SELBYVILLE, Delaware, Aug. 28, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a report on 'Hydraulic Cylinder Market Trends & Forecast up to 2024'. The report covers the segments of function, products, application, and region. Global market is expected to surpass USD 16 billion by 2025, driven by Increasing spending toward E&P activities and growing mining industry.
Hydraulic cylinder market size is anticipated to witness remarkable growth prospects in the forthcoming years owing to the rise in consumer spending thereby steering industrial development, globally. Consumer spending in the U.S. has been increasing at a burgeoning rate in recent times. According to Bureau of Economic Analysis, the rate of consumer spending in the U.S. recorded in June 2019 had increased by 0.3% as compared to the previous month.
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Thus, the rising consumer spending has increased the rate of affordability among people which is leading to an industrial boom across the globe. This has further led to increased impetus in hydraulic cylinder market size.
Additionally, FDI has favored industrial establishments in emerging nations thereby boosting its construction industry. For instance, by 2022 a cumulative investment of USD 777.73 billion will be required in India for infrastructural development. Evidently, rising construction industry will positively influence hydraulic cylinder industry trends.
Welded hydraulic cylinders account for a significant share of the product landscape of hydraulic cylinder market and the segment is slated to record positive growth over the forecast timeframe. The growth can be attributed to the rising industrial development coupled with advancements in machinery.
Welded hydraulic cylinders have superior seal packages which further increases the life expectancy making them a viable option in case the application involves contaminants and weathering. Durability to stand mechanical forces and rigidity to support the actuator body loads are pivotal characteristics of welded hydraulic cylinders that are amplifying the global hydraulic cylinder industry share.
Browse key industry insights spread across 165 pages with 474 market data tables & 11 figures & charts from the report, "Hydraulic Cylinder Market" in detail along with the table of contents:
Estimates claim that welded hydraulic cylinder market led the industry share in 2018. Driven by the product's expansive usage in heavy equipment, welded hydraulic cylinder industry size may exceed USD 11 billion by 2025.
In terms of application spectrum, hydraulic cylinder industry is segmented into mobile and industrial. Industrial is one of the lucrative application segments of hydraulic cylinder market, pertaining to rapid urbanization and industrialization. The increase in population has led to technological advancements in the agricultural sector in order to meet the rising demand for food, globally.
In developing nations like India, the agricultural sector is regarded as the most prominent segment of the economy. In 2018, the total agricultural production was recorded at 284.83 million tones. Hence, the rising industrial development will help augment hydraulic cylinder industry trends.
U.S. will emerge as one of the profitable revenue terrains for hydraulic cylinder industry owing to increased investments in the building and construction industry. increasing innovations in various sectors such as healthcare and food and beverage has steered construction development in the U.S.
As per details, the construction industry in United States creates over USD 1.3 trillion worth of structures every year. The presence of established industry players along with a large consumer base across the region will also boost the demand for the product over the forecast timeframe.
Estimates claim that the U.S. hydraulic cylinder market size will cross USD 3 billion by 2025, powered by the rising investments on the aerospace and defense industry.
Furthermore, China is expected to evolve as one of the most significant regional grounds for hydraulic cylinder market. The robust food and beverage industry and increasing dependency on packaged food will offer lucrative growth opportunities to hydraulic cylinder industry outlook. Over the years, China has seen a considerable rise in income amongst the citizens owing to the rise in its industrial sector.
With increasing population coupled with increased employment in the region, there has been a rising demand for on-the-go food products thereby driving the F&B industry. According to data, total sales from packaged food in China was valued at USD 81.4 billion in 2018. Hence, advancements in food and beverage industry in China is propelling the hydraulic cylinder industrial share.
What does this report offer?
The hydraulic cylinder market report offers a brief synopsis of each segment form, function, industry analysis and regional outlook. The study summarizes numerous industry parameters such as growth drivers promoting commercialization in industrial spaces, business outlook, varied market segmentation and growth trends characterizing in the global hydraulic cylinder industry.
The study cites that the function segment is subdivided into single and double acting of which, the single acting segment has gained increased traction in the industry owing to offered benefits such as simplified operations and low maintenance levels. The key drivers pertaining to the function segment are remunerative forecast over the projected time frame and most proliferating trends.
A magnified analysis of the application segment of hydraulic cylinder is entailed in the research report as well. The application segment is further classified into mobile and industrial. The market has witnessed exceptional growth from the industrial sector on account of increasing disposable incomes and consumer demands.
In terms of regional outlook, hydraulic cylinder report is segmented into U.S., Canada, Mexico, Germany, Belarus, Russia, Kazakhstan, Armenia, Kyrgyzstan, Azerbaijan, Moldova, Turkmenistan, Tajikistan, Ukraine, Uzbekistan, Germany, UK, Italy, China, Japan, India, Brazil and Argentina. The regions are further divided basis countrywide market contribution, consumer base, availability of industry players and other aspects.
The hydraulic cylinder report encompasses a collection of vital parameters that make it easy for leading investors to undertake the process of decision-making. The research report also includes important information about SWOT analysis, hydraulic cylinder industry statistics, market influencers and more.
The study document also furnishes detailed industry ecosystem analysis, an overview of global trends, market segmentation and industry insights. Deliverables related to competitive scenario and future trends are also discussed in the report alongside business strategies inculcated by the industry players.
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