April 28, 2020
According to the research report titled ‘Global Hydraulic Cylinder Market Size study, by Function (Double-Acting Hydraulic Cylinders, and Single-Acting Hydraulic Cylinders), by Specification (Welded Cylinders, Tie-Rod Cylinders, Telescopic Cylinders, and Mill-Type Cylinders), by Bore Size(<50 MM, 50–150 MM, and >150 MM), by Industry (Construction, Aerospace & Defense, Material Handling, Agriculture, Mining, Automotive, Marine, Oil & Gas, and Others) And Regional Forecasts 2019-2026’, available with Market Study Report LLC, global hydraulic cylinder market was worth USD 14.31 billion in 2018 and is expected to expand with a CAGR of 5.2% during 2019-2026.
Growing demand for material handling equipment is a prime factor driving the growth of worldwide hydraulic cylinder market. Increasing application of the product in construction industry along with rising adoption of mining equipment are further aiding the market expansion.
Hydraulic cylinders are widely used in various industry verticals such as manufacturing, marine and agriculture among others. Advancements in manufacturing processes is fostering the demand for hydraulic cylinders across the globe. However, high costs of manufacturing as well as maintaining the product may act as a hindering factor to the overall hydraulic cylinder market growth.
Based on functional spectrum, the market is categorized into single-acting hydraulic cylinders and double-acting hydraulic cylinders. While, as per specifications, hydraulic cylinder industry is split into mill-type cylinders, telescopic cylinders, tie-rod cylinders, and welded cylinders.
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As per the regional scope, North America accounts for a reasonable share of worldwide hydraulic cylinders market, primarily due high concentration of market majors in the region. Advancements in marine and agriculture sectors are also favoring the market outlook in North America.
The prominent companies operating in hydraulic cylinder industry are Hydac, Wipro Enterprises, Jiangsu Hengli Hydraulic, SMC Corp., Parker Hannifin, KYB Corp., Eaton, Caterpillar, Bosch Rexroth and Actuant. These market majors are concentrating on R&D activities and various business-centric strategies to expand their regional presence.