Press release
Hydraulic Cylinder Market to Soar at a CAGR of 6% to 2024
Rapid industrialization coupled with increasing infrastructural spending will drive the global hydraulic cylinder market size. In 2016, the Government of India had announced an investment of over USD 325 million in the infrastructure sector by 2020.
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Hydraulic Cylinder Market size is expected to reach USD 16.44 billion by 2025; according to a new research report.
Positive outlook in construction sector coupled with increasing adoption of mechanized agricultural equipment will boost industry growth. Increasing demand for material handling equipments including cranes, forklifts and production line conveyors will boost global hydraulic equipment market size. Retrofit and replacement of existing equipment is likely to favor industry growth.
Weak economic indicators may restrain industry demand over the next five years. Double acting hydraulic cylinder market share dominated the industry with over USD 7 billion revenue in 2015, owing to increasing demand for mobile equipment. Welded hydraulic cylinder market dominated the product landscape and could surpass USD 11 billion revenue by 2025. These are widely used in heavy equipment and requires high end customization.
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Key insights from the report include:
China hydraulic cylinder market share was valued at USD 0.79 billion in 2015. Increasing infrastructural spending will drive the industry growth by 2025.
U.S. hydraulic cylinder market size is forecast to reach over USD 3 billion by 2025. Increasing investment on aerospace and defense will boost the demand for hydraulic cylinders in the near timeframe. Growing demand for material handling and construction equipment will further compliment the industry outlook.
Mobile applications were valued at over USD 7.05 billion in 2015 and are expected to witness gains of over 4% in the near future.
Germany is set to exceed 1.5 million units in demand by 2025, in terms of volume, and is estimated to grow at over 4% CAGR subjected to increasing demand from renewable energy companies coupled with increasing demand for specialized cylinders.
Russia hydraulic cylinder market share accounted for over 35% of regional revenue size, growing at more than 3.6%. Increasing demand for modern agricultural equipment coupled is likely to boost the hydraulic equipment market.
The Middle East market is projected to expand over 5% by 2025. Growing demand for industrial and material handling equipment is a key factor propelling industry growth.
Major industry participants include Bosch Rexroth, Wipro Infrastructure, United Hydraulics, Best Metal Products, Bailey, Aggressive Inc., Caterpillar, Eaton, Enerpac Corp., Hannon, Ligon, Parker, Precision Hydraulics, Prince Corporation, Texas, YELETSGIDROAGREGAT, Norrhydro Oy, Hydrapac Italia, Hydrosila, Burnside Autocyl, Pacoma, CHAPEL HYDRAULIQUE and WEBER-HYDRAULIK.
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