Hydraulic Cylinder Market size, share, trends 2021

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Hydraulic Cylinder Market, By Function,
Trend Analysis, Market Share Forecast,
2021-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm, BlueWeave Consulting,
revealed that the global hydraulic cylinder
market was worth USD 12.6 billion in the year
2020. The market is estimated to grow at a CAGR
of 4.3, earning revenue of around USD 22.7
billion by the end of 2027. The global hydraulic
cylinder market is flourishing at a substantial
rate owing to various factors such as ongoing
research and development activities as well as
technical advances in hydraulic cylinders and a
rise in construction and mining activities. Less
energy consumption, resilience to harsh
environments, flexibility, safety,
and reliability are some additional factors that
will drive up demand for hydraulic cylinders in
the industry.
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Growth drivers Technological Advancements Growing
construction activities are contributing
significantly to the growth of the global
hydraulic industry. Hydraulic cylinders are in
high demand in the construction industry due to
their large range of functions and applicability.
These cylinders are used in both heavy machinery
(such as excavators, bulldozers, and backhoes, as
well as smaller equipment like trenchers, lifts,
and concrete pumping systems). Construction
activities have increased dramatically in recent
years as a result of government funding and
initiatives, especially in developing economies.
As a result, the global hydraulic cylinders
market is witnessing significant growth trends.
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Restraints Availability of Alternative
Products Hydraulic cylinders are powered by
fluids (most commonly oil). The leakage of these
fluids pollutes the environment. As a result,
end-users who need a safe and healthy atmosphere
search for safer and healthy alternatives for
hydraulic cylinders. As a result, some sectors,
such as agriculture, where cleanliness is
crucial, typically use pneumatic cylinders that
run on gas, with no risk of contaminating the
environment. The availability of these types of
alternative products has had a significant effect
on market demand for hydraulic cylinders.
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Impact of COVID-19 on Global Hydraulic Cylinder
Market As a result of the COVID-19 outbreak,
demand for hydraulic cylinders has declined
significantly. As soon as WHO declared the
situation as a pandemic, several countries
imposed a complete lockdown to prevent the spread
of the virus. The major end-users for hydraulic
cylinders were construction, mining, oil, and
gas. However, to adhere to the strict lockdown
protocols, the manufacturing and production units
had to temporarily suspend their operations. As a
result, demand for hydraulic cylinders decreased
dramatically, negatively impacting the industry.
But in the post-COVID-19 era, the market is
expected to get back on track. However, narrowing
the demand-supply gap will take some time.
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• Recent Development
•   In February 2021, Polavaram Project, a
  multi-purpose irrigation project constructed over
  the Godavari River (India), became the first
  major irrigation project in the country to
  receive the most advanced hydraulic cylinders for
  the radial gates. 
•  In February 2019, Enerpac, a US-based
  diversified manufacturing company, launched a
  single-acting, low-height telescopic hydraulic
  cylinder. This innovative product has been
  designed to provide longer cylinder stroke
  applications, reducing the time and effort
  required to move heavy loads.
• Sample Copyhttps//www.blueweaveconsulting.com/re
  port/hydraulic-cylinder-market-report/report-sampl
  e

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