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Global hydraulic cylinders market is expected to witness a remarkable growth during the forecast period, 2021-2028, owing to high demand from end-use industries. The Asia-Pacific region is expected to lead in the global market by 2028.
NEW YORK , Oct. 19, 2021 /PRNewswire/ -- Research Dive has published a report titled, "Hydraulic Cylinders Market by Type (Double Acting and Single Acting), Design (Welded, Tie-rod, and Others), Application (Mobile and Industrial), and Regional Analysis (North America , Europe , Asia-Pacific , and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028."
The Global Hydraulic Cylinders Market is anticipated to generate a revenue of $16,977.3 million at a CAGR of 5.0% by 2028 increasing from $11,568.7 million in 2020.
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The Asia-Pacific Hydraulic Cylinders Market is expected to dominate the market during the analysis period. The market generated $4,438.9 million in 2020 and is further expected to continue to dominate with a CAGR of 5.6% during the analysis period. Due to the rapid urbanization in the regional countries the construction activities are increasing, which has boosted the demand of hydraulic cylinders. This is main factor enhancing the growth of the hydraulic cylinders market during the forecast period.
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Drivers: With the rising construction activities in the developing countries, the demand of hydraulic cylinders has been increased. Hydraulic cylinders are used in the construction and mining industries for moving heavy-duty machineries and construction equipment including forklifts, cranes, steam rollers, telehandlers, wheel loaders, and drilling rigs. These are the factors contributing to the growth of the hydraulic cylinders market during the forecast period.
Restraint: Hydraulic fluid can be proved hazardous to the health of the workers. Leakage of hydraulic fluid can cause serious risk to health such as ingestion, inhalation, and accidental injection. This is one of the major restraining factors of the market.
Opportunity: With the help of advanced technology, hydraulic cylinders are now corrosion resistant, which is creating many opportunities for the hydraulic cylinders market in the forthcoming years.
Key Segment Highlights of the Hydraulic Cylinders Market
The report has divided the hydraulic cylinder market into different segments based on type, design, application, and regional analysis.
Type: The double acting sub-segment is expected to generate the maximum revenue of $10,686.7 million by the end of 2028, surging from $7,075.3 million in 2020. The main attributors behind the growth of the market include its outstanding features. The features include controlled acceleration, excellent repetitive accuracy, and precisely definable stroke measurements.
Design: The welded hydraulic cylinders sub-segment is estimated to garner the highest revenue share of $8,941.5 million during the forecast period, rising from $5,904.7 million in 2020. The main attributors behind this growth include the beneficial factors of welded cylinders. The factors include the durability of welded hydraulic cylinders, custom-made features for different applications, and greater quality seal packages enhancing life-expectancy of the cylinders.
Application: The mobile sub-segment is predicted to garner the highest revenue of $10,646.1 million by the end of 2028, increasing from $7,091.2 million in 2020. Hydraulic cylinders have many mobile applications including marine equipment, agricultural machines, construction vehicles, and earth moving equipment. This is expected to be the main factor behind the growth of the sub-segment during the forecast period.
Negative of COVID-19 on Hydraulic Cylinders Market – Comprehensive Analysis Report
The global hydraulic cylinders market has been impacted in a negative way during the coronavirus pandemic. This is mainly because of the decline in the demand of hydraulic cylinders by the end-users because of the temporary shutdowns or postponement of construction and mining activities. As the lockdown was imposed across various countries, the supply chain came to a sudden halt, and thus the hydraulic cylinders market also witnessed a negative impact. However, the global market is expected to revive soon after the lockdown and restrictions are lifted.
Access Our Comprehensive Analysis of the Impact of Covid-19 on Hydraulic Cylinders Market
Top 10 Key Players of Hydraulic Cylinders Market & Their Development Strategies
The most prominent players of the global hydraulic cylinders market include –
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in June 2020 , Caterpillar Inc., the world-leader in construction and mining equipment manufacturer acquired Marble Robot, Inc., a robot and autonomy technology solutions company based out of California .
This acquisition is aimed to leverage the excellent expertise of the Marble Robot to bring scalable solutions to meet the changing requirements in the construction, quarry, industrial and waste industries.
More about Hydraulic Cylinders Market:
The Global Hydraulic Cylinders Market to Experience Significant Growth Owing to Rapid Construction Activities across the World
Hydraulic Cylinders Market: Strategic Agreements, Company Acquisitions, and Investments to Propel the Industry Growth
Different Types of Hydraulic Cylinders and a Brief Insight into the Design of Each Type
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Research Dive is a market research firm based in Pune, India . Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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