According to the new research report, the "Hydraulic Cylinder Market with COVID-19 Impact, by Function (Double-acting & Single-acting), Specification (Welded, Tie Rod, Telescopic, and Mill Type), Application, Bore Size (<50 MM, 50–150 MM, & >150 MM), Industry and Region - Global Forecast to 2027", published by MarketsandMarkets™, 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. Government initiatives to revive infrastructural
projects across countries have helped the demand for hydraulic cylinders to
grow, owing to their increased adoption in construction and material handling
industries. Increasing farm mechanization across regions, especially in APAC,
and globally increasing mining exploration activities have also promoted the
growth of the hydraulic cylinder market.
Ask for PDF
Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252743122
Double-Acting
Hydraulic Cylinders to Account for Larger Share of Hydraulic Cylinder Market
During Forecast Period
The double-acting
segment is expected to hold a larger share of the hydraulic cylinder market
during the forecast period from 2022 to 2027. Owing to the retraction property
of these cylinders, they are used in aerospace, automotive, agriculture, and
several other industries. These cylinders have a higher demand in mobile
applications such as lifting equipment, earth moving equipment, forklifts, and
heavy trucks. Double-acting hydraulic cylinders are suitable in presses and
chippers for opening and closing drawers and all types of raising and lowering
devices such as excavators and cranes.
Welded Hydraulic
Cylinders to Account for Largest Share of Hydraulic Cylinder Market during
Forecast Period
Welded hydraulic
cylinders held the largest share of the hydraulic cylinder market in 2021. The
large market size of welded hydraulic cylinders can be attributed to their
dominance in mobile hydraulic applications such as construction equipment,
material handling equipment, mining equipment, and forklifts. These are mainly
preferred where space is a constraint due to their short length and compact
design, enabling them to fit better into the tight confines of machinery. They
are more durable than tie-rod cylinders and do not suffer from failures due to
tie rod stretch at high pressures and long strokes.
Agriculture Industry
to Register Highest CAGR in Hydraulic Cylinder Market During Forecast Period
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.
Browse in-depth
TOC on "Hydraulic Cylinder Market"
196 – Tables
65 – Figures
245 – Pages
Inquiry before Buying:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=252743122
Mobile Equipment to
Hold Larger Share of Hydraulic Cylinder Market During Forecast Period
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.
Hydraulic Cylinders
with Bore Size of 50–150 MM to Hold Largest Market Share During Forecast Period
Hydraulic cylinders
with a bore size ranging from 50 to 150 mm held the largest share of the
hydraulic cylinder market in 2021. These hydraulic cylinders find applications
in many types of construction, earthmoving, material handling, and agricultural
equipment. Increasing construction activities, rapidly developing storage and
material handling infrastructure, and the modernization of agriculture
equipment have fueled the demand for hydraulic cylinders with a bore size
ranging from 50 to 150 mm.
APAC to Witness
Highest CAGR in Hydraulic Cylinder Market During Forecast Period
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.
No comments:
Post a Comment