Published Date: 30-Apr-22
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According to a new report, published by KBV research, The Global Hydraulic Cylinder Market size is expected to reach $18.3 billion by 2027, rising at a market growth of 4.4% CAGR during the forecast period.
The Single-acting segment is showcasing a CAGR of 6.7% during (2021 - 2027). The installation of these types of hydraulic cylinders will be driven by the growing need for material handling equipment in the food and beverage industry to produce linear motion for conveyor belts and assembly lines. Furthermore, increased demand for emission-free, energy-efficient, and low-maintenance equipment throughout a variety of industries, including manufacturing, chemical, and food and beverage, will boost the industry's prospects.
The Welded segment is leading the Global Hydraulic Cylinder Market by Specification in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $8.3 billion by 2027. The dominance of welded hydraulic cylinders in mobile hydraulic applications such as construction equipment, material handling equipment, mining equipment, and forklifts accounts for their high demand in their market. Due to their short length and compact shape, they are favored where the room is limited. This allows them to fit better into the tight confines of machinery. They last longer than tie-rod cylinders and do not fail owing to tie rod stress at high pressures and long strokes.
The 50–150 MM segment acquired the maximum revenue share in the Global Hydraulic Cylinder Market by Bore Size in 2020; thereby, achieving a market value of $10.4 billion by 2027. Hydraulic cylinders are used in a variety of construction, earthmoving, material handling, and agricultural machines. The need for hydraulic cylinders with bore sizes ranging from 50 to 150 mm has been spurred by rising building activities, quickly increasing storage and material handling infrastructure, and the modernization of agriculture equipment.
The Construction market dominated the Global Hydraulic Cylinder Market by Industry in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5.7 billion by 2027. The construction segment acquired the largest revenue share in the hydraulic cylinder market in 2020. The rapid development of 2nd and 3rd world countries contributed massively to the growth of this segment. Although the construction segment was strongly hit by the COVID-19 pandemic, it recovered well. Construction of high rising buildings for official and residential purposes due to the rapid urbanization of countries such as China and India are driving the demand for hydraulic cylinders in this construction.
Asia Pacific is the fastest growing region in the Global Hydraulic Cylinder Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $7.2 billion by 2027. The Europe market is estimated to witness a CAGR of 3.9% during (2021 - 2027). Additionally, The North America market would experience a CAGR of 3.7% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wipro Limited, Caterpillar, Inc., Parker Hannifin Corporation, Standex International Corporation, Kawasaki Heavy Industries, Ltd., SMC Corporation, KYB Corporation, Enerpac Tool Group Corp., Ligon Industries, LLC, and HYDAC International GmbH.
By Bore Size
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