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

The global hydraulic cylinder market size was valued at USD 10.94 Billion in 2018 and is projected to reach USD 14.66 Billion by 2026, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period. The global hydraulic cylinders industry is driven by growing technological advancements in the hydraulic industry. 

Combining hydraulic cylinders with electronics for enhanced functionality, increased accuracy, improved and controlled performance in various applications is expected to be a key factor for the market growth. Modern hydraulic cylinder technologies comprise of multi-stage and complex linear telescopic cylinders and rotary actuators for a wide range of construction equipment. The global construction industry is estimated to grow by 85% to USD 8 trillion in the forecasted period, leading to market demand.

Implementation of split pump Intelligent Flow Control (IFC) architecture in side-wheel loader enhanced the systems load-sensing capability, steering and implement control functionality, increasing the demand of advanced side wheel loaders by driving the overall hydraulic cylinders market growth. Parker Hannifin Corp. has developed an innovative IFC implemented wheel loader that reduces system complexity by increasing efficiency and performance by its multi-functioning and optimal energy balance by becoming a key driving factor for the growth in demand of hydraulic cylinders.

"Rapid industrialization with increasing construction and the infrastructural sector is expected to be the fastest-growing end-use industry in Market"

As per the research of the Global Construction Perspective (GCP) and Oxford Economics, the value of the construction industry is likely to grow by 85% to USD 15.5 trillion by 2030, with three leading countries- China, the U.S. and India, valued 57% of global growth in the construction sector. Technological advancements such as Industry 4.0 is one of the key growth factors in the construction and infrastructure industry, thus leading to advancement in market trend. 

MARKET SEGMENTATION

Double acting hydraulic cylinders comprise more than 75% of the hydraulic cylinder market revenue, as they are used for heavy and large construction and manufacturing equipment. These cylinders derive power from full and annular bores by applying force in both the directions, pressurized with hydraulic fluids- mostly oil, that are used for mounting on flanges, clevises, and lugs for machine functions. Double acting hydraulic cylinder has been dominating the market with global revenue of approximately USD 7 billion in 2017 and is expected to drive the market growth for mobile equipment in the near future.

Single-acting hydraulic cylinders are pressurized with fluid from one side of the piston by maintaining the volume on the other side of the piston, usually mounted on springs of lift truck. Although these cylinders work on single-direction power operation, they have fewer industrial applications, thus have less market share.

Within the product type segment, Welded hydraulic cylinders hold the major market share as they are implemented in the heavy mobile equipment for carrying heavy loads and provide customizations for specific applications. Welded cylinders comprise more than 60% market shares and are expected to generate a revenue of approximately USD 11 million over the forecasted period. These cylinders provide appropriate products and services to contractors by providing construction equipment (excavators, bulldozers, etc.) and material handling equipment (telescopic handlers, fork-lift trucks, etc.) embedded with fine quality of hydraulic cylinders.

Tie rod hydraulic cylinders are manufactured using high strength threaded steel rods usually used in light to medium machinery, most often seen in industrial applications. The installation unit of tie rod cylinders varies according to their usage in various applications. For example, large bore cylinders require 16-20 tie rods wherein small bore cylinders usually have 4 tie rods in order to retain tremendous forces produced. The National Fluid Power Association (NFPA) has standardized dimensions for tie rod hydraulic cylinders, to maintain stability with mounting dimensions of different manufacturers. For instance, Parker Hannifin has designed its tie rod cylinders to be fatigue-free at maximum pressure with ensured safety factor and long working life of the cylinder.

Mobile equipment holds major hydraulic cylinders market share as the equipment such as cranes, telescopic handlers and forklifts are installed with high-quality hydraulic cylinders, thus poised for significant market growth in the coming years. As per research, the global demand for mobile equipment is expected to rise USD 7.3 billion at a growth rate of 5% annually, in the near future. Major market players are implementing advance hydraulic technologies by integrating electronic components with hydraulic systems. For example, Parker Hannifin Corp. provides a wide range of hydraulic cylinders and engineered products for the mobile equipment using their personalized hydraulic technology at Parker’s Hydraulic Technology Center (HTC).

Industrial equipment includes machine tools for metal casting, forging, shaping and sheering for manufacturing industrial equipment used in a variety of applications, influencing the demand of hydraulic cylinders in the market. According to the research, usage of industrial equipment is likely to witness positive growth, thus driving the market evolution over the forecasted period. Association of Equipment Manufacturers (AEM) stated that the investment for industrial equipment is expected to reach approximately USD 90 billion, comprising nearly 3% hydraulic cylinders market growth.

According to the secondary sources, the construction industry is expected to exhibit the highest CAGR of 2.7% in 2019. Utility construction defines the public and private construction such as private housing, office construction, infrastructure and retail construction that hold the major market shares in the construction sector. The overall market growth for the hydraulic cylinders in the construction sector is expected to improve by 7.2% in the near future, as the total investment in the residential construction was estimated to USD 501.7 billion and USD 732.8 billion for the non-residential construction in 2018.

Hydraulic cylinders are widely used in agricultural equipment such as loaders, harvester, tractors, seed-conveyors and other equipment, likely to surge the hydraulic cylinder market trend in the forecasted period. As per the multiple sources, the global agricultural machinery market is projected to reach USD 282 billion at CAGR of 8.7% in the near future. The World Bank Group is a leading financier of rural agriculture with committed investments of USD 6.8 billion in 2018. The global population is projected to expand to 9 billion by 2050, impacting the increasing demand for agricultural machinery, this; in return, is expected to drive the global market.

The aerospace industry is segmented into commercial aerospace that consumes a significant amount of hydraulic and pneumatic cylinders used in aircraft (landing gears, door actuation, fuel systems, etc.) and ground service equipment (baggage handling equipment, aircraft repair equipment, etc.). The annual production of aircraft is estimated to grow steadily from 1,500 per year in 2018 to 1,700 per year in 2026. According to the present analytical results of industry experts, the global aircraft ground support equipment market is estimated to grow at a CAGR of 5% with USD 526 million, wherein the global defense sector is driven by the U.S. military expenditures of approximately USD 680 billion, this; in return is expected to drive the global market growth.

REGIONAL ANALYSIS

Prominent market players are investing in the market, for providing services to end-use industries such as construction, agriculture, aerospace and defense, mining, marine, and others. The global construction industry is expected to be driven by three leading countries namely- China, the U.S., and India in the forecasted period. The U.S. construction sector will grow faster than China in the coming years, as China’s growth may slow down due to decreasing housing construction output. Government funding for infrastructure construction in the U.S. grew 4% from USD 8.4 billion in 2014 to USD 9.6 billion in 2018, leading to the overall market growth of hydraulic cylinders. The increasing population in India is likely to drive the construction sector by USD 2.4 million in the coming years, this, in return will drive the hydraulic cylinders market growth in APAC. The Canadian aerospace and defense industry is likely to exhibit the highest growth rate, as the demand for civil aircraft is increasing in the coming years. Canadian government estimated the value of investments in hydraulic equipment of USD 27 billion over the forecasted period, leading to growth in the demand of hydraulic cylinders.

KEY PLAYERS

"Among the key market players Bosch Rexroth AG, Eaton, Parker Hannifin Corp., and Bucher Hydraulics GmbH are expected to dominate the global hydraulic cylinders market"

Bosch Rexroth AG provides industrial machines and engineered products such as hydraulic, gears, electric drives, casting molds and welding equipment, becoming one of the major market player by investing USD 7.07 billion in 2018 for its research and development (R&D), with increasing R&D investment intensity of 9%. Bearing Man Group (BMG), which represents Eaton Hydraulics in Africa through the distribution of power management solutions for electrical, hydraulic and mechanical power has gained authorized center for the technical assessment of Eaton Hydraulics. Eaton’s total R&D expense for the year 2018 valued USD 584 million. Parker Hannifin Corporation introduced a new hydraulic cylinder designing 3D CAD tool for quick, easy and accurate cylinder designs. Total R&D expenses of Parker Hannifin Corp. for the year 2018 amounted to USD 327.9 million, USD 336.7 million in 2017 and USD 359.8 million in 2016 respectively. These prominent players provide advance hydraulic cylinders for varied end-use industries and account for major hydraulic cylinder market shares.

LIST OF KEY COMPANIES PROFILED :

• Bosch Rexroth AG


• Enerpac


• PARKER HANNIFIN CORP


• Wipro Infrastructure Engineering


• SMC Corporation.


• Bucher Hydraulics GmbH


• Precision Hydraulic Cylinders


• KYB Americas Corporation


• Eaton


• WEBER-HYDRAULIK GMBH

REPORT COVERAGE

This report provides quantitative and qualitative data on the construction, aerospace and defense and agriculture industry, where the hydraulic cylinders play a major role in the market, along with detailed analysis of market size, demand, sales and growth rate for all segments in the market. The market is segmented by function, product type, application and end-use industry on global as well as regional level. Base on function, the global market is categorized into single-acting hydraulic cylinder and a double-acting hydraulic cylinder. Based on the product type, the market is segmented into welded cylinder, tie rod cylinder and others. Based on the application, the market constitutes of industrial equipment and mobile equipment. Based on end-use industry, the market constitutes of construction, agriculture, aerospace & defense, forestry, marine, and others. By region, the market is segmented into five major regions, North America, Europe, Asia-Pacific, Middle East & Africa and Latin America, wherein the regions are further segmented into countries.

This report also provides a profound analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the importance of market trends, recent industry developments, technological advancements, mergers & acquisitions, consolidated SWOT analysis of key players and Porter’s Five Forces analysis.

Report Scope& Segmentation

INDUSTRY DEVELOPMENT

• February 2019: Enerpac introduced new single-acting, low-height telescopic hydraulic cylinder for longer cylinder stroke applications, that will minimize the time and simply the operation by moving heavy loads at a greater distance


• March 2018: Parker Hannifin Corporation announced a new HCR sub-sea hydraulic hose to withstand the collapsing forces deep down in the sea for applications such as BOP stacks, hydraulic flying leads, sub-sea hydraulics, etc.