September 20, 2023 05:11 ET | Source: Emergen Research Emergen Research
Vancouver, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global hydraulic cylinder market size was USD 14.30 Billion in 2021 and is expected to register a revenue CAGR of 4% during the forecast period, according to latest analysis by Emergen Research. Increasing application of hydraulic cylinders in heavy equipment employed during construction activities and increasing urbanization in emerging , such as India, China, and others, are major factors driving market revenue growth. In addition, the shipping industry is a major consumer of hydraulic cylinders due to its advantages associated with lifting heavy loads, which is another factor driving market revenue growth. Ongoing construction activities in various countries are gradually becoming more complex due to technicalities associated with it. Although, there had been a significant decline in construction activities during COVID-19 pandemic, but the market has regained its momentum as lockdown and trade restrictions have been lifted. Moreover, increasing support from governments in various countries has prompted this industry to rapidly adopt advanced construction equipment and develop sustainable infrastructure projects. In the construction industry, hydraulic cylinders are readily incorporated in machinery such as excavators, trenchers, road construction planners, and others. Furthermore, increasing preference is mainly due to their excellent resistance against corrosion, extreme temperatures, and weather changes. In shipping applications, hydraulic cylinders’ aid in lifting compartments that weigh around 30 to 42 tons. Cover Joint Straight Apparatus
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However, risks associated with internal leakage is a major factor restraining market revenue growth. Hydraulic cylinders mostly operate with oil, therefore, leakage in internal components causes environmental contamination. In addition, industry professionals look for cleaner and safer alternatives, such as pneumatic cylinders and others, because it enables them to adhere to environmental standards implemented by governments in various countries. They can also stay compliant and achieve higher industry standards. Pneumatics are a cost-effective solution than hydraulic cylinders and incorporates pneumatic safety thereby making it ideal for an inflammable environment. Moreover, increasing focus on cleaner technologies is another major factor restraining market revenue growth.
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Major Companies and Competitive Landscape
The global hydraulic cylinder market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective hydraulic cylinder products. Some major players included in the global hydraulic cylinder market report are:
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Some Key Highlights From the Report
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Emergen Research has segmented the global hydraulic cylinder market based on function, specification, industry, and region:
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