The global hydraulic cylinder market is expected to advance at 4.6% between 2023 and 2033. The valuation is expected to exceed USD 24 billion by 2033. In 2023, the estimation is likely to be at USD 15.3 billion.
Automotive factories face a massive demand for hydraulic cylinders. In 2021, the automotive market had a mammoth valuation of USD 2.8 trillion and is expected to grow at a robust rate during the forecast period. These figures display massive prospects for the market going ahead.
Hydraulic cylinders are used in the construction sector as well. These are deployed for the preparation of concretes, and also for transferring heavy loads to the construction site. Rapid urbanization in major parts of the world presents a slew of opportunities for the market.
The ability to provide variable speed control ensures that the machine doesn’t deteriorate because of extreme working conditions. Certain kinds of hydraulic cylinders occupy less space, and despite not possessing a massive build, they perform flawless operations. The investors are ready to pour huge amounts of money because of their ability to deliver efficient power-to-weight ratios. All these factors are expected to surge the sales of hydraulic cylinder during the forecast period.
However, the lack of availability of raw materials because of the ongoing supply chain issues is expected to hinder the market growth.
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Thus, from the insights provided by the FMI analysts, it can be inferred that the ‘massive automotive market, surging construction sector, the ability to work in extreme conditions and lots of other factors are expected to surge the growth of hydraulic cylinder market during the forecast period.’
Key Takeaways From the Market Study:
- The market is expected to record a CAGR of 4.6% during the forecast period.
- In 2023, the valuation is expected to be at USD 15.3 billion.
- By 2033, the market size is expected to surge past USD 24 billion.
- Asia Pacific is expected to be the dominant market during the forecast period.
- The United States market is expected to record a CAGR of 3.5%.
- The United Kingdom market is expected to register a CAGR of 3.9%.
- China’s market is anticipated to post a growth rate of 6.3%.
- Japan market is projected to surge at 5.1%.
- South Korea market is anticipated to advance at 5.4%.
- Based on product type, welded hydraulic cylinder is expected to be the dominant segment, and is expected to grow at 4.6%.
- Based on application, mobile equipment is anticipated to be the leading segment and is projected to grow at 4.5%.
Competitive Landscapes:
The manufacturers operating in the hydraulic cylinder market are expected to invest in crucial acquisitions. This comes at a time when all the pending projects are done on a priority basis after a brief gap. Apart from that, the intention is to grab the lion’s share of the market. The key players are also pumping in millions of dollars in research and development activities. A lot of emphasis is being laid on sustainable initiatives. With governments worldwide adopting stringent measures to cut down carbon emissions, the key players have started adopting eco-friendly practices, and are making use of green technology.
Recent Developments:
- In October 2022, Caterpillar announced the expansion of its construction industry portfolio with four battery electric machines.
- In December 2022, Eaton expanded its cybersecurity services and added global customer experience sites to help customers address critical infrastructure vulnerabilities.
Significant Players Profiled:
- Caterpillar
- Eaton
- Bosch Rexroth
- Enerpac Tool Group
- KYB Corporation.
Key Segments Covered in Hydraulic Cylinder Industry Research:
By Bore Size:
- <50 mm
- 51 – 100 mm
- 101 – 150 mm
- 151 – 300 mm
- Above 300 mm
By Product:
- Tie-rod Cylinders
- Threaded Cylinders
- Welded Cylinders
- Bolted/ Mill Cylinders
- Telescopic Cylinders
- Other Cylinders
By Application:
- Hydraulic Cylinders for Industrial Equipment
- Lifts & Aerial Work Platforms
- Rams & Presses
- Loading Docks
- Injection Molding Machines
- Oil & Gas and Offshore Applications
- Others
- Hydraulic Cylinders for Mobile Equipment
- Agricultural & Forestry Vehicles
- Construction Equipment’s
- Mining & Material Handling Equipment
- Others
By Operating Principle:
- Single Acting
- Double Acting
- Multi-stage/ Tandem
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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