According to a new report published by Allied Market Research, titled,"Hydraulic Cylinders Market by Function, Design, and Bore Size: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global hydraulic cylinders market is expected to reach $16,333.1 million by 2025, from $11,055.5 million in 2017, growing at a CAGR of 5.1% from 2018 to 2025. The double acting cylinder segment dominated the global market in terms of revenue, accounting for more than 75% share in 2017 and is expected to witness significant growth during the forecast period.
Hydraulic cylinders are mechanical equipment that offer linear movement for lifting heavy loads or handling bulky materials in industrial and mobile applications. These cylinders are used in construction, load lifting, and equipment handling machinery. Based on function, it is categorized into single acting cylinders and double acting cylinders. The hydraulic cylinders consist of cylinder barrel, base, head, piston, piston rod, and seals.
The growth of the global hydraulic cylinders market is driven by rise in the material handling equipment industry. Increase in new technologies such as SGH wire-actuated encoders, which measure the cylinder stroke in the hydraulic cylinder, boost the demand for hydraulic cylinder across the world. Growth in the construction equipment market is anticipated to provide potential opportunities for the key players operating in the market. However, hydraulic cylinders are expensive, and its maintenance & operation costs are very high. This factor restricts the growth of the global hydraulic cylinders market. Rise in labor cost in construction and mining activities is expected to offer growth opportunities for the hydraulic cylinder industries in near future.
The double acting cylinders segment accounted for $8313.6 million of the global hydraulic cylinder market in 2017 and is projected to grow at a CAGR of 5.2% during the forecast period. Based on design, the welded cylinders segment is expected to account for the highest market share throughout the forecast period. The double acting cylinders are extensively used for lifting loads and handling materials in the construction sector, which boost their demand in the market.
Based on bore size, the 51mm to 100mm segment is expected to account for the largest share in the global market during the forecast period owing to increase in use of material handling equipment in Asia-Pacific. This is attributed to the new hydraulic cylinders such as telescopic cylinder and plunger cylinder.
Key Findings of the Hydraulic Cylinders Market:
In 2018, the double acting cylinder segment dominated the global hydraulic cylinders market, in terms of revenue, and is projected to grow at a CAGR of 5.2% during the forecast period.
The less than 50mm bore size segment is anticipated to grow at a CAGR of 6.0% during the forecast period.
The welded cylinders generated $6,578.00 million revenue in 2017 and is anticipated to grow at a significant CAGR.
Prominent players, such as Actuant Corporation, Bosch Rexroth AG, Caterpillar Inc., Eaton Corporation Plc, Jarp Industries, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Parker Hannifin Corporation, Texas Hydraulics, and Wipro Enterprises Limited., have adopted new product launch as their key strategy to expand their market foothold.