According to the
new market research report "Hydraulic
Cylinder Market by Function (Single Acting, Double Acting), Specification
(Telescopic, Tie Rod, Mill Type, Welded), Application (Mobile and Industrial),
Bore size, Industry, and Region - Global Forecast to 2023",
published by MarketsandMarkets™, the market is expected to be valued at USD 13.64 Billion in 2017 and is projected to reach USD 19.30 Billion by 2023, at a CAGR of 5.95% between
2017 and 2023.
The key factor
driving the growth of the hydraulic cylinder market is their rising demand in
the construction industry and mining process equipment. Increasing demand for
lifting equipment in the shipping industry and for material handling equipment
in the aerospace & defense industry is the key opportunity for the players
in the hydraulic cylinder market.
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Double-acting hydraulic cylinders to hold
largest share of market between 2017 and 2023
Double-acting hydraulic cylinders are
suitable in presses and chippers for opening and closing drawers and for all
types of raising and lowering devices. Unlike single-acting, double-acting
cylinders have 2 ports i.e., cap end port and rod end port enabling them to
operate hydraulically in forward as well as backward direction. Companies
involved in the development of double-acting hydraulic cylinders include
Hirotaka (Japan), Nordon Cylinders (Australia), SSH Stainless (Denmark),
and Helipebs Controls (UK), among others.
Construction industry to hold largest share
of hydraulic cylinder market between 2017 and 2023
Excavators, telehandlers, compactors, backhoe
loaders, concrete and cement machines, drilling rigs, wheel loaders, loading
shovels, dumper trucks, and quick hitches are deployed with heavy-duty hydraulic
cylinders. These machines extensively use hydraulic cylinders for a wide range
of specific purposes owing to their strength, performance, and reliability.
Hydraulic cylinder providers operating in the construction industry include
JARP Industries (US), Oscar Equipment (India),
AH Garner (UK), and Actuant (US).
APAC held largest share of hydraulic cylinder
market in 2016
APAC is the largest and fastest-growing
market for hydraulic cylinders. APAC accounted for a share of ~32% of the
global hydraulic cylinder market in 2016. The market in this region is expected
to grow at the highest CAGR of 6.30% between 2017 and 2023. This growth is
mainly attributed to the growing adoption of hydraulic cylinders across
manufacturing industries. The increasing popularity of hydraulic cylinders
owing to their superior results encourages more companies in APAC to install
these cylinders in automated equipment. Some of the key players in the
hydraulic cylinder market in APAC are Wipro (India),
Apex Hydraulics (India), EZY-FIT Hydraulics. (Australia), and Yuci Hydraulics (China).
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Analyst:
The major players in the hydraulic cylinder
market are Caterpillar (US), Parker Hannifin (US),
Actuant (US), Eaton (Ireland), Jiangsu Hengli
Hydraulic (China), Robert
Bosch (Germany), and Wipro (India).
About
MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee
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Suite 430
Northbrook,
IL 60062
USA :
1-888-600-6441
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