Worldwide Hydraulic Cylinder Markets, Forecast to 2024 - Growing Focus on Developing Smart Hydraulic Cylinders Presents Lucrative Growth Avenues - ResearchAndMarkets.com

DUBLIN--()--The "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" report has been added to ResearchAndMarkets.com's offering.

The hydraulic cylinder market was valued at USD 14.2 billion in 2018 and is projected to reach USD 19.4 billion by 2024; it is expected to grow at a CAGR of 5.4% from 2019 to 2024.

Key players in the 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).

Hydraulic cylinder market to exhibit significant growth during 2019-2024

The growth of this market is attributed to rising demand in the construction industry, increasing demand in mining process equipment, and growing demand for material handling equipment. However, factors such as increasing oil leakages from hydraulic cylinders and the high cost of manufacturing and maintenance are restraining the market growth.

Double-acting hydraulic cylinder market to witness high-growth potential during the forecast period

Double-acting hydraulic cylinders are used in aerospace, automotive, agriculture, and several other industries owing to their retraction property. Double-acting hydraulic cylinders have a higher demand in mobile applications such as lifting equipment, earth moving equipment, forklifts, and heavy trucks.

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

Telescopic cylinders are also called multistage cylinders. They comprise of 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. 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.

Mobile application market to grow at highest CAGR during the forecast period

The mobile equipment application of hydraulic cylinders held a larger share of the hydraulic cylinder market. Mobile equipment, such as excavators, loaders, and cranes, requires hydraulic cylinders to operate. The applications of hydraulic cylinders in the mobile equipment industry include earthmoving, material handling, mining, and defense. An increase in industrialization and construction activities will further increase the demand for hydraulic cylinders in mobile applications.

APAC to be the largest market for hydraulic cylinders during the forecast period

APAC is expected to lead the hydraulic cylinder market in terms of size, from 2019 to 2024. Growing demand for agricultural, construction, and mining equipment in APAC is supporting the growth of the hydraulic cylinder industry. The need to meet the requirements of a growing population in APAC, along with increasing industrialization in emerging countries, is fueling the growth of agriculture and construction industries, which, in turn, are increasing the demand for hydraulic cylinders for use in agriculture and construction equipment.

Market Dynamics

Drivers

  • Rising Demand from Construction Industry
  • Growing Use in Mining Equipment
  • Increasing Demand for Material Handling Equipment

Restraints

  • Increased Concerns Regarding Oil Leaks
  • High Manufacturing & Maintenance Costs

Opportunities

  • Increasing Demand for Lifting Equipment in Shipping Industry
  • Rising Aircraft Manufacturing
  • Growing Focus on Developing Smart Hydraulic Cylinders

Challenges

  • Availability of Substitute Products

Company Profiles

Key Players

  • Actuant
  • Bosch Rexroth
  • Caterpillar
  • Eaton
  • KYB Corporation
  • Parker Hannifin
  • SMC Corporation
  • Jiangsu Hengli Hydraulic
  • Wipro Enterprises
  • Hydac

Other Key Players

  • Burnside Autocyl
  • Jarp Industries
  • Kappa Engineering
  • Ligon Hydraulic Cylinder Group
  • Marrel
  • Pacoma
  • Prince Manufacturing
  • Standex International
  • Texas Hydraulics
  • Weber-Hydraulik

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900