The global hydraulic cylinder market size was valued at USD 15.32 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. Increasing adoption of hydraulic cylinders in numerous industries such as material handling, construction and infrastructure, marine, and earthmoving is fueling the industry growth. The outbreak of COVID-19 has led to significant volatility in global commodity prices, thereby impacting the demand and supply of raw materials. Lockdown restrictions were imposed across countries to curb the spread of the virus, which led to a severe fallout for the global economy. The pandemic led to a deep recession and impacted production activities, which impacted hydraulic cylinder demand.
In North America, the U.S. had the most confirmed cases of coronavirus, followed by Canada and Mexico. The supply and distribution chains were adversely affected due to the COVID-19 outbreak, which negatively impacted the market growth in the region. The U.S. government is trying to propel the country's growth by investing significantly in various industries such as construction and infrastructure, energy, transportation, pharmaceutical and medicine, and EV infrastructure. For instance, in November 2021, the U.S. government signed a more than USD 1 trillion bipartisan infrastructure plan, thus fueling the growth of the hydraulic cylinder industry.
Gather more insights about the market drivers, restrains and growth of the Hydraulic Cylinder Market
Detailed Segmenation:
Function Insights
The double-acting segment dominated the market and accounted for over 70.0% share of the global revenue in 2021. Double-acting hydraulic cylinders find applications in large-scale engines such as ship motors, steam engines, industrial furnaces, earthmoving, and other construction equipment. The increase in the product demand within the aforementioned applications is expected to propel the demand for double-acting hydraulic cylinders over the forecast period.
Product Insights
The welded segment led the industry and accounted for more than 50.0% share of the global revenue in 2021. Welded hydraulic cylinders find applications in various industries such as construction, oil and gas, mining, waste handling and material handling, and heavy equipment. The rise in the consumption of welded hydraulic cylinders in these industries is expected to augment the segment growth.
Application Insights
The mobile application segment led the market and accounted for over 50.0% share of the global revenue in 2021. Hydraulic cylinder is widely used in mobile applications such as loaders, excavators, mobile cranes, and telescopic loader. The increasing investment by government and private players in the aforementioned industries is propelling the demand for hydraulic cylinders in mobile applications.
Regional Insights
Asia Pacific led the market and accounted for over 30.0% share of the global revenue in 2021. Asia Pacific is one of the largest consumers of hydraulic cylinders in the world owing to the increasing requirement for hydraulic equipment in various industries, such as infrastructure and construction, automotive, renewables, machine tooling, and logistics.
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Some prominent players in the global hydraulic cylinder market include:
• Eaton
• SMC Corporation
• Liebherr
• PARKER HANNIFIN CORP
• Caterpiller
• Bosch Rexroth AG
• Lehigh Fluid Power, Inc.
• Hengli hydraulic
• WEBER-HYDRAULIK GMBH
• Burnside Autocyl
• Pacoma GmbH
• Charvát Group s.r.o
• Southern Hydraulic Cylinder, Inc.
• Yates Industries Inc.
• Texas Hydraulics
Hydraulic Cylinder Market Segmentation
Grand View Research has segmented the global hydraulic cylinder market based on function, product, application, and region:
Hydraulic Cylinder Function Outlook (Revenue, USD Million, 2017 - 2030)
• Double-acting
• Single-acting
Hydraulic Cylinder Product Outlook (Revenue, USD Million, 2017 - 2030)
• Welded
• Tie Rod
• Telescopic
• Mill Type
Hydraulic Cylinder Application Outlook (Revenue, USD Million, 2017 - 2030)
• Mobile
• Industrial
• Energy & Power
• Others
Hydraulic Cylinder Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o U.K.
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o South Africa
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