Worldwide Hydraulic Cylinder Markets, Forecast to 2024 - Growing Focus on Developing Smart Hydraulic Cylinders Presents Lucrative Growth Avenues - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 5, 2019--
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.
Other Key Players
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INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/05/2019 12:17 PM/DISC: 11/05/2019 12:17 PM