Hydraulic Cylinder Market

The global hydraulic cylinder market is expected to hold a valuation of US$ 15.3 billion in 2023. The market is projected to register a CAGR of 4.6% during the forecast period. The market is expected to cross US$ 24 billion by 2033.

Key factors that may propel the market growth are:

Surging construction activities

Increased mining activities to harness the true potential of natural resources

Establishment of automotive factories

The use of hydraulic equipment to convert mechanical force into a linear motion helps in lifting and carrying of large size heavy materials in construction and mining fields. With the improving and expanding world economy, mining, and infrastructure development has gained pace, thereby boosting the market growth.

Hydraulic cylinders, along with hydraulic ram and hydraulic piston, are essential physical components of the hydraulic system. The hydraulic cylinder market is growing with rising demand for heavy machinery and vehicles installed with hydraulic systems to perform transportation and raw material displacement works.

Upgradation of existing industrial units is anticipated to provide greater demand for custom hydraulic cylinders, which are installed in the production line. Many setups are focusing to transform the process into automated and semi-automatic versions, which might be a driving factor for the market.

Mechanization of other sectors of the economy such as agriculture, healthcare, and others are also expected to surge the demand. Farm hydraulic cylinders have emerged as a key segment for the manufacturers, they can be installed in small agricultural equipment and tractors.

The increasing size of dockyards and harbors due to surging traffic of international trade is another sector with a huge opportunity for large and small hydraulic cylinders. The hydraulic systems used in lifting machines for shipping these trading materials in bulk are highly sought-after in the current times.

Asia Pacific is expected to be the leading market owing to rapid infrastructural development to support a rapidly expanding economy. All the sectors of its economy are undergoing extensive overhauls in terms of volume and revenue generation. A greater emphasis by regional governments on the use of machinery and equipment for agriculture and small-scale industries has increased the demand for hydraulic cylinders.

The North America market is also expanding at a rapid pace following the trend of using smart technologies in major areas. Automation of heavy machinery and integration of IoT has provided immense opportunity for the market players.