Hydraulic Cylinders Market : Welded cylinders worth US$ 10,000 Mn by 2026
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There has been a growing demand for equipment based on hydraulic cylinder in industries such as defense, aerospace, agriculture, mining, construction and manufacturing. Expansion in the global trade coupled with increasing level of industrial production has spurred adoption of these equipment in OEMs, thereby fuelling demand for hydraulic cylinders.
In addition, material handling equipment viz. electronic overhead travelling cranes, stackers, and level luffing cranes are witnessing tremendous adoption in various industries such as oil refineries, retail, power & energy, and food & beverage, other than engineering and construction sectors. These material handling equipment require hydraulic cylinders to manage products having excessive weight, thereby boosting the market expansion.
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With stable growth in economy of emerging countries such as India and China post-global economic recession has paved the way for appearance of numerous small-scale manufacturing and construction companies. Several industries in the developed regions are outsourcing their manufacturing requirements continuously to emerging countries to leverage low labor costs.
Additionally, several global organizations are moving their manufacturing bases to these countries for benefitting from the low-cost manufacturing capacity, and existence of significantly skilled labor. These incidences have meant that the hydraulic cylinder market has been continuously influenced by rising in investments in manufacturing and construction sector from both international as well as regional vendors.
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