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 construction, mining, and oil and gas industries all have increasing need for heavy construction and mining vehicles, which is driving the industry forward.
The increasing usage of material handling equipment across sectors throughout the world is a primary driver of market expansion.
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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.
Based on specification of hydraulic cylinder, 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.
During the forecast period from 2022 to 2027, the double-acting segment is likely to have a greater proportion of the hydraulic cylinder market based on function. These cylinders are employed in aircraft, automotive, agriculture, and a variety of other industries because of their ability to retract. Mobile applications like as lifting equipment, earth moving equipment, forklifts, and heavy trucks have a larger demand for these cylinders. Double-acting hydraulic cylinders are used to open and close drawers in presses and chippers, as well as all forms of lifting and lowering machines like excavators and cranes.
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