Hydraulic Cylinder Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT1324 | Last Updated On: Sep 23 2022 | Available Formats

> Global Hydraulic Cylinder Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Hydraulic Cylinder Market is segmented By Product Type (Single-Acting Hydraulic Cylinders, Double-Acting Hydraulic Cylinders), By Specification (Tie-Rod Hydraulic Cylinder, Welded Hydraulic Cylinders), By Application Type (Automotive, Marine, Aerospace & Defence, Mining, Oil & Gas, Agriculture and Farming, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Hydraulic Cylinder Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Hydraulic Cylinder Market - Strategic Insights

Metrics

Details

Market CAGR

High

Segments Covered

By Product Type, By Specification, By Application Type and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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A hydraulic cylinder is an actuator that converts hydraulic energy into a mechanical movement to produce linear motion. The principle of Pascal's law governs hydraulic cylinders. Pascal's law asserts that any rise in pressure in a confined fluid causes an equal increase in pressure at all other points in the container. The hydraulic fluid's pressure is distributed equally over the cylinder's surface area, resulting in force application. It converts hydraulic energy into mechanical energy, resulting in actuation.

Single-acting cylinders and double-acting cylinders are the main types of hydraulic cylinders. Hydraulic cylinders are used in various applications such as material handling and moving equipment such as cranes and earth-movers. Hydraulic cylinders are used in the automotive industry for power steering columns and the front suspension of motorcycles. Various industrial machines such as press machines, bending machines and forging machines utilize hydraulic cylinders.

Market Dynamics

The growing demand for material handling equipment in various end-user industries mainly drives the demand for hydraulic cylinders. It is the most important driver for the market. The growing availability of alternatives to hydraulic cylinders is a key factor in limiting the growth of this market.

Growing demand for material handling equipment in various end-user industries

Recent years' rapid economic growth and industrialization have seen an upsurge in various industries. It has led to a rise in the volume of goods handled in these industries. The e-commerce industry, in particular, has seen rapid growth and expansion, mainly due to the proliferation of cheaper internet services. Throughout the various industrial processes, material handling refers to the movement, storage, control and protection of goods and materials. Material distribution, consumption and disposal are all part of the material handling process.

Material handling is a serious component of any major industry. Good material handling protocols lead to a reduction in accidents and increase the efficiency of operations. Material handling operations also improve customer service by faster-moving, sorting, packaging and dispatching goods. Various industries are striving to adopt material handling best practices, thereby increasing demand for various material handling equipment.

Forklifts, unloading mechanisms, pallet jacks, conveyor belts and tilting are widely used material handling equipment. All of this material handling equipment utilizes hydraulic cylinders for operation. Hydraulic cylinders magnify the applied force allowing operators to lift heavy loads easily, thereby increasing operational efficiency. The growing demand for material handling equipment in various end-user industries is a key driver for the growth of the global hydraulic cylinder market.

The growing availability of alternatives to hydraulic cylinders

Hydraulic cylinders are used in various commercial and industrial applications. However, many attractive alternatives to hydraulic cylinders have emerged in recent years. One of the most widely used alternatives to hydraulic cylinders is the electric drive. The motion of electrical machinery is controlled by electric drives, which are electromechanical systems.

An electric drive is a mechanism that controls the output of a motor in an electric actuator to achieve linear motion. A standard drive system consists of a single or many electric motors and a controlling system that regulates the rotation of the motor shaft. The electric motor, the energy transmitting device and the working machine are the primary components of the electric drives.

Electric drives are lighter in construction and more precise than hydraulic cylinders. Since electric current is fast-acting, far quicker action is obtained on operator input than in hydraulic cylinders. Electric drives also do not cause environmental problems since, with hydraulic cylinders, there is a risk of contamination of the environment due to leakage of the hydraulic fluid. The growing availability of alternatives to hydraulic cylinders is a key challenge to the global hydraulic cylinder market growth.

COVID-19 impact analysis

The COVID-19 pandemic severely impacted the global hydraulic cylinder market in 2020. The pandemic prompted governments worldwide to impose lockdowns and other forms of movement restrictions. It has severely affected various manufacturing activities, resulting in an impact on the production of hydraulic cylinders.

Various end-user industries, which also operate within the manufacturing sector, such as automotive, shipbuilding and metal processing, were affected by the pandemic, thereby depressing demand for hydraulic cylinders. Only material handling saw appreciable growth, mainly due to the rise in the e-commerce industry, since people order essential items online in light of lockdowns and movement restrictions.

A decrease in the demand for hydraulic cylinders impacted various companies' revenues in the sector. Although most severe restrictions were lifted by late 2020, recovery was slow and hampered by the second pandemic wave in mid-2021. The production of hydraulic cylinders is not expected to recover until early 2022 fully.

The COVID-19 pandemic has caused significant short-term damage to the global hydraulic cylinder market. However, with the pandemic receding and economic activity picking up, all the major end-user industries are expected to recover in the coming months. It will increase the demand for hydraulic cylinders and the market is expected to grow gradually in the coming years.

Segment Analysis

The global hydraulic cylinder market is segmented into type, specification, application and region. The hydraulic cylinder market is segmented into single-acting hydraulic cylinders and double-acting hydraulic cylinders based on type. Double-acting cylinders are leading in this segmentation since they are used in many industries.

Double-acting cylinders are employed in aircraft, automotive, agriculture and other industries because of their retraction ability. Applications like forklifts, lifting equipment, earth moving equipment and heavy trucks require more hydraulic cylinders. Double-acting hydraulic cylinders operate drawers in presses, chippers and heavy machinery like excavators and cranes.

Geographical Analysis

Asia-Pacific accounts for the largest global hydraulic cylinder market share because key nations such as China, Japan, India, South Korea and Vietnam have evolved as manufacturing powerhouses. China, India, Japan and South Korea have well-developed automotive industries that engage in full-cycle production of cars, motorcycles and various automotive components. Automotive braking, hydraulic power steering and two-wheeler front suspension are major applications of hydraulic cylinders in the automotive industry.

China, South Korea and Japan have large shipbuilding industries, accounting for the vast majority of the global production of ships. Hydraulic cylinders are used for rudder and power actuation in ships. A lot of offshore platforms also utilize hydraulic cylinders for actuation. Most major offshore rigs and platforms are manufactured in Chinese or South Korean shipyards.

Due to many manufacturing industries and a rapidly developing e-commerce industry, material handling and logistics have become a key industry in Asia-Pacific. Asia-Pacific has the largest share in the global e-commerce market, primarily due to the rapid growth experienced in India and China. Forklifts, unloading mechanisms, pallet jacks, conveyor belts and tilting are widely used material handling equipment. All of this material handling equipment utilizes hydraulic cylinders for operation. Hydraulic cylinders magnify the applied force allowing operators to lift heavy loads easily, thereby increasing operational efficiency.

Various steelmaking operations such as forging, blanking, pressing and rolling and the operation of industrial arc furnaces depend upon hydraulic cylinders. China, South Korea, Japan and India are major steel producers globally. Asia-Pacific is expected to retain the largest share of the global hydraulic cylinder market in the coming years.

Competitive Landscape

The global hydraulic cylinder market is competitive due to various operational technologies and solutions that cater to different types of industrial and commercial requirements. Some of the players contributing to the growth in the segment are Eaton Corporation, Bailey International, Caterpillar, Hannon Hydraulics LLC, Texas Hydraulics, Prince Manufacturing Corporation, Parker-Hannifin Corporation, Ligon Industries, Precision Hydraulics and Aggressive Hydraulics. The major players in the hydraulic cylinder market adopt several growth strategies such as joint ventures, research tie-ups, up-gradation of existing products, new product launches, collaborations, mergers and acquisitions, thereby contributing to global growth in the industry.

Eaton Corporation

Overview: Eaton Corporation is an energy-efficient solutions provider which thrives customers to effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. Eaton Corporation has a multi-billion-dollar revenue due to its products' wide range of sales to customers located in more than 175 countries. Filtration, power management, hydraulics, automotive, truck, hybrid power, aerospace, electrical, industrial clutches, brakes and plastic extrusion are among the items offered by the company.

Filtration, power management, hydraulics, automotive, truck, hybrid power, aerospace, electrical, industrial clutches, brakes and plastic extrusion are the main industries for the company's products. The company also offers filtration solutions, conduit, cable and wire management, electrical circuit protection, electronic components and vehicle electrical components. Eaton Corporation was founded in 1911 by Joseph Oriel Eaton and is headquartered in Dublin, Ireland.

Product Portfolio

  • EM Series is Eaton Corporation's main series of heavy-duty hydraulic cylinders for industrial applications. The range of hydraulic cylinders is available in various bore and stroke lengths to cater to different applications. The company has used heavy-duty stainless steel to ensure maximum durability and service life. The EM Series is mainly intended for rolling mills, coating lines, slab casting and arc furnace applications.

Key Developments:

  • In 2020, Eaton Corporation announced the launch of a new line of electrohydraulic cylinders with valve integration. The hydraulic cylinder integrates a precision feedback transducer and control valve to ensure maximum operation efficiency. Reduced setup time, increased efficiency and less wastage are some of the advantages of the new range. The hydraulic cylinder range is available in tie-rod, threaded and welded configurations.

Trending Topics

Hydraulic Fracturing and Services Market

Asia-Pacific Hydraulic Cylinder Market

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FAQ

What is the Hydraulic Cylinder Market growth?

The market is growing at a High CAGR

What is Hydraulic Cylinder Market size in 2021

The Hydraulic Cylinder Market size was valued at USD YY million in 2021

Who are the key players in Hydraulic Cylinder Market?

Eaton Corporation, Bailey International, Caterpillar, Hannon Hydraulics LLC, Texas Hydraulics.

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