CHICAGO, July 20, 2020 /PRNewswire/ -- According to the new market research report "Hydraulic Cylinder Market with COVID-19 impact, by Function (Double-Acting, Single-Acting), Specification (Welded, Tie-Rod, Telescopic, Mill-Type), Application (Mobile and Industrial), Bore Size, Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Hydraulic Cylinder Market size is projected to reach USD 15.8 billion by 2025 from USD 13.4 billion in 2020 at a CAGR of 3.3%. The market growth is fueled by rising demand from the construction industry, growing use in mining equipment, and increasing demand for material handling equipment.
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Double-acting hydraulic cylinders to hold the largest size of hydraulic cylinder market from 2020 to 2025
Double-acting hydraulic cylinders are suitable for use in presses and chippers for opening and closing drawers and all types of raising and lowering devices such as excavators and cranes. Unlike single-acting cylinders, double-acting cylinders have two ports, i.e., the cap-end port and rod-end port, enabling them to operate hydraulically in forward as well as backward directions. They can be used vertically as well as horizontally as they have the mechanism to help the piston to expand and retract each time it pushes or needs to pull an object. The growing agriculture industry in APAC is expected to increase the demand for double-acting hydraulic cylinders.
Telescopic hydraulic cylinder market to grow at highest CAGR during the forecast period
Telescopic cylinders are also called multi-stage cylinders. They comprise several cylinders nested inside each other, termed as stages. To maintain stability, there are six stages. The largest sleeve is called the main or barrel within which the smaller ones fit. The retraction length of these cylinders is 20–40% of the fully extended length. Therefore, telescopic cylinders are ideal when mounting space is limited, and a long stroke is required. The high growth of telescopic hydraulic cylinders is attributed to their extensive use in applications such as dump trucks, excavators, roll-off trucks, and cranes.
Hydraulic cylinder market for agriculture industry to grow at highest CAGR from 2020 to 2025
Increasing population across the world and deteriorating environmental conditions have put pressure on the agriculture industry to meet the food demands. This has increased investments in machines for precision agriculture, which is expected to drive the demand for hydraulic cylinders. However, some of the major agriculture equipment manufacturers announced temporary factory shutdowns in the past few months due to the recent outbreak of the COVID-19 pandemic. Most of the agriculture equipment manufacturers source a few components such as hydraulic cylinders from suppliers that are also scaling back or struggling to remain open. This is expected to act as a challenge for the growth of the hydraulic cylinder market for the agriculture industry during the COVID-19 pandemic.
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APAC to be the fastest-growing market for hydraulic cylinders during forecast period
The hydraulic cylinder market in APAC is expected to grow at the highest CAGR during 2020 to 2025. Increasing demand for agricultural, construction, and mining equipment in APAC is supporting the growth of the hydraulic cylinder industry in the region. Countries such as China, Japan, and India are a few of the major manufacturing hubs for hydraulic cylinders. However, the outbreak of the COVID-19 pandemic in the region has led to a significant slowdown in the manufacturing industry. The pandemic has severely affected the manufacturing and supply chain of hydraulic cylinders. The implementation of lockdown in several countries in the region has led to supply chain disruptions eventually affecting the global economy.
The key players operating in the hydraulic cylinder market include Enerpac Tool Group (US), Bosch Rexroth (Germany), Caterpillar (US), Eaton (Ireland), KYB Corporation (Japan), Parker-Hannifin Corporation (US), SMC Corporation (Japan), Jiangsu Hengli Hydraulic (China), Wipro Enterprises (India), HYDAC (Germany).
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