Hydraulic Cylinder Market Projected Expansion at 5.20% CAGR by 2032
Apr 20, 2024
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Hydraulic Cylinder Market Overview:
The Hydraulic Cylinder Market industry is projected to grow from USD 15.5 Billion in 2023 to USD 23.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period 2024 - 2032.The use of hydraulic cylinders in areas such as material handling, construction and infrastructure, marine and earth moving is expected to be one of the main factors driving the demand for this product.
Hydraulic cylinders with diameter more than 151 mm are widely used in automobile industry. machines, including transport equipment, robotized loaders, and diggers especially when used during mining operations. In addition, strong investments & infrastructure activities across India and China among others will drive market growth.
In future years, higher demand for manufacturing will come from small cranes and luxury tourism development resulting in hikes for; low lifters or carriers forks; tractors or field machinery. This has led to an increased need for pressure vessels due to the growing emphasis on quality agriculture equipment primarily driven by population increase. Thus, another stage of economic growth-related infrastructure improvement should make a positive contribution towards doing business better.
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Hydraulic Cylinder Market Segmentation
Function-based segmenting of hydraulic cylinder market involves single-acting and double-acting categories). The two-way group was larger and controlled over 58% (8.5 billion) of the market total.
The hydraulic cylinder market segmentation is performed on specifications basis in terms of welded, tie rod, telescopic and milled types. Welded segment dominated the industry achieving 58% market coverage.
By application, the hydraulic cylinders market is segmented into industrial and mobile equipment. Mobile category led this industry representing 60% revenue share in it.
Segmentation of hydraulic cylinders by bore size includes 150 mm. For instance, the50-150 mm segment was dominant with around 60 percent of global sales in terms of values. Market Segmentation by Industries include Construction aerospace material handling agriculture mining automotive marine oil & gas others. Agricultural sector accounted for about 60 % of overall sales during 2011 – 2012 period.
Major players in the Hydraulic Cylinder Market, including:
- 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),
- The Jiangsu Hengli Hydraulic Co., Ltd. (China) .
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Hydraulic Cylinder Market Dynamics:
The dynamics of the hydraulic cylinder market are influenced by various factors, including technological innovations, economic conditions, regulatory standards, and industry trends. Technological advancements in hydraulic system design, such as the use of advanced materials, precision engineering, and predictive maintenance solutions, are enhancing the performance, reliability, and lifespan of hydraulic cylinders. Moreover, the growing emphasis on energy-efficient hydraulic systems and the adoption of smart manufacturing practices are driving market growth. Economic fluctuations and geopolitical tensions may impact market dynamics, affecting investment patterns and demand for hydraulic equipment across different regions. However, the increasing focus on infrastructure development projects, urbanization trends, and the expansion of industrial activities are expected to fuel market growth in the foreseeable future.
Regional Analysis on Hydraulic Cylinders Market
Regional market information is provided for North America, Europe, Asia Pacific and Rest of the world by the study. There are several key factors that will drive the anticipated expansion of the hydraulic cylinder market in North America. The North American hydraulic cylinder market is poised for growth on account of increased investment in industrial applications. Additionally, it is expected that intensified government efforts to support aerospace and defines industries would increase product penetration in this region.
The US has been ranked as the leading defines producer and exporter globally with its military spending having gone up 2.9% to USD 801 billion last year, accounting for 38 percent of global expenditure. In fiscal year 2022, the authorized budget of Department of Défense was about USD 722 billion, which means that it increased by USD 17 billion from previous year. For 2023, President’s DOD budget request is USD 773 Billion. Furthermore, expanding investments into food & beverage sector along with growing consumer preference towards packaged foods will escalate industry size over United States soil. As a result, material handling equipment has become more widely used because there are many industries such as aerospace, defines, military petrochemicals, and construction among others.
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Outlook:
The hydraulic cylinder market is poised for continuous growth in the coming years, driven by the increasing adoption of hydraulic systems across diverse end-user industries and the ongoing technological advancements in hydraulic cylinder design and manufacturing processes. The market is expected to witness a surge in demand for customized hydraulic solutions tailored to specific application requirements, along with the integration of IoT-enabled sensors and predictive maintenance capabilities to enhance equipment performance and reliability. Furthermore, initiatives aimed at sustainability, energy efficiency, and the development of eco-friendly hydraulic fluids are anticipated to shape the future landscape of the hydraulic cylinder market. Market players need to focus on innovation, product differentiation, and strategic collaborations to capitalize on emerging opportunities and maintain a competitive edge in the global hydraulic cylinder market.
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