NEW YORK, June 10, 2021 /PRNewswire/ -- Global hydraulic cylinder sales are set to be valued at over US$ 14 Bn in 2021, with stable long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 4.5% CAGR from 2021 to 2031. Growing prominence of industrial and mobile equipment has led to heightened demand for hydraulic cylinders. Rapid technological advancements are also projected to complement market growth over the coming years.
Demand forhydraulic cylinders waned in 2020 due to the COVID-19 pandemic. However, demand for mobile industrial equipment is in a recovery mode, which bodes well for the sales of these cylinders in future. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
Key Takeaways from Market Study
Demand for hydraulic cylinders is increasing with rise in industrial and mobile equipment production and sales over the past few years due to increase in investments and expansion of new industries in developing nations.
Due to the need for mass production, process automation has become a strong trend in the hydraulic cylinder market of late. The market is shifting towards Industry 4.0 norms, leading to the promotion and almost universal adoption of new technologies.
There is increasing demand from construction and agriculture industries for deployment of modern equipment for various applications.
Increasing number of players focusing on R&D related to hydraulic cylinders is anticipated to have a significant contribution to market growth over the years to come.
Double acting hydraulic cylinders to hold over 48% of market share.
Mobile equipment is projected to hold over 66% overall market share, as an application, by 2031-end.
The global hydraulic cylinder market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.5%.
The market in India and China is set to surge at around 7% and 6% CAGR, respectively, over the next ten years.
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Bosch Rexroth AG, Actuant Corporation, Eaton Corporation, Parker Hannifin Corp, Caterpillar Inc., Jiangsu Hengli Hydraulic Co., Ltd., HYDAC, Wipro Enterprises Limited, SMC Corporation, and Liebherr Group.
The research report analyzes demand for hydraulic cylinders. The market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of bore size, product, application, operating principle, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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