Key Takeaways from Global Hydraulic Cylinders Market Offered in New Research Forecasted through 2023

Recently, a fresh study highlighting the market snapshot of Hydraulic Cylinders has been publicized to the wide database of Market Research Reports Search Engine (MRRSE). This in-depth study is headlined as “Global Market Study on Hydraulic Cylinders: North America to Remain Most Remunerative Market for Hydraulic Cylinders during 2017 - 2026” which discusses the historic and current scenario of the global market, along with the future prospects it holds for a 9 year assessment period, 2017-2026. For the benefit of the investors of the report, this research focuses on the drivers and restraints anticipated to impact the demand for Hydraulic Cylinders in the coming years.

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A hydraulic cylinder, referred to as a mechanical actuator, is a linear hydraulic rotor that provides a unidirectional force through a unidirectional stroke. Hydraulic cylinders convert hydrostatic force into mechanical energy for producing work. Key application sectors that hydraulic cylinders seek tremendous use include agriculture & forestry, construction, mining, and aerospace & defense.

Growth in Construction Sector to Propel Demand for Hydraulic Cylinders

Several governments across the globe are increasing their focus on their nation’s infrastructure development, which in turn has driven the growth of the construction industry that involves use of vehicles such as drilling rigs, backhoe loaders, excavators, and compactors. These vehicles require hydraulic cylinders to perform heavy duty tasks. In addition, growth of the construction sector entails huge adoption of material handling equipment where automation plays a pivotal role in enhancing productivity and efficiency, thereby resulting into demand for hydraulic cylinders.

A major currently being witnessed in the global hydraulic cylinders market is the surge in adoption of electro-hydraulic cylinders. Along with offerings such as enhanced accuracy, improved ease of control & use, and better functionality, electro-hydraulic cylinders eliminate the requirement for individual hydraulic pumps and tubing for performing different tasks. Estimated surge in adherence toward digitalization and automation in the upcoming years is likely to augment demand for electro-hydraulic cylinders as they facilitate communication between machines.

Persistence Market Research has recently compiled an insightful report on the global hydraulic cylinders market, which offers projections on growth of the market during the forecast period – 2017 to 2026. Global hydraulic cylinders market will register a steady CAGR to exceed US$ 16,000 Mn in revenues by 2026-end.

North America to Remain Most Remunerative Market for Hydraulic Cylinders

There has been a rise in demand for metals in North America for industrial purposes, which in turn has propelled the expansion of the mining industry in the region. Hydraulic cylinders find significant application in the process of mining. North America is expected to remain the most remunerative market for hydraulic cylinders, with revenues estimated to exceed US$ 5,500 Mn by 2026-end. The market for hydraulic cylinders in Asia-Pacific excluding Japan (APEJ) is projected to register the fastest expansion through 2026. This can highly be attributed to increased adoption of mechanized processes in the region’s agriculture sector.

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Exponential expansion of the global population has led to a surge in demand for food, pressuring the agriculture sector to increase production volumes. In order to sustain food requirements for such large population, the agriculture industry will require sophisticated equipment for carrying out processes effectively. This rise in mechanization in the agriculture sector will propel demand for hydraulic cylinder-based equipment. PMR’s report has anticipated agriculture & forestry to remain the most lucrative application of hydraulic cylinders. Sales of hydraulic cylinders in oil & gas sector will however register a relatively faster expansion through 2026. In addition, revenues from hydraulic cylinder sales for industrial equipment and material handling applications will increase at a similar CAGR through 2026.

Key Research Findings from PMR’s Report on Hydraulic Cylinders Market

Double acting cylinders among function segments will account for the largest revenue share of the market throughout the forecast period
Hydraulic cylinders with bore size of 26-50 will witness the fastest sales expansion through 2026
Welded cylinders among design type will remain preferred by end-users across the globe
Competition Landscape

The global hydraulic cylinders market is currently dominated by international vendors, competing at marginal levels among themselves. Although local vendors tend to pose a firm competition to these international players on the basis of aftersales services, delivery period, efficiency, and reliability, they find it challenging to cope up with them on the back of technological gaps in end products.

International players are currently focusing on acquisition of regional and local vendors, in a bid to expand their market presence, thereby leading toward the market consolidation. Key players profiled by PMR’s report include Bosch Rexroth, Eaton, Parker Hannifin, ZF Friedrichshafen AG, Sumitomo Corporation, Aisin Seiki, SKF AB, ABB, Emerson, and Mitsubishi Electric Corporation.

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This release was published on openPR.