Hydraulic Cylinder Market Growth Trajectory Through 2024-2033

Uday Kiran

Hydraulic Cylinder Market Growth Trajectory Through 2024-2033

The Hydraulic Cylinder Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydraulic Cylinder Global Market Report 2024, The hydraulic cylinder market size has grown strongly in recent years. It will grow from $18.4 billion in 2023 to $19.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrial growth, automation trends, infrastructure development, mining and exploration activities, manufacturing sector dynamics, energy sector investments.

The hydraulic cylinder market size is expected to see strong growth in the next few years. It will grow to $24.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing automation, renewable energy expansion, urbanization and construction boom, focus on sustainability, mining industry resilience. Major trends in the forecast period include advanced material adoption, smart hydraulic systems, environmental sustainability, customization for diverse industries, energy-efficient solutions, integration of robotics and automation.

The significant increase in demand from the construction industry is expected to drive the growth of the hydraulic cylinder market. Since construction projects are becoming more complex with higher demand for infrastructure, the construction industry has been the most affected industry by the development of and implementation of hydraulic technologies. For instance, according to the Ministry of Statistics and Programme Implementation, a ministry of the Government of India concerned with coverage and quality aspects of statistics released, the construction industry is expected to rise in double digits in FY22, rebounding from an 8.6% decline last year, thanks to the base effect and the economy's forecast 9.2% expansion. The significant increase in demand from the construction industry is likely to drive the growth of the hydraulic cylinder market.

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The hydraulic cylinder market covered in this report is segmented –

1) By Function: Single Acting Hydraulic Cylinder, Double Acting Hydraulic Cylinder

2) By Specification: Telescopic Cylinder, Tie Rod Cylinder, Mill Type Cylinder, Welded Cylinder

3) By Bore Size: Less Than 50 MM, 50 to 150 MM, Greater Than 150 MM

4) By Application: Industrial Equipment, Mobile Equipment

5) By End-User: Construction, Aerospace And Defense, Material Handling, Agriculture, Automotive, Mining, Oil And Gas, Marine, Other End-Users

Major companies operating in the hydraulic cylinder market are focusing on facility expansions to better meet the needs of their existing consumers. A facility expansion broadly refers to the act of increasing the capacity or capabilities of an existing facility. For instance, in December 2022, Liebherr-Components Biberach GmbH, a Germany-based equipment manufacturing company, announced the construction of a new facility in Germany. The new facility will cover an area of roughly 46,000 m2. The unification of the entire hydraulic cylinder manufacturing process into one location is the foundation for Liebherr to keep expanding and further drive the economic effectiveness of the site. Three new halls will be created as part of the expansion of the component site. One hall holds the logistics section, which includes high-bay warehousing, quality control, customer service, and contemporary fiber composite component manufacture. The remaining two halls will host modernized mechanical manufacturing.

The hydraulic cylinder market report table of contents includes: