Press release
Hydraulic Cylinders Market Strategies and Insight Drivers 2030 | at a CAGR of 4.2%
Market Overview:Hydraulic cylinders are indispensable mechanical components crucial for facilitating linear motion, especially in lifting heavy loads and managing bulky materials across industrial and mobile environments. Their usage spans various sectors, including construction, load lifting, and equipment handling.
According to a new report published by Allied Market Research, titled, The global hydraulic cylinders market size was valued at $14.07 billion in 2020 and is projected to reach $21.2 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.
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Dynamics of the Market:
The global hydraulic cylinders market is witnessing significant expansion, primarily driven by the growing material handling equipment industry. Moreover, the introduction of innovative technologies such as SGH wire-actuated encoders, designed to measure cylinder stroke within hydraulic systems, is contributing to the rising demand for hydraulic cylinders worldwide. Additionally, the growth trajectory of the construction equipment market presents substantial opportunities for key market players. However, the high initial costs and considerable maintenance and operational expenses associated with hydraulic cylinders pose challenges to market expansion. Nevertheless, the expected rise in labor costs within construction and mining activities holds promising prospects for the hydraulic cylinder market in the foreseeable future.
The hydraulic cylinders market is segmented based on function, design, bore size, and region. Function-wise, it is divided into single-acting and double-acting hydraulic cylinders. Design-wise, it is categorized into tie-rod and welded cylinders. Bore size segmentation includes less than 50mm, 51mm to 100mm, 101mm to 150mm, and greater than 151mm. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In terms of function, the double-acting cylinders segment dominated the global hydraulic cylinder market in 2020, accounting for $8,920.4 million and is projected to grow at a CAGR of 6.4% during the forecast period. These cylinders find extensive use in lifting loads and handling materials in the construction sector, thereby boosting their demand in the hydraulic cylinders market.
Regarding design, the welded cylinders segment is expected to hold the highest market share during the forecast period.
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In the bore size category, the 51mm to 100mm segment is anticipated to capture the largest share in the global market during the forecast period, attributed to the increased use of material handling equipment in Asia-Pacific. This surge in demand is further propelled by the introduction of new hydraulic cylinders such as telescopic and plunger cylinders.
Top Players:
The key players operating in the hydraulic cylinders market include Actuant Corporation, Bosch Rexroth AG, Caterpillar Inc., Eaton Corporation Plc, Jarp Industries, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Parker Hannifin Corporation, Texas Hydraulics, and Wipro Enterprises Limited., have adopted new product launch as their key strategy to expand their market foothold.
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Key Findings Of Study -
The report provides an extensive analysis of the current and emerging global hydraulic cylinders market forecast and dynamics.
By function, the double acting hydraulic cylinders segment dominated the market in terms of revenue in 2020.
By design, the welded cylinders segment registered the highest growth in terms of revenue in the global market in 2020.
By bore size, 51mm to 100mm segment is projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the hydraulic cylinders market trends and emerging opportunities of the market.
In depth, the global hydraulic cylinders market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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