerging countries are fueling the growth of the agriculture and construction industries in the region. Japan and Australia are the major markets for hydraulic cylinders in APAC. Japan is home to major automotive manufacturers and suppliers who are challenged by rising labor costs and higher lead time associated with manual processes. To overcome these challenges, companies are adopting automated and semi-automated material handling equipment. Australia is rich in minerals, and the mining of these minerals is fueling the demand for mining equipment.
This research report categorizes the global Hydraulic Cylinder Market based on Function, Specification, Application, Bore size, Industry, and Region.
What is the total CAGR expected to be recorded for the global Hydraulic Cylinder Market during 2022-2027?
The global Hydraulic Cylinder Market is expected to record the CAGR of 4.4% from 2022–2027.
Does this report include the impact of COVID-19 on the global Hydraulic Cylinder Market?
Yes, the report includes the impact of COVID-19 on the global Hydraulic Cylinder Market. It illustrates the post- COVID-19 market scenario.
What are the driving factors for the global Hydraulic Cylinder Market?
The major factors driving the market include the increasing potential of the construction industry, which induces increased adoption of automated heavy construction vehicles equipped with hydraulic cylinders for various operations. The increasing adoption of material handling equipment across industries such as agriculture, construction, and mining has also increased the demand for hydraulic cylinders worldwide.
Which are the significant players operating in the global Hydraulic Cylinder Market?
Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), and The Jiangsu Hengli Hydraulic Co., Ltd. (China) are a few major players in global Hydraulic Cylinder Market.
Which country will lead the global Hydraulic Cylinder Market in the future?
India is expected to grow at the highest growth rate, yet the US is expected to keep leading the global Hydraulic Cylinder Market during the forecast period. .
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1 INTRODUCTION (Page No. - 24) 1.1 STUDY OBJECTIVES 1.2 MARKET DEFINITION 1.3 INCLUSIONS & EXCLUSIONS TABLE 1 HYDRAULIC CYLINDER MARKET: INCLUSIONS & EXCLUSIONS 1.4 STUDY SCOPE 1.4.1 SEGMENTS COVERED FIGURE 1 MARKET SEGMENTATION FIGURE 2 MARKET, BY REGION 1.4.2 YEARS CONSIDERED 1.5 CURRENCY 1.6 LIMITATIONS 1.7 STAKEHOLDERS 1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 29) 2.1 RESEARCH DATA FIGURE 3 HYDRAULIC CYLINDER MARKET: RESEARCH DESIGN 2.1.1 SECONDARY AND PRIMARY RESEARCH 2.1.2 SECONDARY DATA 2.1.2.1 List of major secondary sources 2.1.2.2 Key data from secondary sources 2.1.3 PRIMARY DATA 2.1.3.1 Primary interviews with experts 2.1.3.2 Key data from primary sources 2.1.3.3 Key industry insights 2.1.3.4 Breakdown of primaries 2.2 MARKET SIZE ESTIMATION FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY (SUPPLY SIDE): REVENUE OF COMPANIES FROM HYDRAULIC CYLINDERS 2.2.1 BOTTOM-UP APPROACH 2.2.1.1 Arriving at market size by bottom-up approach (demand side) FIGURE 5 BOTTOM-UP APPROACH TO ARRIVE AT MARKET SIZE 2.2.2 TOP-DOWN APPROACH 2.2.2.1 Arriving at market size by top-down approach (supply side) FIGURE 6 TOP-DOWN APPROACH TO ARRIVE AT MARKET SIZE 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION FIGURE 7 DATA TRIANGULATION 2.4 RESEARCH ASSUMPTIONS FIGURE 8 ASSUMPTIONS FOR RESEARCH STUDY 2.5 RISK ASSESSMENT TABLE 2 LIMITATIONS AND ASSOCIATED RISKS
3 EXECUTIVE SUMMARY (Page No. - 41) FIGURE 9 ANALYSIS OF IMPACT OF COVID-19 ON HYDRAULIC CYLINDER MARKET 3.1 REALISTIC SCENARIO 3.2 PESSIMISTIC SCENARIO 3.3 OPTIMISTIC SCENARIO FIGURE 10 DOUBLE-ACTING HYDRAULIC CYLINDERS TO ACCOUNT FOR LARGER SHARE OF HYDRAULIC CYLINDER MARKET DURING FORECAST PERIOD FIGURE 11 WELDED HYDRAULIC CYLINDERS TO ACCOUNT FOR LARGEST SHARE OF HYDRAULIC CYLINDER MARKET DURING FORECAST PERIOD FIGURE 12 MOBILE EQUIPMENT TO HOLD LARGER SHARE OF MARKET DURING FORECAST PERIOD FIGURE 13 HYDRAULIC CYLINDERS WITH BORE SIZE OF 50–150 MM TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD FIGURE 14 AGRICULTURE INDUSTRY TO REGISTER HIGHEST CAGR IN MARKET DURING FORECAST PERIOD FIGURE 15 HYDRAULIC CYLINDER MARKET IN APAC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 48) 4.1 HYDRAULIC CYLINDER MARKET, 2022–2027 (USD MILLION) FIGURE 16 GROWTH OF CONSTRUCTION INDUSTRY TO BOOST MARKET 4.2 MARKET, BY SPECIFICATION FIGURE 17 WELDED HYDRAULIC CYLINDERS TO ACCOUNT FOR LARGEST SIZE OF MARKET DURING FORECAST PERIOD 4.3 MARKET, BY FUNCTION FIGURE 18 DOUBLE-ACTING HYDRAULIC CYLINDERS TO HOLD LARGER SIZE OF MARKET DURING FORECAST PERIOD 4.4 MARKET, BY APPLICATION FIGURE 19 MOBILE EQUIPMENT TO HOLD LARGER SIZE OF MARKET DURING FORECAST PERIOD 4.5 MARKET, BY BORE SIZE FIGURE 20 CYLINDERS WITH BORE SIZE OF 50–150 MM TO HOLD LARGEST SIZE OF MARKET DURING FORECAST PERIOD 4.6 MARKET, BY INDUSTRY FIGURE 21 CONSTRUCTION INDUSTRY TO HOLD LARGEST SHARE OF MARKET DURING FORECAST PERIOD 4.7 MARKET, BY GEOGRAPHY FIGURE 22 APAC TO HOLD LARGEST SHARE OF HYDRAULIC CYLINDER MARKET DURING FORECAST PERIOD