Growth of Construction and Mining Industries Necessitating Production of Efficient Hydraulic Cylinders Delivering Consistent Torque
New York, July 31, 2023 (GLOBE NEWSWIRE) -- The global hydraulic cylinder market is valued at US$ 14.43 billion in 2023 and is projected to expand at 4.5% CAGR from 2023 to 2033, according to the latest industry analysis by Persistence Market Research. The global hydraulic cylinder market is projected to reach a size of US$ 22.45 billion by the end of 2033. Electric Over Hydraulic Cylinder
A hydraulic cylinder is a linear actuator that helps in generating an automatic force in a straight line either by pulling or pushing. Hydraulic cylinders can be likened to muscles within a machine's hydraulic system as they are responsible for generating movement.
Hydraulic cylinders find extensive use in various industries such as the food industry, construction projects, metal fabrication, and waste management. They operate by enabling the movement of the piston rod back and forth. The market offers a diverse array of hydraulic cylinder products, including tie-rod cylinders, threaded cylinders, welded hydraulic cylinders, bolted/mill-type cylinders, and telescopic cylinders, among others.
Welded cylinders and tie rod cylinders are commonly employed in different applications, selected based on specific requirements, task compatibility, and desired performance characteristics.
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Increasing use of hydraulic cylinders in various applications such as the automotive, construction, and industrial sectors has created the need for more efficient and effective hydraulic cylinders. This drives the development of new and improved hydraulic cylinders, which further stimulates the growth of the hydraulic cylinder market.
The construction and mining industry, especially in developing countries, has been experiencing significant growth, leading to rising demand for essential equipment. Hydraulic cylinders play a crucial role in ensuring consistent torque and reliable performance for important equipment used in mining and construction applications.
Growing emphasis on safety and quality control in the construction industry has boosted the demand for high-quality hydraulic cylinders that comply with stringent safety regulations. This has encouraged manufacturers to invest in the development of new and improved hydraulic cylinders that meet the evolving needs of the industry. Focus on technologically advanced products is a major driver for the market.
Key Takeaways from Market Study
The global hydraulic cylinder market is forecasted to expand at a CAGR of 4.5% through 2033.
The market is estimated to reach a value of US$ 22.45 billion by the end of 2033.
Sales of welded hydraulic cylinders are projected to rise at a CAGR of 4.9% during the forecast period.
The market in China is forecasted to increase at 6% CAGR from 2023 to 2033.
“To succeed in the hydraulic cylinder market, manufacturers are focusing on developing sustainable products, establishing strong supply chain connections, investing in technological advancements & quality improvement, and staying abreast of market trends,” says a Persistence Market Research analyst.
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The market for hydraulic cylinders presents significant opportunities for manufacturers. Companies are investing in the development of innovative and sustainable products to penetrate new markets. Key players are focusing on the development of smart, durable, and robust hydraulic cylinders, which are typically cost-effective, also making them an attractive option for key end users.
Key Players: Important Key Players are Bosch Rexroth AG, Actuant Corporation, Danfoss, Parker Hannifin Corp, Caterpillar Inc., Jiangsu Hengli Hydraulic Co., Ltd., HYDAC, Wipro Enterprises Limited, SMC Corporation, Weber-Hydraulik GmbH, Pacoma GmbH, Texas Hydraulics, Inc, JARP Industries, Inc, Liebherr Group, Best Metal Products Company, Inc., Pennar Industries Ltd, Bucher, Orsta Hydraulik GmbH, KYB Corporation and more
here are some recent developments of companies in the hydraulic cylinders market:
Parker Hannifin Corporation announced the launch of its new HCR sub-sea hydraulic hose in 2018. The hose is designed to withstand the collapsing forces deep down in the sea for applications such as BOP stacks, hydraulic flying leads, and sub-sea hydraulics.
Wipro Infrastructure Engineering acquired PARI, India's largest industrial automation company, in 2020. The acquisition will help Wipro to expand its product portfolio and strengthen its position in the hydraulic cylinders market.
Eaton Corporation launched its new line of hydraulic cylinders for mobile equipment in 2021. The cylinders are designed to meet the needs of the construction, mining, and agricultural industries.
Hengli Hydraulic, a Chinese manufacturer of hydraulic cylinders, announced the opening of a new production facility in 2022. The facility will help Hengli to meet the growing demand for hydraulic cylinders in China and other parts of the world.
Persistence Market Research, a market research and consulting firm, has published a new market research report on the global hydraulic cylinder market that contains industry analyses for 2018 to 2022 and an opportunity assessment for 2023 to 2033.
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The report provides an in-depth analysis of the market through different segments, namely bore type, product type, operating principle, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
Type: Hydraulic cylinders can be classified into several types based on their construction and function, such as: Tie-Rod Cylinders, Welded Cylinders, Telescopic Cylinders, Mill-Type Cylinders, Threaded Body Cylinders
Application: Hydraulic cylinders find use in a wide range of applications across various industries, including: Construction Equipment, Industrial Machinery, Aerospace and Defense, Automotive, Agriculture and Farming, Material Handling, Oil and Gas, Mining and Exploration
Bore Size: Hydraulic cylinders come in different bore sizes to accommodate various force and load requirements.
Operating Pressure: The market can also be segmented based on the operating pressure capabilities of the hydraulic cylinders, which vary depending on the application.
End-Use Industry: The market can be segmented by the end-use industries that utilize hydraulic cylinders, such as manufacturing, construction, aerospace, agriculture, and more.
Region: Geographical regions can also be considered for segmentation to understand the demand and market dynamics in specific areas.
For additional insights on how the global hydraulic cylinder market will shape up over the decade, write to media@persistencemarketresearch.com
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