The hydraulic cylinders are also known as hydraulic pumps these are sub-assemblies being used in hydraulic power transfer systems. The hydraulic cylinders further helps in transferring the power activity in applications ranging from the construction equipment to aviation. These cylinders are used as an assembly of several components named as the barrel, cylinder caps and head, piston, which can be further used for the double acting or the single acting piston rod seals and the rings. These cylinders are further connected with the hydraulic system for forming a continuous hydraulic circuit. The hydraulic cylinders are further available in several configurations & functions each of them are well suited for a particular application.
According to study, “Global Hydraulic Cylinder Market to reach USD 21.47 billion by 2026” the key companies operating in the global hydraulic cylinder market are Actuant Corporation, Bosch Rexroth AG ,Caterpillar Inc., Eaton Corporation Plc, Jarp Industries, Jiangsu Hengli Hydraulic Co., Ltd., Kawasaki Heavy Industries, Parker Hannifin Corporation, Texas Hydraulics, Wipro Enterprises Limited. The continuous product development and the geographical expansion are some of the key strategies being followed by the hydraulic cylinder manufacturers for achieving the competitive advantage. In addition, the growing application of such products across energy intensive industries that will further be creating a favorable business opportunities for different industry players.
Based on function, hydraulic cylinder market is segmented into single-acting hydraulic cylinders and double-acting hydraulic cylinders. Based on specification, market is segmented into tie-rod cylinders, welded cylinders, mill-type cylinders and telescopic cylinders. Based on bore size, market is segmented into less than 50mm, 51mm-100 Mm, 101mm-150 Mm, and greater than 151 mm. Based on application, market is segmented into stationary systems and mobile systems. In addition, based on industry, market is segmented into material handling, aerospace & defense, construction, automotive, mining, agriculture, oil & gas, marine and others.
The hydraulic cylinder market is driven by rise in demand for material handling equipment, followed by significant demand from construction industry and increase in use in mining equipment. However, High manufacturing & maintenance costs and rise in concerns regarding oil leaks may impact the market. Moreover, growth in focus on developing smart hydraulic cylinders and rise in demand for lifting equipment in shipping industry are key opportunities for market.
Based on geography, the North-American region holds major share in global hydraulic cylinder market owing to presence of key players in the region along with technological advancement in marine and agriculture industry in the region. Whereas, the European and Asian-Pacific regions are anticipated to witness higher growth rate due to rise in investment toward food & beverage business and growth in consumer spending on packaged food over the forecast period. In upcoming years, it is estimated that future of the global market will be bright as a result of rise in demand for efficient construction & mining activity as well as emergence of new technologies during the forecast period. The global hydraulic cylinder market is valued approximately US $14.31 billion in 2018 and is expected to grow with a healthy growth rate of more than 5.20% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications