Hydraulic Cylinder Market forecast period of 2021-2027

1. Hydraulic Cylinder Market Trend Analysis Share and Forecast, 2020-2027

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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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