"We Envision Growth Strategies Most Suited
to Your Business"
The Global Hydraulic Cylinders Market was valued at US$ 10.94 Bn in 2018 and is anticipated to reach US$ 14.66 Bn by 2026. Furthermore, the market is expected to rise at a CAGR of 4.3% during the forecast period. Fortune Business Insights in a new study, titled “Hydraulic Cylinders Market Size, Share and Global Trend 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 Geography Forecast till 2026” predicts the market potential to evolve owing to their increasing adoption among several industries.
Hydraulic cylinders have the ability to increase efficiency, accuracy, and enhance functionalities, favoring the growth. Technologies used in hydraulic cylinders include rotary actuators and multi-stage linear telescopic cylinders. The market demand is expected to increase on account of growing industrialization in the construction industry.
Side-wheel loader hydraulic systems are in-built with split pump intelligent flow control or IFC, which ensures that the systems have load-sensing capability and better control functionality. Enabled by this, the demand for advanced side wheel loaders is increasing, which further drives the market. For instance, Parker Hannifin Corp. has developed a new and advanced wheel loader integrated with IFC. The adoption of this product can reduce system complexity by increasing performance and efficiency and performance. Such product developments are expected to enable growth in the market.
As per function, double-acting hydraulic cylinders cover 75% of the global market. The demand for single-acting hydraulic cylinders is expected to increase in the foreseeable years. As per product, welded hydraulic cylinders are expected to account for a US$ 11 million over the projected horizon. The market to witness demand for tie rod products in medium-scale industrial machinery. As per application, mobile equipment is poised to hold a major share in the market than industrial by 2026. Spurred by this, the hydraulic cylinders market share is expected to increase through the forecast years.
Enerpac Introduces Advanced Hydraulic Cylinder
The report profiles some of the leading companies in the global market. These include Bosch Rexroth AG, Eaton, SMA Corporation, Parker Hannifin Corp., Enerpac and Bucher Hydraulics GmbH. Bosch Rexroth AG invested around US$ 7.07 billion in 2018 for research and development (R&D) activities. The company plans to become one of the major market players in offering products such as hydraulic, welding equipment, electric drives, gears, and casting moulds. In March 2019, Eaton Hydraulics and Bearing Man Group (BMG) enhanced their well-established partnership. Now, BMC is authorized to offer technical assessment to Eaton Hydraulics and further boost customer support. Another company called Parker Hannifin Corporation announced the introduction of a novel hydraulic cylinder to strengthen its product portfolio. These players offer a wide range of advanced hydraulic cylinders and account for the major share in the market. Such industry developments are expected to spur the hydraulic cylinders market revenue during the forecast period. Major players offer hydraulic cylinder services to industries such as construction, mining, aerospace and defense, marine among others.
Increasing Population in India to Boost Market Growth in Asia Pacific
Presently, the construction industry is gaining maximum attention from countries such as China, India, and the U.S. Moreover, the contribution of U.S is expected to increase than China, as China witnesses’ sluggish growth in the housing construction sector. The rising support from governments in the U.S. increased by 4% from 2014. In 2014, it was US$ 8.4 billion and in 2018, governments funded around US$ 9.6 billion. Considering this, the market is expected to report strong growth in the U.S.
Increasing population in India is driving the construction sector, which in turn, is stimulating the hydraulic cylinders market size in Asia Pacific. The rising demand for civil aircraft in the Canadian aerospace & defense industry will encourage the market to exhibit the highest growth rate. The Canadian government plans to invest around US$ 27 billion in hydraulic equipment in the forecast period. Influenced by this, the demand for hydraulic cylinders is expected to increase in the forecast years.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/hydraulic-cylinders-market-101356
The global hydraulic cylinders market can be segmented into the following categories:
By Product Type
By End-Use Industry