According to a new market report published by Persistence Market Research titled “Hydraulic Cylinders Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026”, the global market for hydraulic cylinders is estimated to reach a value of US$ 11,410.4 Mn by 2018 end. With a CAGR of 4.3% from 2018 to 2026, the market is expected to reach a value of US$ 16,019.9 Mn by 2026.
A hydraulic cylinder is an actuation device that converts hydrostatic energy into mechanical energy and produces a unidirectional force. Hydraulic cylinders differ from hydraulic motors, as hydraulic cylinders perform linear or transitory motion and hydraulic motors perform rotational motion. According to its function, hydraulic cylinders are divided as single acting cylinders, double acting and multi stage/ tandem cylinders.
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Global Hydraulic Cylinders Market: Dynamics
The market for hydraulic cylinders is primarily driven by growing infrastructural developments coupled with construction activities across the globe. Many countries across the globe still do not have basic infrastructure facilities such as roads for transportations, information and communication, and electric power, attributing to which the governments in these countries are making investments to improve infrastructure. This increasing scope of development in the global infrastructure industry is encouraging various businesses to come up with solutions to enhance systems with advanced equipment and machinery to improve infrastructure in developing countries. Apart from infrastructure, the increasing global population is surging construction activities in many countries across the world. Growth in the global construction sector and infrastructural development is expected to create a need for modern equipment and machinery in the coming years. Increasing use of hydraulic cylinders in engineering equipment used in construction and infrastructural developments is expected to trigger the growth of the global hydraulic cylinders market in the future.
Global Hydraulic Cylinders Market: Segmental Insights
The North America region is anticipated to dominate the market in terms of volume and value, which can be mainly attributed to the presence of a majority of manufacturers in the region, who are focusing on product innovation. The region is pegged to grow with an impressive CAGR between 2018 and 2026. Moreover, the North American hydraulic cylinder market is expected to emerge as the most lucrative market in the world during the forecast period. Additionally, rapid industrialization and construction activities across countries of Asia Pacific, mainly India and China are expected to create healthy demand for hydraulic cylinders from the region.
On the basis of product type, the welded hydraulic cylinder segment is slated to dominate the global hydraulic cylinders market throughout the forecast period. Attributing to the increasing adoption of welded cylinders in the production of construction and mining equipment, this segment is expected to be the fastest growing segment in terms of product type in the global hydraulic cylinders market during the forecast period. In terms of market value, the welded hydraulic cylinder segment is expected to expand at a CAGR of 4.5% between 2018 and 2026.
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Global Hydraulic Cylinders Market: Key Participants
Some of the market participants involved in the production of hydraulic cylinders include Bosch Rexroth AG, Eaton Corporation Plc, Parker Hannifin Corporation, Actuant Corporation, Caterpillar Inc., Jiangsu Hengli Hydraulic Co., Ltd., HYDAC, Wipro Enterprises Limited, SMC Corporation, Weber-Hydraulik GmbH, Pacoma GmbH, Texas Hydraulics, Jarp Industries, Liebherr Group, and Best Metal Products. Players in the global hydraulic cylinders market are inclined towards self-integrated operations; they are either hydraulic cylinder manufacturers or hydraulic cylinder as well as hydraulic equipment manufacturers. Such self-integrated operations are creating raw material security and hence, players are focusing on expanding their market shares using these capabilities.