The hydraulic cylinder market is expected to grow due to the increasing demand for heavy-duty equipment in construction, mining, and agriculture. Welded cylinders and double-acting cylinders are among the popular segments driving the market growth.
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The global hydraulic cylinder market size was USD 14.30 Billion in 2021 and is expected to register a revenue CAGR of 4% during the forecast period, according to latest analysis by Emergen Research.
Manufacturing hydraulic cylinders for use in a variety of applications, including construction equipment, aircraft, and defence, is a growing business in the hydraulic cylinder market. In heavy-duty applications where great power and force are necessary, hydraulic cylinders are mechanical actuators that transform hydraulic energy into mechanical energy.
The rising need for construction equipment is one of the main factors driving the hydraulic cylinder industry. Heavy-duty construction equipment is in demand as the construction sector experiences tremendous growth as a result of rising urbanisation and industrialization. Excavators, cranes, and bulldozers are a few examples of construction machinery that use hydraulic cylinders to give the tremendous power and force needed for heavy-duty activities.
However, there are significant limitations on the hydraulic cylinder market, such as the high maintenance costs of hydraulic cylinders. Regular maintenance is necessary for the hydraulic cylinders because any malfunction could seriously harm the machinery, causing expensive downtime and repairs. Another barrier to the market is the high initial cost of hydraulic cylinders.
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Due to a number of development factors, including the rising demand for hydraulic cylinders in the aerospace and defence industries, the hydraulic cylinder market is predicted to expand significantly despite the restraints. The hydraulic cylinders are extensively utilised in missile launchers, aircraft landing gear, and other defence applications that need a lot of force and strength. Over the course of the forecast period, the market is anticipated to rise as a result of the expanding demand for hydraulic cylinders in the aerospace and defence sectors.
Additionally, the market for hydraulic cylinders is anticipated to develop as a result of the rising need for renewable energy. In order to offer high power and force, hydraulic cylinders are utilised in wind turbines and solar panels, and the rising need for renewable energy is anticipated to drive market expansion throughout the forecast period.
Hydraulic Cylinder Market Segmentation:
The hydraulic cylinder market can be segmented based on function, specification, and industry. In terms of function, the market is segmented into double-acting hydraulic cylinders and single-acting hydraulic cylinders. The double-acting hydraulic cylinders segment is expected to dominate the market during the forecast period, with a revenue of USD 7.5 billion in 2019 and a projected growth rate of 5.2% from 2021 to 2030. The increasing demand for heavy-duty construction equipment and defense applications that require high power and force is expected to drive the growth of the double-acting hydraulic cylinders segment.
Based on specification, the hydraulic cylinder market is segmented into welded cylinders, tie rod cylinders, telescopic cylinders, and mill type hydraulic cylinders. The welded cylinders segment is expected to dominate the market during the forecast period, with a revenue of USD 5.7 billion in 2019 and a projected growth rate of 4.9% from 2021 to 2030. The welded cylinders are widely used in various applications such as construction equipment, agriculture, and mining, and the increasing demand for these applications is expected to drive the growth of the welded cylinders segment.
Furthermore, the hydraulic cylinder market can be segmented based on industry into construction, automotive, oil & gas, and others. The construction industry is expected to dominate the market during the forecast period, with a revenue of USD 5.6 billion in 2019 and a projected growth rate of 4.8% from 2021 to 2030. The increasing urbanization and industrialization, particularly in emerging economies, are driving the demand for heavy-duty construction equipment, which is expected to drive the growth of the hydraulic cylinder market in the construction industry.
The automotive industry is another significant contributor to the hydraulic cylinder market, with a revenue of USD 2.8 billion in 2019 and a projected growth rate of 5.1% from 2021 to 2030. The hydraulic cylinders are used in various automotive applications such as steering systems, braking systems, and suspension systems, providing high power and force required for these applications.
Moreover, the oil & gas industry is also expected to contribute significantly to the hydraulic cylinder market during the forecast period, with a revenue of USD 2.2 billion in 2019 and a projected growth rate of 5.3% from 2021 to 2030. The hydraulic cylinders are used in drilling equipment and wellhead control systems, providing high power and force required for these applications.
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Some Key Highlights from the Report
The double-acting hydraulic cylinders segment accounted for a significant revenue share in 2021 due to several factors. First, the increasing demand for heavy-duty construction equipment and defense applications that require high power and force is driving the growth of the double-acting hydraulic cylinders segment. These cylinders offer better efficiency and control over the movement of the load, making them suitable for heavy-duty applications.
The welded cylinders segment accounted for a significant revenue share in 2021 due to several factors. First, welded cylinders are widely used in various applications such as construction equipment, agriculture, and mining, which are growing industries globally. These cylinders offer high strength and durability, making them suitable for heavy-duty applications.
The oil & gas segment accounted for a moderate revenue share in 2021 due to several factors. First, hydraulic cylinders are widely used in the oil & gas industry for various applications such as drilling, wellhead control, and offshore platforms. However, the industry has been affected by the COVID-19 pandemic, which has led to a decrease in demand for oil and gas products globally.
The Europe market accounted for a moderate revenue share in 2021 due to several factors. First, the region has a well-established industrial sector that relies heavily on hydraulic cylinders for various applications such as manufacturing, construction, and transportation. The demand for hydraulic cylinders in these industries has been increasing steadily, contributing to the growth of the market in the region.
Some major companies in the global market report include Enerpac Tool Group, Bosch Rexroth AG, Caterpillar, Eaton, KYB Corporation, Parker Hannifin Corp, SMC Corporation, Hengli hydraulic, Hydac International GmbH, Standex International Corporation, Texas Hydraulics, and Weber-Hydraulic GmbH.
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