Hydraulic Cylinder Market Size, Share, Report 2020-2027

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Hydraulic Cylinder Market Trend Analysis
Share and Forecast, 2020-2027
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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 The Surge in Construction
Activities Driving the Market Growth 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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Global Hydraulic Cylinder Market - By
Function Based on function, the market is
categorized into single-acting hydraulic
cylinders and double-acting hydraulic cylinders.
Double-acting hydraulic cylinders enjoy the
largest market share as they are largely used in
the construction and manufacturing sectors.
Because of their retraction capability,
double-acting hydraulic cylinders are also
increasingly used in the automotive
and agriculture, industries. These cylinders use
hydraulic fluids, essential oil to put force in
both directions, amplifying the pressure to the
greatest extent as compared to single-acting
hydraulic cylinders which only put pressure from
one direction. Therefore, this segment is
expected to drive the overall hydraulic cylinder
market in the forecast period.
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Global Hydraulic Cylinder Market - By Product
Type Based on product type, the market is
categorized into the welded cylinders, tie rod
cylinders, and others. The welded hydraulic
cylinders dominate the market with the highest
revenue share. These cylinders are used in heavy
machinery because they can carry and transport
heavy loads. It is also possible to customize
welded hydraulic cylinders which broaden their
applicability. Because of these reasons, welded
hydraulic cylinders are in high demand in the
market, which in turn is fueling the growth of
the global hydraulic cylinder market.
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