July 20, 2022 09:02 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- The global hydraulic cylinders market will exhibit a CAGR of 4.3% between 2019 and 2026, and is estimated to reach USD 14.66 Billion by 2026, as against USD 10.94 Billion in 2018. Growing technological advancements in the hydraulics industry is the primary factor responsible for positively affecting the hydraulic cylinder market growth. Fortune Business Insights in a new report, titled “Hydraulic Cylinders Market Size, Share and Industry Analysis By Function (Single Acting Hydraulic Cylinder, Double Acting Hydraulic Cylinder), By Product Type (Welded Cylinder, Tie Rod Cylinder & Others), By Application (Industrial Equipment & Mobile Equipment), By End-Use Industry (Construction, Agriculture, Aerospace and Defence, Forestry, Marine & Others) and Regional Forecast, 2019 - 2026” highlights some of the current hydraulic cylinders trends in the forecast years.
Using hydraulic fluids, hydraulic cylinders convert hydrostatic energy into mechanical energy. These fluids include synthetic oils, emulsions, and mineral oils. The adoption of hydraulic cylinders in increasing owing to their improved accuracy, better functionality, and controlled performance in several applications.
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Demand for Hydraulic Cylinders to Rise on Account of Rapid Industrialization
The growing construction industry is expected to augment the hydraulic cylinders market demand in the forecast years. As per a study by the Global Construction Perspective (GCP) and Oxford Economics, the construction industry is expected to reach US$ 15.5 trillion by 2030. Majority of the growth comes from countries such as India, China, and the U.S. This, along with technological developments in construction and infrastructure industry, is expected to further advance the hydraulic cylinders market trend. Demand for these cylinders is expected to increase from other end-use industries such as Aerospace and Defence, Agriculture, Marine, Forestry, and others. Of these, analysts found that agriculture covered 21.4% of share in the global market in 2018. The World Bank made an investment of US$ 6.8 billion in 2018 in rural agriculture. As per research studies, the world population is projected to reach 9 billion by 2050. This is likely to fuel demand for agricultural machinery, driving the hydraulic cylinders market.
COVID-19 is an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the forecast period. The COVID-19 pandemic has had a negative impact on the global Hydraulic Cylinders Market.
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Double-acting Hydraulic Cylinders to Lead the Market
As per function, double-acting hydraulic cylinders are likely to hold around 75% of the share in the hydraulic cylinders market. These cylinders are primarily used for manufacturing and heavy construction equipment. Owing to their rising demand than single-acting cylinders, these are expected to lead the market through the forecast years.
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Welded Hydraulic Cylinders to Hold 60% of the Share
Welded products are mainly used in heavy mobile equipment for lifting heavy loads and offer customizations as per requirements. These products are likely to cover 60% of the share during the forecast period. Apart from welded products, tie rob hydraulic cylinders are generally used in light and medium industrial machines. The National Fluid Power Association (NFPA) has set standard dimensions for these cylinders in order to maintain stability. For instance, Parker Hannifin’s tie rob cylinders are fatigue-free and work at maximum pressure to ensure safety and reliability of its cylinders.
Mobile Equipment to Cover Majority of the Share by 2026
As per application, the demand for mobile equipment is increasing in telescopic handlers, cranes and forklifts as these are fitted with high-quality hydraulic cylinders. Industrial Equipment is used in several applications such as metal casting, shaping, forging, and sheering, fueling demand for hydraulic cylinders.
Countries Such as India, China, and the U.S. Significantly Contribute to the Market Growth
Governments are increasingly granting funds to infrastructure companies in the U.S. This will help the market to grow considerably. Moreover, the construction sector in the U.S. is likely to grow at a faster rate than China as the country witnesses’ a slowdown in housing construction. Currently, countries such as China, India, and the U.S. contribute to the hydraulic cylinder market revenue. The rising population in India is expected to drive the construction industry, which as a result, enables growth in the market in APAC.
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