Press release
Soaring Demand Set to Propel Hydraulic Cylinder Market to $24.73 Billion by 2029
Hydraulic Cylinder
What Is the Expected CAGR for the Hydraulic Cylinder Market Through 2025?
The market size for hydraulic cylinders has seen a consistent rise in recent times. It is projected to increase from $19.3 billion in 2024 to $20.02 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 3.7%. The expansion during the historical period can be linked to growth in the industrial sector, trends in automation, development of infrastructure, activities in mining and exploration, changes in the manufacturing sector, and investments in the energy sector.
What's the Projected Size of the Global Hydraulic Cylinder Market by 2029?
The market size of the hydraulic cylinder is predicted to witness a significant surge in the coming years, reaching $24.73 billion by 2029 with a compound annual growth rate (CAGR) of 5.4%. This growth during the forecast period can be credited to the rise in automation, expansion of renewable energy, progress in urbanization and construction, focus on sustainable practices, and resilience in the mining industry. The period also expects major trends such as the use of advanced materials, development of intelligent hydraulic systems, emphasis on environmental sustainability, customizations to suit various industries, energy-efficient solutions, and the incorporation of robotics and automation.
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Top Growth Drivers in the Hydraulic Cylinder Industry: What's Accelerating the Market?
The growth of the hydraulic cylinder market is projected to be fuelled by the escalating demand from the construction industry. Construction projects are growing in complexity and the need for infrastructure is on the rise, making the construction industry the most impacted by hydraulic technologies. The construction sector, for example, is anticipated to experience double-digit growth in FY22, bouncing back from an 8.6% decrease in the previous year. This is according to the Ministry of Statistics and Programme Implementation, a department of the Government of India that oversees statistical coverage and quality. This predicted surge is credited to both the base effect and the predicted 9.2% expansion of the economy. Thus, the mounting requirement from the construction sector is expected to considerably influence the hydraulic cylinder market's growth.
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What Trends Will Shape the Hydraulic Cylinder Market Through 2029 and Beyond?
The rise of product innovation is a significant trend in the hydraulic cylinder market. Numerous firms in this industry are seeking novel creative products to bolster their market standing. For instance, Italy-based Idroteck, a hydraulic components manufacturer, introduced a new BIM model database for its hydraulic compact cylinders in September 2024, powered by CADENAS. The objective of this launch is to simplify the design process for engineers and designers, providing them with easy access to precise 3D models of Idroteck's products. The database provides a straightforward interface, facilitating users in searching and downloading models in different formats that are compatible with various CAD software. With the incorporation of these models into their designs, users can optimize workflows and augment project efficiency, showcasing Idroteck's dedication in backing the engineering community and promoting innovation.
What Are the Main Segments in the Hydraulic Cylinder Market?
The hydraulic cylindermarket 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
Subsegments:
1) By Single Acting Hydraulic Cylinder: Spring Return Single Acting Cylinders, Gravity Return Single Acting Cylinders
2) By Double Acting Hydraulic Cylinder: Standard Double Acting Cylinders, Cushioning Double Acting Cylinders, Double Acting Telescopic Cylinders
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Which Top Companies are Driving Growth in the Hydraulic Cylinder Market?
Major companies operating in the hydraulic cylinder market include Caterpillar Inc., Linde plc, Eaton Corporation, Parker-Hannifin Corporation, Liebherr Group, Kawasaki Heavy Industries Ltd., Wipro Infrastructure Engineering (WIN), Bosch Rexroth, SMC Corporation, HYDAC International GmbH, The Jiangsu Hengli Hydraulic Co. Ltd., Taiyo Ltd., Enerpac Tool Group, Sun Hydraulics LLC, Texas Hydraulics Inc., Prince Manufacturing Corporation, Ligon Industries LLC, Zenith Hydromatic, LEO engineers, Spareage Hydro, Kangaroo Hydraulics Private Limited, Swapnapoorti Hydraulics, KYB Americas Corporation
Which Regions Will Dominate the Hydraulic Cylinder Market Through 2029?
Asia-Pacific was the largest region in the hydraulic cylinder market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic cylinder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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