Hydraulic Cylinder Market Worth $19.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 24, 2019 /PRNewswire/ -- According to the new market research report "Hydraulic Cylinder Market by Function (Double-Acting, Single-Acting), Specification (Welded, Tie-Rod, Telescopic, Mill-Type), Application (Mobile and Industrial), Bore Size (<50MM, 50-150MM, >150MM), Industry, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Hydraulic Cylinder Market size is estimated to reach USD 19.4 billion by 2024 from USD 14.9 billion in 2019 at a CAGR of 5.4%. The market growth is fueled by rising demand from the construction industry, growing use in mining equipment, and increasing demand for material handling equipment.

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"Double-acting hydraulic cylinders to hold the largest size of hydraulic cylinder market from 2019 to 2024."

Double-acting hydraulic cylinders are suitable for use in presses and chippers for opening and closing drawers and all types of raising and lowering devices such as excavators and cranes. Unlike single-acting cylinders, double-acting cylinders have two ports, i.e., the cap-end port and rod-end port, enabling them to operate hydraulically in forward as well as backward directions. They can be used vertically as well as horizontally as they have the mechanism to help the piston to expand and retract each time it pushes or needs to pull an object. The growing agriculture industry in APAC is expected to increase the demand for double-acting hydraulic cylinders.

"Telescopic hydraulic cylinder market to grow at highest CAGR during the forecast period"

Telescopic cylinders are also called multi-stage cylinders. They comprise several cylinders nested inside each other, termed as stages. To maintain stability, there are six stages. The largest sleeve is called the main or barrel within which the smaller ones fit.

The retraction length of these cylinders is 20–40% of the fully extended length. Therefore, telescopic cylinders are ideal when mounting space is limited, and a long stroke is required. The high growth of telescopic hydraulic cylinders is attributed to their extensive use in applications such as dump trucks, excavators, roll-off trucks, and cranes.

"Hydraulic cylinder market for the mobile application to grow at highest CAGR during the forecast period"

Mobile hydraulic cylinders are used primarily in machinery, which is not stationary. The increasing need for the use of hydraulic power at remote and hard-to-reach places leads to the installation of hydraulic cylinders in mobile equipment.

With the advancement in hydraulic technology, the use of mobile hydraulics has revolutionized the lifting and moving of heavy objects or equipment and made it easier. The increased level of stability provided by mobile hydraulics while lifting heavy loads has made mobile hydraulic cylinders a preferred choice for companies.

"Hydraulic cylinder market for aerospace & defense industry to grow at highest CAGR from 2019 to 2024"

The demand for next-generation and fuel-efficient aircraft continues to surge, owing to the increase in passengers traveling globally through airways. With more investments in the aircraft industry, the higher production of aircraft is expected to drive the demand for double-acting hydraulic cylinders used in different applications of commercial and military aircraft.

The defense industry is also showing steady growth with intensified global tensions and geopolitical risks. In the defense industry, hydraulic cylinders are used in vehicles, submarines, and boats

"APAC to be the fastest-growing market for hydraulic cylinders during forecast period"

The hydraulic cylinder market in APAC is expected to grow at the highest CAGR during 2019–2024. Increasing demand for agricultural, construction, and mining equipment in APAC is supporting the growth of the hydraulic cylinder industry in the region.

Japan and Australia are the major markets for hydraulic cylinders. Japan is home to major automotive manufacturers and suppliers who are facing the challenge of high labor costs and increased lead time associated with manual processes. To overcome these challenges, companies are adopting automated and semi-automated material-handling equipment.

Browse in-depth TOC on "Hydraulic Cylinder Market"

110 – Tables

62 – Figures

168 – Pages

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Australia is rich in minerals, and the mining of these minerals is fueling the demand for mining equipment in this country. The rising need for material-handling and mining equipment is surging the demand for hydraulic cylinders.

Major players involved in the hydraulic cylinder market include Actuant (US), Bosch Rexroth (Germany), Caterpillar (US), Eaton (Ireland), KYB Corporation (Japan), Parker Hannifin (US), SMC Corporation (Japan), Jiangsu Hengli Hydraulic (China), Wipro Enterprises (India), and Hydac (Germany).

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