Hydraulic Cylinder Industry
The global hydraulic cylinder market was valued at USD 15.32 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. This growth is primarily driven by the increasing adoption of hydraulic cylinders across various industries such as material handling, construction, infrastructure, marine, and earthmoving. Hydraulic cylinders are essential components in many mechanical systems, and their versatility in providing linear force and motion is fueling their widespread use across these sectors. However, the market experienced significant challenges due to the outbreak of COVID-19, which caused considerable volatility in global commodity prices, impacting both the supply and demand of raw materials. The pandemic led to widespread lockdowns and restrictions aimed at controlling the virus's spread, which severely disrupted the global economy. The resulting recession negatively affected industrial production, which, in turn, dampened the demand for hydraulic cylinders during the crisis.
In North America, the U.S. experienced the highest number of confirmed COVID-19 cases, followed by Canada and Mexico, which had a profound effect on the regional economy. The pandemic disrupted supply and distribution chains, further hindering the growth of the hydraulic cylinder market. However, the U.S. government has made significant efforts to stimulate economic recovery by investing heavily in critical industries, including construction, infrastructure, energy, transportation, pharmaceuticals, and electric vehicle (EV) infrastructure. For instance, in November 2021, the U.S. government signed a bipartisan infrastructure plan worth over USD 1 trillion. This investment is expected to fuel the growth of several sectors, including the hydraulic cylinder industry, as infrastructure development projects often rely on hydraulic systems for various applications.
The U.S. remains one of the largest markets for hydraulic cylinders globally, owing to the presence of a substantial number of machinery and equipment manufacturers. The country's economy has shown growth driven by the production of goods and services, with expansion observed on a year-over-year basis. However, the U.S. economy continues to face challenges, including geopolitical tensions stemming from the Russia-Ukraine conflict, rising inflation, and the lingering effects of the COVID-19 pandemic. These factors contribute to ongoing economic volatility, which could influence the trajectory of the hydraulic cylinder market in the near future.
Gather more insights about the market drivers, restrains and growth of the Hydraulic Cylinder Market
Welded Segment:
- The welded segment led the hydraulic cylinder industry in 2021, accounting for more than 50.0% of the global revenue share.
- Welded hydraulic cylinders are extensively used across various industries, including construction, oil and gas, mining, waste handling, material handling, and heavy equipment.
- The growing demand for welded hydraulic cylinders in these sectors is expected to further drive the growth of this segment.
- These cylinders are favored for their robust design and high durability, making them suitable for heavy-duty applications in challenging environments.
Telescopic Segment:
- The telescopic segment is anticipated to expand at a significant compound annual growth rate (CAGR) of 5.3% over the forecast period.
- Telescopic cylinders can be designed as either double-acting or single-acting cylinders, allowing them to be used for a diverse range of applications.
- These cylinders are commonly employed in material handling, waste handling, trucks used in construction, and various agricultural applications.
- The versatility and space-saving nature of telescopic cylinders contribute to their increasing demand across multiple industries.
Mill-Type Cylinders:
- Mill-type cylinders are used in industries such as energy, oil and gas, mining, defense, machine tools, molding, automotive, plastic processing, primary metal refining, and rubber and tire processing.
- The increasing investments in these industries are expected to drive the demand for mill-type hydraulic cylinders over the forecast period.
- Mill-type cylinders are known for their heavy-duty construction and are essential in high-force applications, particularly in industries requiring high levels of reliability and performance.
Tie Rod Cylinders:
- Tie rod cylinders have diverse applications, including clamping, bending, shearing, forging, pressing, and counterbalancing.
- These cylinders are popular due to their short delivery times and cost-effectiveness, which makes them attractive to industries requiring quick and affordable solutions.
- The growing demand for tie rod cylinders, driven by their efficiency and affordability, is expected to propel the growth of this segment over the forecast period.
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