Hydraulic Cylinder Market Industry Report - Global Forecast to 2027

The global hydraulic cylinder market was valued at USD 14.3 billion in 2021 and is projected to reach USD 18.3 billion by 2027; it is expected to register a CAGR of 4.4% from 2022 to 2027.

The markets growth can be attributed majorly to the increasing demand for heavy construction and mining vehicles from construction, mining, and oil & gas industries. Increasing adoption of material handling equipment across industries worldwide is a major booster for the growth of the market. The hydraulic cylinder market has been segmented by function, specification, bore size, application, industry, and geography.

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The market for the agriculture industry is expected to grow at the highest CAGR during the forecast period. The agriculture industry is growing with the increasing use of machines for performing complex tasks – from planting vegetables to plowing fields. From pecan tree shakers to sugar cane harvesters and automated bale trailers to sprayer booms, hydraulic cylinders are deployed in almost all the agriculture equipment for lifting and movement control. The globally increasing population and the deteriorating environmental conditions have put pressure on the agriculture industry to meet the food demand. This has increased investments in machines for precision agriculture, which is expected to drive the demand for hydraulic cylinders.

The hydraulic cylinder market in APAC held the largest share and is expected to grow at the highest CAGR from 2022 to 2027. The growing demand for agricultural, construction, and mining equipment in this region is supporting the growth of the market. The growing demand for food from the growing population in this region and the increasing industrialization in emerging countries are fueling the growth of the agriculture and construction industries in the region. Japan and Australia are the major markets for hydraulic cylinders in APAC. Japan is home to major automotive manufacturers and suppliers who are challenged by rising labor costs and higher lead time associated with manual processes. To overcome these challenges, companies are adopting automated and semi-automated material handling equipment. Australia is rich in minerals, and the mining of these minerals is fueling the demand for mining equipment.

The mobile equipment segment held a larger share of the hydraulic cylinder market in 2021. Mobile equipment, such as excavators, loaders, and cranes, require hydraulic cylinders to operate. The applications of hydraulic cylinders in the mobile equipment industry include earthmoving, material handling, mining, and defense. An increase in industrialization and construction activities will further increase the demand for hydraulic cylinders in mobile applications.