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EN20113796 |
Pages: 180 |
Oct 2021 |
The global hydraulic cylinders market size was $11,568.7 million in 2020 and is predicted to grow with a CAGR of 5.0%, by generating a revenue of $16,977.3 million by 2028.
Hydraulic cylinders market is gaining huge popularity owing to increase in demand from construction sector. This is majorly owing to the use of hydraulic cylinders in various construction machinery and equipment such as backhoe loaders, earth moving equipment, lifts, cranes, steam rollers, wheel loaders, drilling rigs, and others. Rapid urbanization, industrialization, population growth, and rise in disposable income are the major growth drivers for the construction and hydraulic cylinders market growth.
However, hydraulic fluid leakages in hot areas that may catch fire is estimated to restrain the hydraulic cylinders market share during the forecast period. It is difficult to get rid of fluid leaks in the hydraulic system. If the hydraulic lines burst, it can lead to severe injuries and health issues such as intestinal bleeding, pneumonia, and others.
Technological advancements such as material advances, high level of corrosion resistance, and light weight are anticipated to drive the hydraulic cylinders market size in the coming years. For instance, the main metal part of hydraulic cylinders can operate with very little resistance, however some parts such as seals that were earlier made of leather now include rubber, fabric reinforced elastomers, plastics, and polyurethane. These materials can sustain high level of wear resistance due to which they are widely used in hydraulic cylinders.
According to regional analysis, the Asia-Pacific hydraulic cylinders market accounted for $4,438.9 million in 2020 and is predicted to grow with a CAGR of 5.6% in the projected timeframe.
Hydraulic cylinders are part of hydraulic systems that convert hydraulic energy into mechanical movement. Hydraulic cylinders include incompressible liquid material under pressure that is used to hold, pull, lift, push, or move the equipment or goods. Some of the examples where hydraulic cylinders are used include excavators, construction machinery, agriculture equipment, and others. Hydraulic cylinders generate large amount of power, offers ease and accuracy of controlling the system with the help of levels and push buttons. Various hydraulic cylinders such as single acting cylinder, double acting cylinder, and electric hydraulic cylinder contain fewer moving parts due to which they are more durable and less prone to breakdown.
Global crisis caused by COVID-19 pandemic has affected the functioning of various industries owing to nation-wide lockdown that led to economic downturn. Similarly, the hydraulic cylinders market faced negative impact owing to drastic decline in hydraulic cylinders demand & sales from construction, mining, material handling, and oil & gas sectors. For instance, as stated on May 11, 2021, in the Business Standard, the leading news platform, construction and mining equipment industry experienced 10-12% contradiction in its revenue in the year 2020. The postponement and cancellation of construction projects owing to lockdown imposed across various countries, ban on non-essential activities, non-availability of raw materials, shortage of labors, and economic losses have impacted the hydraulic cylinders market demand. This is because hydraulic cylinders are used in various construction and earth moving machineries such as drilling rigs, lifts, steam rollers, excavators, shovels, hauling, and others. The sale of construction equipment was declined by 20%-40% during pandemic which in turn affected the demand for hydraulic cylinders during the pandemic.
Various initiatives taken by the leading hydraulic cylinders manufacturers to protect the workers from COVID-19 is estimated to drive the market growth. For instance, on May 28, 2021, in the Business Standard, the daily edition newspaper, Wipro Enterprises P, top hydraulic cylinder manufacturer, stopped its production for 3 days to break the COVID-19 chain to enhance safety and wellbeing of its stakeholders. Wipro Enterprises P is leading hydraulic cylinder manufacturer in the world which delivers more than million cylinders to the original equipment manufacturers (OEM) for forestry, material & cargo handling machinery, earthmovers, farm & agriculture equipment, mining, truck tipping, and others.
The heavy-duty machineries and construction equipment used for various purposes during construction such as steam rollers, cranes, forklifts, wheel loaders, drilling rigs, telehandlers, and others use hydraulic cylinders to generate the necessary force for moving the heavy objects. In addition, growing construction activities across the world such as development of smart cities, mega projects, and growing government & private investments in the construction sector are estimated to drive the hydraulic cylinders market size in the upcoming years. For instance, as stated on November 17, 2020, in Invest India, the national investment promotion & facilitation agency, the Indian construction industry is estimated to reach $738.5 million by 2022 and it is anticipated to become third largest construction market in the world. The hydraulic systems including hydraulic cylinders have made their mark in construction industry which has made possible feats of both architecture and engineering which would not have been feasible otherwise. The construction industry is largely dependent on hydraulics for machines such as dozers, power shovels, graders, and excavators as they are reliable and more powerful.
To know more about global hydraulic cylinders market drivers, get in touch with our analysts here.
The slick surfaces create risk due to leaking of hydraulic fluid that creates risk for workers especially in high-risk environment such as heavy industries. Such hydraulic leaks can pose serious threat to the health due to inhalation, ingestion, or accidental injection. Accidental injection occurs when high-pressure hydraulic fluid leaks cause fluid to be rapidly injected into the skin. These factors are estimated to restrain the hydraulic cylinders market growth during the forecast period.
The advancements in hydraulic cylinders such as corrosion resistance due to the use of nitro steel rods compared to chrome-plated cylinder rods are estimated to drive huge growth opportunities in the market. For instance, the use of nitro steel rods offers wear & dent resistance and lubrication resistance. In addition, the chrome-plated rods of hydraulic cylinders are hard and thin that result in oil leaks and failure. In addition, the nitro steel rods operating in rugged environment mighty get nicked or scratched but as there is no plating or coating there is no risk of flaking or delamination. This helps in reducing the risk of hydraulic oil leaks and failure. Such nitro steel rods in hydraulic cylinders can be used across various applications such as industrial, oilfield, marine, construction equipment, and machineries.
To know more about global hydraulic cylinders market opportunities, get in touch with our analysts here.
[TYPEGRAPH]
Source: Research Dive Analysis
The double acting sub-type is anticipated to have a dominant market share and generate a revenue of $10,686.7 million by 2028, growing from $7,075.3 million in 2020. Double acting cylinders move the load in both directions and they are used when machine requires more than one movement. In comparison with single acting cylinders, the double acting cylinders can extend and retract without the need of spring. Single acting cylinder has pressurized air into one port. However, in double acting cylinder, there is the presence of two ports where air can enter in and out. The ability to extend and retract within short period of time makes them more efficient and precise compared to single acting cylinders. Hence, these hydraulic cylinders offer controlled acceleration, excellent repetitive accuracy, precisely definable stroke measurements, and energy saving as the piston always returns to its starting point.
[DESIGNGRAPH]
Source: Research Dive Analysis
The welded hydraulic cylinders sub-segment is anticipated to have a dominant market share and generate a revenue of $8,941.5 million by 2028, growing from $5,904.7 million in 2020. Welded hydraulic cylinders are more durable and can be custom-made for specific applications. This is majorly owing to superior seal packages that increase the life-expectancy of the cylinders. Due to the presence of superior seal packages, the welded hydraulic cylinders can be used across locations that involve contaminants and weathering. Also, welded cylinders are narrower compared to the tie-rod cylinders due to which they can work in the applications where space is a constraint.
[APPLICATIONGRAPH]
Source: Research Dive Analysis
The mobile sub-segment is anticipated to have a dominant market share and generate a revenue of $10,646.1 million by 2028, growing from $7,091.2 million in 2020. Various mobile applications of hydraulic cylinders include agricultural machines, marine equipment, earth moving equipment, and construction vehicles. For instance, in agricultural machines, hydraulic cylinders are used in suspension, lifting, and load handling. Similarly, in mining & construction sector, hydraulic cylinders are used in drilling machines, excavators, and concrete sprayers. Similarly, in forestry and vehicle applications, hydraulic cylinders are used in lifts, steering, harvester heads, and booms.
[REGIONGRAPH]
Source: Research Dive Analysis
The Asia-Pacific hydraulic cylinders market accounted $4,438.9 million in 2020 and is projected to grow with a CAGR of 5.6%. The demand for hydraulic cylinders in Asia-Pacific region is driven by rapid construction activities in developing countries owing to rising population, construction of roads, smart cities, buildings, residential houses, and others. For instance, as stated in February 2021, in trade.gov, the International Trade Organization, China is the largest construction market. Also, China has launched “New Infrastructure” campaign to boost sustainable growth in construction sector and to offset the economic impact of COVID-19. This project will focus on development of 5G networks, data centers, inter-city transportation, inner-city rail systems, new energy vehicle charging stations, and others. The urbanization rate of China is highest in the world. In addition, as stated on January 28, 2020, in the South China Morning Post, Alibaba-owned English-language newspaper, China approved 26 infrastructure projects worth $142 billion in 2019. Hence, growing construction activities in the region that use hydraulic cylinders in various construction equipment is estimated to drive the Asia-Pacific hydraulic cylinders market share during the forecast period.
Source: Research Dive Analysis
Some of the leading hydraulic cylinders market players are Bosch Rexroth AG, Wipro Infrastructure Engineering, Parker Hannifin, Bailey International LLC, Caterpillar, Inc., Aggressive Hydraulics, Inc., Eaton, Enerpac, SMC Corporation, and KYB Americas Corporation.
Porter’s Five Forces Analysis for the Global Hydraulic Cylinders Market:
Aspect | Particulars |
Historical Market Estimations | 2019-2020 |
Base Year for Market Estimation | 2020 |
Forecast Timeline for Market Projection | 2021-2028 |
Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
Segmentation by Type |
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Segmentation by Design |
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Segmentation by Application |
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Key Companies Profiled |
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1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.Type trends
2.3.Design trends
2.4.Application trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Design landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview
4.Hydraulic Cylinders Market, by Type
4.1.Double Acting
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.Single Acting
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
5.Hydraulic Cylinders Market, by Design
5.1.Welded
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Tie-rod
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
5.3.Others
5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028
6.Hydraulic Cylinders Market, by Application
6.1.Mobile
6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028
6.2.Industrial
6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028
7.Hydraulic Cylinders Market, by Region
7.1.North America
7.1.1.Market size and forecast, by Type, 2020-2028
7.1.2.Market size and forecast, by Design, 2020-2028
7.1.3.Market size and forecast, by Application, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028
7.1.6.U.S.
7.1.6.1.Market size and forecast, by Type, 2020-2028
7.1.6.2.Market size and forecast, by Design, 2020-2028
7.1.6.3.Market size and forecast, by Application, 2020-2028
7.1.6.4.Comparative market share analysis, 2020 & 2028
7.1.7.Canada
7.1.7.1.Market size and forecast, by Type, 2020-2028
7.1.7.2.Market size and forecast, by Design, 2020-2028
7.1.7.3.Market size and forecast, by Application, 2020-2028
7.1.7.4.Comparative market share analysis, 2020 & 2028
7.1.8.Mexico
7.1.8.1.Market size and forecast, by Type, 2020-2028
7.1.8.2.Market size and forecast, by Design, 2020-2028
7.1.8.3.Market size and forecast, by Application, 2020-2028
7.1.8.4.Comparative market share analysis, 2020 & 2028
7.2.Europe
7.2.1.Market size and forecast, by Type, 2020-2028
7.2.2.Market size and forecast, by Design, 2020-2028
7.2.3.Market size and forecast, by Application, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028
7.2.6.Germany
7.2.6.1.Market size and forecast, by Type, 2020-2028
7.2.6.2.Market size and forecast, by Design, 2020-2028
7.2.6.3.Market size and forecast, by Application, 2020-2028
7.2.6.4.Comparative market share analysis, 2020 & 2028
7.2.7.UK
7.2.7.1.Market size and forecast, by Type, 2020-2028
7.2.7.2.Market size and forecast, by Design, 2020-2028
7.2.7.3.Market size and forecast, by Application, 2020-2028
7.2.7.4.Comparative market share analysis, 2020 & 2028
7.2.8.France
7.2.8.1.Market size and forecast, by Type, 2020-2028
7.2.8.2.Market size and forecast, by Design, 2020-2028
7.2.8.3.Market size and forecast, by Application, 2020-2028
7.2.8.4.Comparative market share analysis, 2020 & 2028
7.2.9.Spain
7.2.9.1.Market size and forecast, by Type, 2020-2028
7.2.9.2.Market size and forecast, by Design, 2020-2028
7.2.9.3.Market size and forecast, by Application, 2020-2028
7.2.9.4.Comparative market share analysis, 2020 & 2028
7.2.10.Italy
7.2.10.1.Market size and forecast, by Type, 2020-2028
7.2.10.2.Market size and forecast, by Design, 2020-2028
7.2.10.3.Market size and forecast, by Application, 2020-2028
7.2.10.4.Comparative market share analysis, 2020 & 2028
7.2.11.Rest of Europe
7.2.11.1.Market size and forecast, by Type, 2020-2028
7.2.11.2.Market size and forecast, by Design, 2020-2028
7.2.11.3.Market size and forecast, by Application, 2020-2028
7.2.11.4.Comparative market share analysis, 2020 & 2028
7.3.Asia Pacific
7.3.1.Market size and forecast, by Type, 2020-2028
7.3.2.Market size and forecast, by Design, 2020-2028
7.3.3.Market size and forecast, by Application, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028
7.3.6.China
7.3.6.1.Market size and forecast, by Type, 2020-2028
7.3.6.2.Market size and forecast, by Design, 2020-2028
7.3.6.3.Market size and forecast, by Application, 2020-2028
7.3.6.4.Comparative market share analysis, 2020 & 2028
7.3.7.Japan
7.3.7.1.Market size and forecast, by Type, 2020-2028
7.3.7.2.Market size and forecast, by Design, 2020-2028
7.3.7.3.Market size and forecast, by Application, 2020-2028
7.3.7.4.Comparative market share analysis, 2020 & 2028
7.3.8.India
7.3.8.1.Market size and forecast, by Type, 2020-2028
7.3.8.2.Market size and forecast, by Design, 2020-2028
7.3.8.3.Market size and forecast, by Application, 2020-2028
7.3.8.4.Comparative market share analysis, 2020 & 2028
7.3.9.South Korea
7.3.9.1.Market size and forecast, by Type, 2020-2028
7.3.9.2.Market size and forecast, by Design, 2020-2028
7.3.9.3.Market size and forecast, by Application, 2020-2028
7.3.9.4.Comparative market share analysis, 2020 & 2028
7.3.10.Australia
7.3.10.1.Market size and forecast, by Type, 2020-2028
7.3.10.2.Market size and forecast, by Design, 2020-2028
7.3.10.3.Market size and forecast, by Application, 2020-2028
7.3.10.4.Comparative market share analysis, 2020 & 2028
7.3.11.Rest of Asia Pacific
7.3.11.1.Market size and forecast, by Type, 2020-2028
7.3.11.2.Market size and forecast, by Design, 2020-2028
7.3.11.3.Market size and forecast, by Application, 2020-2028
7.3.11.4.Comparative market share analysis, 2020 & 2028
7.4.LAMEA
7.4.1.Market size and forecast, by Type, 2020-2028
7.4.2.Market size and forecast, by Design, 2020-2028
7.4.3.Market size and forecast, by Application, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020 & 2028
7.4.6.Latin America
7.4.6.1.Market size and forecast, by Type, 2020-2028
7.4.6.2.Market size and forecast, by Design, 2020-2028
7.4.6.3.Market size and forecast, by Application, 2020-2028
7.4.6.4.Comparative market share analysis, 2020 & 2028
7.4.7.Middle East
7.4.7.1.Market size and forecast, by Type, 2020-2028
7.4.7.2.Market size and forecast, by Design, 2020-2028
7.4.7.3.Market size and forecast, by Application, 2020-2028
7.4.7.4.Comparative market share analysis, 2020 & 2028
7.4.8.Africa
7.4.8.1.Market size and forecast, by Type, 2020-2028
7.4.8.2.Market size and forecast, by Design, 2020-2028
7.4.8.3.Market size and forecast, by Application, 2020-2028
7.4.8.4.Comparative market share analysis, 2020 & 2028
8.Company profiles
8.1.Bosch Rexroth AG
8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis
8.2.Wipro Infrastructure Engineering
8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis
8.3.Parker Hannifin
8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis
8.4.Bailey International LLC
8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis
8.5. Caterpillar, Inc.
8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis
8.6.Aggressive Hydraulics, Inc.
8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis
8.7.Eaton
8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis
8.8.Enerpac
8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis
8.9.SMC Corporation
8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis
8.10.KYB Americas Corporation
8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis
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