The Global Hydraulic Cylinder Market: Promising Growth and Opportunities

Sep 01, 2023

The global hydraulic cylinder market is projected to experience significant growth between 2023 and 2033, with a forecasted CAGR of 4.6%. By 2033, the market valuation is expected to exceed US$ 24 billion, compared to the estimated US$ 15.3 billion in 2023.

One of the driving factors behind this growth is the increasing demand for hydraulic cylinders in the automotive industry. With a mammoth valuation of US$ 2.8 trillion in 2021, the automotive market is anticipated to grow at a robust rate during the forecast period. This presents enormous opportunities for the hydraulic cylinder market.

Hydraulic cylinders also play a crucial role in the construction sector. They are used for preparing concrete and transferring heavy loads to construction sites. The rapid urbanization in many parts of the world creates a slew of opportunities for the market in this sector.

One of the key advantages of hydraulic cylinders is their ability to provide variable speed control, ensuring machines do not deteriorate under extreme working conditions. Additionally, certain types of hydraulic cylinders are compact yet perform flawlessly, offering efficient power-to-weight ratios. These factors have caught the attention of investors, who are willing to invest substantial amounts of money in this market.

However, the ongoing supply chain issues have led to a lack of availability of raw materials, which is expected to hinder market growth.

The growth prospects of the hydraulic cylinder market are reinforced by several factors, including the massive automotive market, the surging construction sector, and the ability of hydraulic cylinders to operate under extreme conditions.

According to the market study, Asia Pacific is expected to be the dominant market during the forecast period. The United States, the United Kingdom, China, Japan, and South Korea are also projected to experience growth in their respective markets.

In terms of product type, welded hydraulic cylinders are expected to dominate the market, with a projected growth rate of 4.6%. The mobile equipment segment is anticipated to be the leading application segment, growing at a rate of 4.5%.

The manufacturers in the hydraulic cylinder market are actively investing in crucial acquisitions to secure a significant market share. They are also focusing on research and development activities, with an emphasis on sustainable initiatives and the use of green technology.

In recent developments, Caterpillar expanded its construction industry portfolio with four battery electric machines, while Eaton added global customer experience sites to help address critical infrastructure vulnerabilities.

With promising growth and opportunities, the global hydraulic cylinder market is poised for a bright future.

Sources:– The Global Hydraulic Cylinder Market is expected to reach US$ 24 billion by 2033, growing at a 4.6% CAGR – Future Market Insights Inc.– Future Market Insights (FMI) provides in-depth insights into governing factors elevating demand in the market.

Definitions:– CAGR: Compound Annual Growth Rate– Hydraulic Cylinder: A mechanical actuator that is used to give a linear force through a linear stroke.– Supply Chain: The interconnected network of companies, individuals, activities, information, and resources involved in the production and distribution of a product or service.

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