Hydraulic Cylinder Market Opportunities by 2027

Global hydraulic cylinder market is projected to reach USD 18.3 billion by 2027 from USD 14.3 billion in 2021; at a CAGR of 4.4% from 2022 to 2027.

Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), and The Jiangsu Hengli Hydraulic Co., Ltd. (China) are a few major players in global Hydraulic Cylinder Market.

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OPPORTUNITIES: Increasing demand for lifting equipment in shipping industry

Dockyards usually have numerous shipping containers of varied sizes and weights, which are stacked hundreds of feet high. There are numerous containers worldwide with standard sizes of 20, 40, 45, 48, and 53 feet and weigh around 30 to 42 tons. To ship these heavy containers, lifting equipment are used. Shipping is the most important mode of transport worldwide that facilitates international trade. The majority of items, from electronics, automobiles, textiles, and raw metals to oil & gas, are transported by ships. The facilitating institutional and technological factors such as the adoption of industrial IoT and support from governments are propelling the growth of the shipping industry, which fuels the need for lifting equipment at ports. Though the adoption of lifting equipment is still at a nascent stage, it is expected to rise significantly in the coming years and, therefore, is expected to be a potent source of demand for hydraulic cylinders.

Impact of COVID-19 on the Hydraulic Cylinder Market in North America, Europe, APAC and RoW

With the onset of the COVID-19 pandemic, the world witnessed a health and economic crisis, forcing many businesses to shut down their manufacturing plants and halt most of the operations during the initial 1 to 2 months. During this crisis, the main objective of the companies was to sustain their business by finding safer ways to continue manufacturing operations or find other sustainable ways to get the revenue stream flowing. During this period, the industrial equipment and mobile equipment segments experienced a decline in demand owing to disruptions in the global supply chain. However, post the pandemic, there has been a significant revival in the demand for hydraulic cylinders worldwide. Owing to the surge in demand, industrial equipment and mobile equipment segments have made a strong comeback and are almost back to pre-COVID-19 levels. As a result, the hydraulic cylinder market can be seen growing steadily.

CHALLENGES: Availability of substitutes

Hydraulic cylinders are operated by fluid, mostly oil. The leakage of these fluids causes environmental contamination. Thus, end users looking to maintain a clean and healthy environment prefer cleaner alternatives against hydraulic cylinders. One such option is the use of pneumatic cylinders, which use the pressure of compressed gas to produce a force in a reciprocating linear motion. Since pneumatic cylinders use a gas, even if there is any leakage, it does not contaminate the surrounding. Pneumatic cylinders are used in agricultural and material handling applications, which require the personnel to be in close proximity to these cylinders. Thus, the availability of cleaner substitutes acts as a challenge for the growth of the hydraulic cylinder market.