Significant Demand of Hydraulic Cylinder Market from Construction Industry

The hydraulic cylinder market size was valued at USD 13.4 billion in 2020 and is projected to reach USD 15.8 billion by 2025; it is expected to grow at a CAGR of 3.3% from 2020 to 2025. Hydraulic cylinders offer theadvantage of withstanding corrosive and abrasive environments, extreme temperatures and weatherchanges, and can be used continuously on a long run. These is expected to increase their preference in various end-use industries such as construction, mining, oil & gas, and automotive.

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Several companies in the hydraulic cylinder market are continuously investing in R&D activities to developbetter and upgraded hydraulic cylinders, which would offer better solutions to their clients. Owing to thehigh competitiveness of the hydraulic cylinder market, companies need to upgrade their productsperiodically. The development of smart hydraulic cylinders is one of the key innovations in the market.

The double-acting hydraulic cylinder market is expected to grow at the highest CAGR from 2020 to 2025. This type of cylinders can be used vertically as well as horizontally as they have the mechanism to help the piston to expand and retract each time it pushes or needs to pull an object. Double-acting hydraulic cylinders have a higher demand in mobile applications such as forklifts, earth moving equipment, lifting equipment, and heavy trucks. However, the outbreak of COVID-19 pandemic has affected the prominent players in the industry.The foreseeable decline in the growth of end-user industries such as construction, automotive, and mining may have a considerable direct impact on the hydraulic cylinder market in FY20.

The hydraulic cylinder market with bore size <50 mm is estimated to grow at the highest CAGR over the forecast period. Hydraulic cylinders with bore size <50 mm have lower load-carrying capacity; hence, these cylinders are used to perform light-duty tasks, such as push-pull operations in lightweight equipment, with a maximum operating pressure of 35 to 200 bar. These hydraulic cylinders are used in lighter applications in the manufacturing industries, which do not require strong lifting capacity.

APAC is expected to be the fastest-growing hydraulic cylinder market from 2020 to 2025. Japan and Australia are the major markets for hydraulic cylinders. Countries in APAC, such as Japan and China, are home to major automotive manufacturers and suppliers that are challenged by rising labor costs and increasing lead time due to manual processes. To overcome these challenges, many companies are adopting automated and semi-automated material handling equipment. The application of hydraulic cylinders in material handling equipment ensures the growth of the market in APAC.However, due to the imposition of lockdowns across different countriesin APAC as result of COVID-19 outbreak; companies are facing severe cash flow issues. Halting or slowing down of production of automobiles, aircraft, and material handling equipment in the region has resulted in a decline in demand for hydraulic cylinders.

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Key Market Players

As of 2019, Enerpac Tool Group (US), Bosch Rexroth (Germany), Eaton (Ireland), KYB Corporation (Japan), Parker-Hannifin Corporation (US), Caterpillar (US), SMC Corporation (Japan), Jiangsu Hengli Hydraulic (China), Wipro Enterprises (India), HYDAC (Germany) were the major players in the hydraulic cylinder market.