Allied Market Research published a report, titled, “Hydraulic Cylinders Market by Function (Single Acting Cylinders and Double Acting Cylinder), Design (Tie-Rod Cylinders and Welded Cylinders), and Bore Size (Less Than 50mm, 51mm to 100mm, 101mm to 150mm, and Greater Than 151mm): Global Opportunity Analysis and Industry Forecast, 2021-2030”. According to the report, the global hydraulic cylinders industry generated $14.07 billion in 2020, and is anticipated to generate $21.2 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030.
Prime determinants of growth
Developments in the global construction sector, rapid industrialization coupled with increasing infrastructural spending, and retrofit & replacement of existing equipment drive the growth of the global hydraulic cylinders market. However, hydraulic cylinders are costlier as compared to pneumatic cylinders, which hinders the market growth. On the other hand, extensive range of applications and increase in demand for material handling equipment presents new opportunities in the coming years.
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Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global hydraulic cylinders market, owing to lack of raw materials and manpower, especially in the initial period.
Also, the pandemic had halted the production facilities of the hydraulic cylinders industry and disrupted the supply chain, due to implementation of lockdown.
However, the market is going to recover soon.
The double acting segment to maintain its leadership status throughout the forecast period
Based on function, the double acting segment held the highest market share in 2020, accounting for more than three-fifths of the global hydraulic cylinders market, and is estimated to maintain its leadership status throughout the forecast period. Single acting cylinders is simple, required less maintenance and is economical as compared to double acting cylinders, which drive the growth of the market. Moreover, the single acting segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030. This is because double-acting hydraulic cylinder is ideal equipment for machine handling equipment in automotive sector.
The 51mm to 100mm segment to maintain its lead position during the forecast period
Based on bore size, the 51mm to 100mm segment accounted for the largest share in 2020, contributing to nearly one-third of the global hydraulic cylinders market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.5% from 2021 to 2030, owing to an increase in the demand for hydraulic cylinder with bore size 51 mm to 100 mm across the end users.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global hydraulic cylinders market, owing to rise in demand for hydraulic cylinder in the construction industry. Moreover, the LAMEA region is expected to witness the fastest CAGR of 5.0% during the forecast period.
Leading Market Players
Actuant Corporation
Caterpillar Inc.
Eaton Corporation Plc
JARP Industries Inc.
Hengli Hydraulic
Kawasaki Heavy Industries Limited
Parker Hannifin Corporation
Robert Bosch GmbH
Texas Hydraulics Inc.
Wipro Limited.
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