In its new report, "Market Study on Hydraulic Cylinders: Growing Industrialization and Infrastructural Development Across the Globe Expected to Boost Demand in the Coming Years", Persistence Market Research (PMR) projects the global market for hydraulic cylinders to register a stable expansion over the forecast period (2017-2026). Worldwide sales of hydraulic cylinders are estimated to surpass revenues worth $16,000 million by 2026.
Growing Adoption of Material Handling Equipment to Propel Demand for Hydraulic Cylinders
There has been a growing demand for equipment based on hydraulic cylinders in industries such as defense, aerospace, agriculture, mining, construction and manufacturing. Expansion in the global trade coupled with increasing level of industrial production has spurred adoption of these equipment by OEMs, thereby fueling demand for hydraulic cylinders. In addition, material handling equipment viz. electronic overhead travelling cranes, stackers, and level luffing cranes are witnessing tremendous adoption in various industries such as oil refineries, retail, power & energy, and food & beverage, other than engineering and construction sectors. These material handling equipment require hydraulic cylinders to manage products having excessive weight, thereby boosting the market expansion.
With stable growth in the economy of emerging countries such as India and China post-global economic recession has paved the way for appearance of numerous small-scale manufacturing and construction companies. Several industries in the developed regions are outsourcing their manufacturing requirements continuously to emerging countries to leverage low labor costs. Additionally, several global organizations are moving their manufacturing bases to these countries for benefitting from the low-cost manufacturing capacity, and existence of significantly skilled labor. These incidences have meant that the hydraulic cylinder market has been continuously influenced by rising in investments in manufacturing and construction sector from both international as well as regional vendors.
Key Takeaways from PMR's Report on Hydraulic Cylinders Market
- North America and Europe are gauged to remain the most financially rewarding regions for growth of the hydraulic cylinders market. Revenues from the hydraulic cylinders markets in these two regions are projected to account for roughly three-fifth share of the market during 2017-2022. Asia-Pacific excluding Japan (APEJ) is anticipated to remain the fastest expanding market for hydraulic cylinders.
- Between Middle East & Africa (MEA) and Japan, the former will witness a relatively faster expansion in the market, while the latter will remain more lucrative in terms of revenues over the forecast period.
- Welded cylinders will remain sought-after design type for hydraulic cylinders among end-users, with sale projected to surpass US$ 10,000 Mn in revenues by 2026.
- Sales of hydraulic cylinders with bore size of 51-100 will continue to be the most lucrative in the market, followed by above 150 bore size. However, sales of hydraulic cylinders with bore size of 26-50 and 101-150 are projected to exhibit a relative higher CAGR through 2026.
- On the basis of function, although double acting cylinders are projected to account for a relatively larger market revenue share, revenues from sales of single acting cylinders will witness a comparatively faster expansion over the forecast period.
- Hydraulic cylinders are anticipated to seek the largest application in agriculture and forestry, with revenues poised to account for nearly one-third market share by 2026. Mining and construction are also expected to remain financially worthwhile applications of hydraulic cylinders. Revenues from hydraulic cylinder sales in industrial equipment, on the other hand, will continue to be sluggish throughout the forecast period.
Hydraulic Cylinder Market Research Report Overview
PMR's report has profiled key market participants, and has tracked their occupancy with the aid of an intensity map. The report states that the global market for hydraulic cylinders is highly competitive and fragmented, characterized by presence of a large number of manufacturers widely spread across the globe. Key players identified by the report include Mitsubishi Electric Corporation, Emerson, ABB, SKF AB, Aisin Seiki, Sumitomo Corporation, ZF Friedrichshafen AG, Parker Hannifin, Eaton, and Bosch Rexroth.
Global Hydraulic Cylinders Market Analysis by Region
From a regional perspective, the hydraulic cylinders market in North America is anticipated to dominate the market in terms of volume and value. This can mainly be attributed to the presence of many manufacturers in the region who focus on product innovation. The region, therefore, is expected to grow with an impressive CAGR between 2018 and 2026. Moreover, the North American hydraulic cylinder market is expected to emerge as the most lucrative market in the world during the forecast period. Additionally, rapid industrialization and construction activities across the countries of Asia Pacific, mainly India and China, are expected to create healthy demand for hydraulic cylinders from the region.