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Global Market Study on Hydraulic Cylinders: Mobile Industrial Equipment to Remain Major Application Area | Growth Market Reports

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The Global Hydraulic Cylinder Market was valued at USD 11,569.3 Mn in 2019 and is projected to reach around USD 18,217.8 Mn by 2027, expanding at CAGR of 6.3% during the forecast period. In terms of volume, the market is estimated to expand at a CAGR of 6.0% between 2020 and 2027. A hydraulic cylinder consists of a piston rod, piston, and cylindrical barrel. The piston is placed within the barrel, which is connected to the piston rod. The cylinder head and the cylinder bottom, close the head and bottom of the barrel, respectively. The cylinder bottom and the piston rod are mounted with mounting clevises or brackets. The cylinder head is the side from where the piston rod exits the cylinder. The piston in the hydraulic cylinder consists of seals and sliding rings.

Market Dynamics

The global hydraulic cylinder market is driven by rising demand for material handling equipment and ongoing construction activities, which are anticipated to contribute to economic growth. Growing applications of hydraulic cylinder across overhead traveling cranes, agricultural machines, forklifts, and luffing cranes are projected to fuel product demand during the forecast period. In hydraulic cylinder increases the concern regarding oil leak, as it is hazardous to the environment. Various factors such as connections, inappropriate fittings, and environmental parameters leads to oil leakage in hydraulic cylinders are restraining the market. Rise in the demand for lifting equipment in the shipping industry is fueling the demand for hydraulic cylinders.

Regional Outlook

Based on regions, the global hydraulic cylinder market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a prominent region of the hydraulic cylinder market due to the rise in infrastructure and industrialization. The demand for hydraulic cylinders is high in developed nations such as the UK, France, Japan, the US, and Germany. Moreover, the demand for hydraulic cylinders is expected to rise in various industries such as agricultural equipment, aviation, industrial machine, and construction equipment in countries such as South Africa, Brazil, India, and China.

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Competitive Landscape

  • Key players in the market include KYB Americas Corporation, PARKER HANNIFIN CORP, Robert Bosch GmbH, Caterpillar, and Eaton. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and increasing demand for products.
  • These players are adopting key strategies such as product development and geographical expansion to increase their presence in the hydraulic cylinder market.
  • In 2020, SMC Corporation launched new product called heavy duty stopper cylinder, which help prevent the lever damage when transferred workpiece moves backward.
  • In 2019, PARKER HANNIFIN CORP acquired LORD Corporation, the US-based company, for approximately USD 3.7 Billion in cash. From this transaction, PARKER HANNIFIN CORP is expected to have strong material science capabilities, aerospace, and electrification product offerings.

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