Hydraulic Cylinder Market to Reach a Revenue of Around US$ 23.99 Billion by the End of 2033
Hydraulic Cylinders: The Driving Force Behind Heavy Machinery and Equipment
Hydraulic Cylinder Market By Product (Threaded Hydraulic Cylinders, Welded Hydraulic Cylinder, Bolted/ Mill Hydraulic Cylinders, Telescopic Hydraulic Cylinders)
NEW YORK, NEW YORK, UNITED STATES, April 27, 2023 /EINPresswire.com/ -- In 2023, The Hydraulic Cylinder Market will bring in $15.30 billion. The leading market participants will control a sizeable portion of the market in 2023, driving up demand for hydraulic cylinders. By 2033, the market for hydraulic cylinders is projected to reach US$ 23.99 billion, expanding at a 4.6% CAGR. The growth in the market is attributed to the increasing demand for hydraulic cylinders in construction, manufacturing, and automotive industries.
Hydraulic cylinders are used to convert the hydraulic power into mechanical force for applications such as construction equipment, industrial machinery, and mobile equipment. The hydraulic cylinder market is expected to grow significantly in the forecast period due to increasing demand from end-users for construction and manufacturing activities.
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The construction industry is one of the major end-users of hydraulic cylinders, which is driving the growth of the hydraulic cylinder market. The growth of the construction industry is attributed to the increase in infrastructure development activities and the growth in population. The automotive industry is also driving the growth of the hydraulic cylinder market due to the increasing demand for vehicles.
Segmentation:
Based on the function, the hydraulic cylinder market is segmented into single-acting and double-acting cylinders. The double-acting cylinder segment is expected to grow at a higher CAGR due to its advantages over the single-acting cylinder, such as higher efficiency and accuracy.
Based on the product type, the hydraulic cylinder market is segmented into welded and tie-rod cylinders. The tie-rod cylinder segment is expected to dominate the market due to its advantages over the welded cylinder, such as ease of maintenance and repair.
Based on the bore size, the hydraulic cylinder market is segmented into less than 50mm, 50mm to 150mm, and greater than 150mm. The less than 50mm segment is expected to dominate the market due to its applications in small and medium-sized equipment.
Based on the application, the hydraulic cylinder market is segmented into construction equipment, aerospace and defense, material handling equipment, mining equipment, automotive, and others. The construction equipment segment is expected to dominate the market due to the increasing demand for infrastructure development activities.
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Hydraulic Cylinder Market Growth Factors:
• Increasing demand for heavy equipment: The growth of the hydraulic cylinder market is largely dependent on the demand for heavy equipment such as construction machinery, mining equipment, and agriculture machinery. The increasing need for infrastructure development, coupled with the growing construction industry, is driving the demand for heavy equipment, which in turn is driving the growth of the hydraulic cylinder market.
• Advancements in technology: The development of advanced materials and technologies for manufacturing hydraulic cylinders has resulted in the production of more efficient, reliable, and durable products. These advancements have made hydraulic cylinders more suitable for use in various applications, including industrial machinery, aerospace, and marine applications.
• Growing demand for automation: The increasing need for automation in manufacturing processes is driving the growth of the hydraulic cylinder market. Hydraulic cylinders are widely used in automated equipment such as robots and conveyor systems, which has increased the demand for these products.
• Rising demand for energy-efficient solutions: The need for energy-efficient solutions has become a priority in various industries, including the manufacturing sector. Hydraulic cylinders have been designed to operate at high efficiency levels, which has made them popular in industries that require energy-efficient solutions.
• Growth of the automotive industry: The automotive industry is a significant end-user of hydraulic cylinders, as they are used in various applications such as steering, braking, and suspension systems. The growing demand for automobiles in emerging economies is driving the growth of the hydraulic cylinder market.
Regional Analysis:
The hydraulic cylinder market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region is expected to dominate the market due to the presence of a large number of end-users and the growth of the construction and automotive industries. China, Japan, and India are the major countries driving the growth of the hydraulic cylinder market in the Asia-Pacific region.
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Competitive Landscape:
The hydraulic cylinder market is highly competitive with the presence of a large number of players. Some of the key players in the market include Bosch Rexroth AG, Actuant Corporation, Eaton Corporation, Parker Hannifin Corp, Caterpillar Inc., Jiangsu Hengli Hydraulic Co., Ltd., HYDAC, Wipro Enterprises Limited, SMC Corporation, Weber-Hydraulik GmbH, Pacoma GmbH, Texas Hydraulics, Inc., JARP Industries, Inc., Liebherr Group, Best Metal Products Company, Inc.
Key Developments are:
• In April 2021, Liebherr expanded its capacity to make hydraulic cylinders in China's Components Division. These hydraulic cylinders, some of which are fixed and some of which are movable, are marketed to the Chinese market and comprise items for plant engineering and construction machinery.
• Pennar Industries Limited (PIL), a well-known supplier of value-added engineering products and solutions, recently announced plans to raise its capacity for manufacturing hydraulic cylinders from 75,000 pa to 200,000 pa.
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