Hydraulic Cylinders Market to Reach $16.34 Bn, Globally, at 5.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 16, 2018 /PRNewswire/ --
High labor costs in construction and mining activities and emergence of new & improved technologies are expected to propel the growth of the global hydraulic cylinders market
Allied Market Research recently published a report on "Hydraulic Cylinders Market By Function (Single Acting Cylinder, And Double Acting Cylinder), Design (Tie-Rod Cylinders, And Welded Cylinders), And Bore Size (Less Than 50mm, 51mm To 100 Mm, 101mm To 150 Mm, And Greater Than 151 Mm): Global Opportunity Analysis And Industry Forecast, 2018-2025". The report offers detailed insights on the competitive landscape; key market segments; top investment pockets; drivers & opportunities; and business performances of key players. As per the report, the global hydraulic cylinders market accounted for $11.06 billion in 2017 and is expected to reach $16.34 billion 2025, with a CAGR of 5.1% during the period of 2018-2025.
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Increasing concerns regarding high labor cost in the construction and mining industry and emergence of new technology drive the growth of the global hydraulic cylinders market. However, high initial cost and frequent maintenance requirement hamper the market growth. On the contrary, launch of new and advanced technologies is expected to offer lucrative opportunities for the market players in the coming years.
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Double acting cylinders segment to portray highest demand through 2025
The double acting cylinder segment held the largest share in 2017, contributing about three-fourths share of the total revenue. This is because double acting cylinder offers better range than single acting cylinder, thus offering more options of bore and stroke sizes. Moreover, the segment is expected to manifest the fastest CAGR of 5.2% during the forecast period. The single acting cylinder segment is also expected to continue its growth trend during the forecast period.
Welded cylinders segment holds lion's share through 2025
The welded cylinders segment contributed the largest market share in 2017, holding about two-thirds of the total market revenue, as they offer advantages of being relatively easy to repair and have standardized specifications and off-the-shelf availability. In addition, the segment is expected to portray the fastest CAGR of 5.2% during the forecast period. The tie-rod cylinders segment is expected to manifest gradual growth during the study period.
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Prime bore sizes of hydraulic cylinders
The 51mm to 100mm hydraulic cylinder segment witnessed the highest demand in 2017, contributing about 40% share of the market, owing to its wide range of applications. However, the 101mm to 150mm hydraulic cylinders is expected to register the fastest CAGR of 5.3% during the forecast period, owing to its application in a variety of industries such as construction, mining, material handling equipment, and agriculture. Moreover, these cylinders are easy to install and require less maintenance cost. The other sizes of hydraulic cylinders analyzed in the report include less than 50mm and greater than 151mm.
North America contributes largest market share
In 2017, North America dominated the global hydraulic cylinders market, contributing about one-third of the market, owing to the presence of key companies and large use of material handling equipment. However, Asia-Pacific region is estimated to manifest the fastest CAGR of 6.6% through 2025, owing to the surge in construction & agricultural activities and increase in consumer awareness in Asian countries. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the industry
The report offers in-depth analysis of the key market players, including Actuant Corporation, Parker Hannifin Corporation, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Jarp Industries, Bosch Rexroth AG, Eaton Corporation Plc, Caterpillar Inc., Wipro Enterprises Limited, and Texas Hydraulics.
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