Hydraulic Cylinders Market

Market Synopsis:

The Global Hydraulic Cylinders Market is valued at USD 14.57 Billion in the year 2022 and is projected to reach a value of USD 20.09 Billion by the year 2030. The Global Market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 4.10% over the forecast period.

The Hydraulic Cylinder is a piece of mechanical equipment that is used to apply a unidirectional force via a unidirectional stroke. It is used to translate mechanical force into linear motion. Increased investment in infrastructure-related and building activities, which raises demand for Hydraulic Cylinders for material handling equipment, supports market expansion. The rising need for material handling equipment to meet the needs of the automotive, construction, engineering, manufacturing, and mining sectors is predicted to boost the worldwide Hydraulic Cylinders’ market potential.

However, fluctuations in raw material costs and an increase in leak concerns are expected to hamper the growth of the worldwide Hydraulic Cylinders’ market. Conversely, increased automation and industrialization are expected to give profitable chances for market expansion. Because of their rising acceptance in the construction and material handling industries, government measures to resuscitate infrastructural projects across countries have contributed to drive up demand for Hydraulic Cylinders. Increased farm mechanization across regions, especially in APAC, as well as global expansions in mining exploration operations, have all contributed to the Hydraulic Cylinders market's growth.

Market Segmentation:

The Hydraulic Cylinders Market is segmented on the basis of Function, specification, Industry, Application and Bore size. Based on Function, the market is divided as Single-acting and Double-acting. Based on Specification, the market is divided as Welded, Tie Rod, Telescopic and Mill Type. Based on Industry, the market is divided Construction, Aerospace, Material Handling, Agriculture, Mining, Automotive, Marine, Oil & Gas and Others. Based on Application, the market is divided as Industrial and Mobile. Based on Bore size, the market is divided as <50 MM, 50–150 MM and >150 MM.

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Based on Function:

Based on function, the market is divided into Single-acting and Double-acting. During the projected period, the double-acting category is likely to occupy a greater proportion of the Hydraulic Cylinders market. These cylinders are employed in aircraft, automotive, agricultural, and a variety of other sectors due to their ability to retract. Mobile applications like as lifting equipment, earth moving equipment, forklifts, and heavy vehicles have a larger need for these cylinders. Double-acting Hydraulic Cylinders are useful for opening and closing drawers in presses and chippers, as well as all forms of lifting and lowering equipment such as excavators and cranes. The single acting Hydraulic Cylinders business is also expanding. Growing by demand for material handling equipment in the food & beverage industry to create linear motion for the conveyor belts and assembly lines will drive the installation for these products.

Function

Based on Application:

Based on the Application, the market is divided into Industrial and Mobile. Mobile Equipment to Hold Larger Share of Hydraulic Cylinders Market during Forecast Period. Hydraulic Cylinders are required for the operation of mobile equipment such as excavators, loaders, and cranes. Hydraulic Cylinders are used in a variety of mobile equipment industries, including earthmoving, material handling, mining, and military. The growth in industrialization and building activities will drive up demand for Hydraulic Cylinders in mobile applications even more.

Asia Pacific is projected to acquire the largest market share during the year 2021:

Asia Pacific dominates the Global Hydraulic Cylinders Market with a market share of 40.20% owing to become the hub for Western markets to outsource the manufacture of their Hydraulic Cylinders. In the last five years, the fast- rising emerging economies, primarily China and India in terms of both economy and infrastructure, have greatly raised demand for Hydraulic Cylinders. In the Asia-Pacific area, India and China are the two most important markets for Hydraulic Cylinders. The region's market growth is linked to a developing economy, strong industrialization, and a rise in government programs and initiatives.