Hydraulic Cylinders Market Expected to Reach $21.2 Billion by 2030
PORTLAND, OR, UNITES STATES, October 31, 2023 /EINPresswire.com/ — The growth of the global hydraulic cylinders market is driven by rise in the material handling equipment industry. Increase in new technologies, such as SGH wire-actuated encoders, which measure the cylinder stroke in the hydraulic cylinder, boost the demand for hydraulic cylinder globally.
Growth in the construction equipment market is anticipated to provide potential opportunities for the key players operating in the market. However, hydraulic cylinders are expensive, and its maintenance & operation costs are very high. This factor restricts of the global hydraulic cylinders market growth. Rise in labor cost in construction and mining activities is expected to offer growth opportunities for the hydraulic cylinder market in the near future.
The global hydraulic cylinders market size was valued at $14.07 billion in 2020 and is projected to reach $21.2 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.
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The hydraulic cylinders market is segmented into function, design, bore size, and region.
By function, the market is divided into single-acting hydraulic cylinders and double acting hydraulic cylinders.
By design, it is classified into tie-rod cylinders and welded cylinders.
By bore size, the market is categorized into less than 50mm, 51mm to 100mm, 101mm to 150mm, and greater than 151mm.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of function, the double acting cylinders segment accounted for $8,920.4 million of the global hydraulic cylinder market in 2020 and is projected to grow at a CAGR of 6.4% during the forecast period. The double acting cylinders are extensively used for lifting loads and handling materials in the construction sector, which boost their demand in the hydraulic cylinders market share.
On the basis of design, the welded cylinders segment is expected to account for the highest market share during the forecast period.
On the basis of bore size, the 51mm to 100mm segment is expected to account for the largest share in the global market during the forecast period owing to increase in use of material handling equipment in Asia-Pacific. This is attributed to the new hydraulic cylinders such as telescopic cylinder and plunger cylinder.
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The key players operating in the hydraulic cylinders market include Actuant Corporation, Bosch Rexroth AG, Caterpillar Inc., Eaton Corporation Plc, Jarp Industries, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Parker Hannifin Corporation, Texas Hydraulics, and Wipro Enterprises Limited., have adopted new product launch as their key strategy to expand their market foothold.
Key Findings Of Study
• The report provides an extensive analysis of the current and emerging global hydraulic cylinders market forecast and dynamics.
• By function, the double acting hydraulic cylinders segment dominated the market in terms of revenue in 2020.
• By design, the welded cylinders segment registered the highest growth in terms of revenue in the global market in 2020.
• By bore size, 51mm to 100mm segment is projected to register the highest growth rate in the coming years.
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