Press Release-Hydraulic Cylinders Market to Reach Valuation of USD 18.15 Billion by 2028 - Increasing Demand for Hydraulic Cylinders Market in Retail Sector to Drive the Market Growth
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Hydraulic Cylinders Market to Reach Valuation of USD 18.15 Billion by 2028 - Increasing Demand for Hydraulic Cylinders Market in Retail Sector to Drive the Market Growth
From the period 2022 to 2028, the Global Hydraulic Cylinders Market is expected to reach USD 18.15 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.20%. The rising demand for heavy construction and mining vehicles from the construction, mining, and oil & gas sectors is largely responsible for the market's growth. The increasing usage of material handling equipment across sectors throughout the world is a primary driver of market expansion. The rising demand for heavy construction and mining vehicles from the construction, mining, and oil & gas sectors is largely responsible for the market's growth. The increasing usage of material handling equipment across sectors throughout the world is a primary driver of market expansion.
Key Highlights from the Report
Some of the key players in the Hydraulic Cylinders Market include - [object Object].
Market Dynamics:
Significant demand from the construction industry
Construction projects are growing in size and complexity. Many new infrastructure development plans and projects, particularly in developing nations, are in the works, which would likely fuel the demand for construction equipment. Backhoes, excavators, trenchers, road construction planers, grinders, concrete or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers are examples of Hydraulic Cylinders Market used in the construction industry. These cylinders are resistant to corrosion, abrasion, severe temperatures, and weather changes, and they may be used indefinitely. These benefits have boosted their popularity in the building sector.
Increasing need for lifting equipment in the shipping industry
Hundreds of feet of shipping containers of various sizes and weights are routinely piled hundreds of feet high at dockyards. Containers with typical sizes of 20, 40, 45, 48, and 53 feet and weights of 30 to 42 tonnes may be found all over the world. Lifting machinery is utilized to transport these large containers. Shipping is the most essential means of international commerce facilitation on the planet. Ships deliver the bulk of goods, including electronics, autos, textiles, raw metals, and oil and gas. The rise of the shipping sector is fueled by favorable institutional and technological factors such as the adoption of industrial IoT and government backing, which supports the need for lifting equipment at ports. Despite the fact that the usage of lifting equipment is still in its infancy, it is expected to develop significantly in the next years, resulting in a significant increase in demand for Hydraulic Cylinders Market.
Leading market participants are investing in the market to provide services to end-use industries such as construction, agriculture, aerospace and defense, mining, and marine, among others. In the forecasted period, the global construction industry is expected to be led by three major countries: China, the United States, and India. In the coming years, the United States' construction sector will grow faster than China's, as China's growth may slow due to decreased housing construction output.
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Hydraulic Cylinders Market to Reach Valuation of USD 18.15 Billion by 2028 - Increasing Demand for Hydraulic Cylinders Market in Retail Sector to Drive the Market Growth
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