Hydraulic Cylinders Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Hydraulic Cylinders Market Size estimated to be valued at USD 14,075.0 million in 2021 and is expanded to grow at a significant CAGR of 4.3% over 2022-2028. A broad range of product offerings from market players is driving the market. For instance, leading players in the hydraulic cylinders market like Enerpac Tool Group, Eaton, and Parker Hannifin, are offering a broader range of product portfolios, which is expected to increase customer access in different applications and is anticipated to drive the market during the forecast period. Increasing demand for new products from various end-users and continuous development of new products and product launches are paramount factors to drive the market over the forecast period. Growing demand for oil & gas propels the market, and the agriculture industry offers lucrative opportunities. Hydraulic cylinders strive to have distinct market recognition and increase the customer base across the globe. In order to do that, manufacturers are offering integrated solutions containing cylinders and ancillary products like pumps, valves, filters, hoses, and connectors. Furthermore, hydraulic cylinder companies are developing apprenticeship programs. For instance, Bosch Rexroth implemented an apprenticeship program to focus on manufacturing hydraulic systems, including cylinders; EATON Hydraulics developed three separate apprenticeship programs in cooperation with the Minnesota Office of Apprenticeship and the U.S. Department of Labour. In the hydraulic cylinders market, in 2021, the double-acting hydraulic cylinders segment accounted for a larger revenue share and is anticipated to grow with a CAGR of 4.2% from 2022 to 2028 to reach USD 13,928.6 Mn by 2028. Owing to the retraction property of these cylinders, they are used in aerospace, automotive, agriculture, and several other industries. Double-acting hydraulic cylinders have a higher demand in mobile applications such as lifting equipment, earth moving equipment, and forklifts. These cylinders are suitable in presses and chippers for opening and closing drawers and raising and lowering devices such as excavators and cranes.

Recent Market Developments:

In January 2022, Eaton announced it has completed the acquisition of Royal Power Solutions, a U.S.-based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets.

In December 2020, Wipro Infrastructure Engineering’s Industrial Automation Business signed a definitive agreement to acquire PARI, India’s largest industrial automation company. The combined strength of Wipro and PARI is expected to expand its offering, broaden its global footprint, and strengthen its ability to furnace deeper customer relationships in India and overseas.