Construction Industry to Hold Largest Share of Hydraulic Cylinder Market between 2017 And 2023

The hydraulic cylinder market is expected to be valued at USD 13.64 Billion in 2017 and is projected to reach USD 19.30 Billion by 2023, at a CAGR of 5.95% between 2017 and 2023. The key factor driving the growth of this market is their rising demand in the construction industry and mining process equipment. Increasing demand for lifting equipment in the shipping industry and for material handling equipment in the aerospace & defense industry is the key opportunity for the players in the hydraulic cylinder market.

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The growth in new and retrofit infrastructure after the recession has boosted the construction industry heavily. With new development plans and projects, the use of construction equipment is also growing. In the construction industry, hydraulic cylinders are used in equipment such as backhoes, excavators, trenchers, road construction planers, grinder and concrete or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. The hydraulic cylinder is capable of withstanding corrosive and abrasive environments, and extreme temperature and weather changes. Also, it can be used continuously for long periods. These advantages offered by hydraulic cylinders have increased their demand in the construction industry.

The objective of the report is to provide a detailed analysis of the hydraulic cylinder market based on function, specification, application, bore size, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also gives a detailed overview of the value chain in the hydraulic cylinder market and analyzes the market trends.

Double-acting hydraulic cylinders held the largest market share in 2016. Owing to the retraction property of double-acting hydraulic cylinders, they are used in aerospace, automotive, agriculture, and several other industries. The applications of hydraulic cylinders in agriculture include tractors for softride suspension, harvesters such as combine harvesters, self-propelled forage harvesters and header harvesters, telescopic loaders, hydraulic reversible plows, wool presses, seed drills, tillage bars, spraying equipment, slashers and mowers, cotton module builders, skid steer loaders, backhoe loaders, telehandlers, and front-end loaders.

The construction industry led the hydraulic cylinder market in 2016. The global construction industry has undergone substantial changes in recent years due to the global recession, which has led to the downsizing of the construction sector in developed markets. However, the construction investments in most emerging markets have continued to grow at a moderate rate despite the global crisis. China, India, and the US will witness major growth in the global construction industry. Earthmoving equipment is mainly used for construction projects such as digging the earth, lifting, loading and unloading weight, and leveling. The applications of hydraulic cylinders in earthmoving equipment include hitches, excavators, skid steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other types of equipment used for heavy loading, high cycle rating, and accurate movement.

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APAC held the largest size of the hydraulic cylinder market in 2016. APAC is the most rapidly growing market and offers a huge opportunity for agricultural equipment manufacturers owing to the enormous development in the farm machinery segment. This is driven by the increased demand for the mechanization of farms to address the needs of the growing population. Governments provide support to developing economies to increase the productivity in the agriculture sector through the automation of farming methods. India and China are the major markets for hydraulic cylinders in APAC. The growth of the market in India is driven by the presence of well-established players such as Wipro. Moreover, the rapid development in industries such as construction, agriculture, infrastructure, steel, cement, and mining further drives the market for hydraulic cylinders in India.

The major restraint for the hydraulic cylinder market is increasing oil leakage from hydraulic cylinders. Hydraulic oil leakage in industrial applications ends up in groundwater, rivers, lakes, and the soil, causing damage to the environment, fish, and wildlife. Hydraulic leakage from industries such as marine, forestry, mining, and agriculture is mainly responsible for damaging the environment, which also results in high cleanup cost.

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