Hydraulic Cylinder Market Worth 19.30 Billion USD by 2023
PUNE, India, November 14, 2017 /PRNewswire/ --
According to the new market research report "Hydraulic Cylinder Market by Function (Single Acting, Double Acting), Specification (Telescopic, Tie Rod, Mill Type, Welded), Application (Mobile and Industrial), Bore size, Industry, and Region - Global Forecast to 2023", published by MarketsandMarkets(TM) , the market is expected to be valued at USD 13.64 Billion in 2017 and is projected to reach USD 19.30 Billion by 2023, at a CAGR of 5.95% between 2017 and 2023. The key factor driving the growth of the hydraulic cylinder market is their rising demand in the construction industry and mining process equipment. Increasing demand for lifting equipment in the shipping industry and for material handling equipment in the aerospace & defense industry is the key opportunity for the players in the hydraulic cylinder market.
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Double-acting hydraulic cylinders to hold largest share of market between 2017 and 2023
Double-acting hydraulic cylinders are suitable in presses and chippers for opening and closing drawers and for all types of raising and lowering devices. Unlike single-acting, double-acting cylinders have 2 ports i.e., cap end port and rod end port enabling them to operate hydraulically in forward as well as backward direction. Companies involved in the development of double-acting hydraulic cylinders include Hirotaka (Japan), Nordon Cylinders (Australia), SSH Stainless (Denmark), and Helipebs Controls (UK), among others.
Construction industry to hold largest share of hydraulic cylinder market between 2017 and 2023
Excavators, telehandlers, compactors, backhoe loaders, concrete and cement machines, drilling rigs, wheel loaders, loading shovels, dumper trucks, and quick hitches are deployed with heavy-duty hydraulic cylinders. These machines extensively use hydraulic cylinders for a wide range of specific purposes owing to their strength, performance, and reliability. Hydraulic cylinder providers operating in the construction industry include JARP Industries (US), Oscar Equipment (India), AH Garner (UK), and Actuant (US).
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APAC held largest share of hydraulic cylinder market in 2016
APAC is the largest and fastest-growing market for hydraulic cylinders. APAC accounted for a share of ~32% of the global hydraulic cylinder market in 2016. The market in this region is expected to grow at the highest CAGR of 6.30% between 2017 and 2023. This growth is mainly attributed to the growing adoption of hydraulic cylinders across manufacturing industries. The increasing popularity of hydraulic cylinders owing to their superior results encourages more companies in APAC to install these cylinders in automated equipment. Some of the key players in the hydraulic cylinder market in APAC are Wipro (India), Apex Hydraulics (India), EZY-FIT Hydraulics. (Australia), and Yuci Hydraulics (China).
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The major players in the hydraulic cylinder market are Caterpillar (US), Parker Hannifin (US), Actuant (US), Eaton (Ireland), Jiangsu Hengli Hydraulic (China), Robert Bosch (Germany), and Wipro (India).
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