Global Hydraulic Cylinder Market - 2023-2030

Global Hydraulic Cylinder Market - 2023-2030

Global Hydraulic Cylinder Market reached US$ 14.9 billion in 2022 and is expected to reach US$ 18.9 billion by 2030, growing with a CAGR of 4.3% during the forecast period 2023-2030. Expansion in logistics and warehousing industries drives the demand for material handling equipment, which majorly uses hydraulic cylinders for lifting and moving heavy loads. Continuous advancement is witnessed in hydraulic cylinder designs and materials, which enhance their efficiency, durability and performance.

Furthermore, Asia-Pacific is expected to hold the majority of the market with around 1/3rd of the global market. The region witnessed robust industrial development across various sectors that includes construction, mining, agriculture and manufacturing. The industries heavily rely on hydraulic systems and equipment which drives the demand for hydraulic cylinders. Industries in this region majorly focus on automation that enhances productivity and leads to reduced operational costs.

Market Dynamics

Rising Demand in Construction Industry

Hydraulic cylinders can generate significant force in relatively compact units which makes them ideal for use in space-limited construction equipment and machinery. Compact hydraulic cylinders lead to contribute the overall mobility of construction machinery which makes it feasible during traveling.

For instance, on 21 February 2023, NorrDigi (Digital Hydraulic System) in collaboration with the University of Tampere and Volvo Construction Equipment, NorrDigi is an intelligent digital control system designed to optimize the movements of hydraulic cylinders with precision using the right force and speed. Unlike traditional hydraulic actuators that rely on throttled flows NorrDigi stores energy in accumulators which then drive four-chamber hydraulic cylinders.

Rising Demand in Automotive Industry

Convertible cars are popular among consumers in which hydraulic cylinders play a crucial role in their roof-opening mechanisms. Majorly cylinders are responsible for smoothly and efficiently retracting and deploying the convertible top, adding to the overall appeal of such vehicles. Due to these factors, there is growth in the hydraulic cylinder market.

The rise of electric power steering and hydraulic power steering systems are still prevalent in many vehicles. As they provide reliable and responsive steering assistance, especially in heavy-duty applications such as trucks and commercial vehicles. Hydraulic cylinders are employed with various automotive systems, that include automated manual transmission and dual-clutch transmission.

Designing and Maintenance Issue

Hydraulic systems are bulky and heavy which might not be ideal for applications where weight and size are critical factors. In some cases, alternative actuation systems are preferred for space-limited or lightweight applications. Hydraulic systems are in complex structures, especially in large-scale applications. Designing and maintaining these systems require specialized expertise, which can lead to higher implementation and maintenance costs.

Advancements in electric actuators are increasingly being witnessed as viable replacements for hydraulic cylinders in various applications. The traditional use of hydraulic cylinders in machines like heavy vehicles such as trucks is being challenged by the emergence of electric alternatives that offer higher power, improved durability and enhanced intelligence.

COVID-19 Impact Analysis

Government-imposed lockdowns and social distancing that leads to posed challenges in terms of workforce availability. Factories and production facilities had to operate with limited staff, which affects production capacities and lead times for hydraulic cylinders. Due to these, there is a downfall in market growth.

During the pandemic, many businesses faced financial difficulties, which affected their ability to invest in new hydraulic equipment or carry out maintenance and repairs. Companies in the hydraulic industry are taking back their investment and are not planning to invest in the market which impacted the production and development growth rate of the market.

AI Impact

AI can continuously monitor the condition of hydraulic cylinders and detect signs of wear, leakage or other abnormalities. By closely monitoring the system's health, AI can provide valuable insights to operators and helps them take proactive actions to prevent potential issues and ensure long-term durability.

AI identify and diagnose faults in hydraulic cylinders and other components of hydraulic systems. By analyzing patterns in sensor data AI algorithms detects the root cause of problems and make it easier for technicians to perform targeted repairs and reduce downtime. Due to these, there is growth witnessed in the hydraulic cylinder market.

Russia-Ukraine War Impact

Governments imposed export or import restrictions on certain goods that include hydraulic cylinders or their components which limits the availability of products in certain regions and impacts trade relationships. Due to trade restrictions market face uncertainty and these factors hinder the growth of the market.

Russia and Ukraine are major exporters of agricultural products that include grains, oilseeds and dairy products. The tensions between the two countries can lead to disruptions in trade and export restrictions which affects the global supply and prices of agricultural commodities. Both Russia and Ukraine are a significant contributor for global food security and their exports plays a major role.

Segment Analysis

The global hydraulic cylinder market is segmented based on type, specification, application and region.

Growing Demand for Hydraulic Steering in Marine Industry

In the global hydraulic cylinders market, the marine industry is expected to grow at a significant CAGR during the forecast period 2023-2030. Hydraulic systems, when designed and maintained properly offers excellent safety features. It can include fail-safe mechanisms and overload protection which leads to reducing the risk of accidents or equipment failures across the sea. Hydraulic cylinders in boats are equipped with emergency shutdowns and also allow safe stopping in case of any emergency.

For instance, on 27 June 2023, Mercury Racing introduced the Mercury Racing V8 500R outboard engine, a supercharged 500hp V8 model for high-performance sport boats. The engine offers more than 500 horsepower, 50 more than the 450R model, with increased torque and a 4.6-liter V8 FourStroke powerhead boosted by a Mercury Racing supercharger. Hydraulic cylinders are commonly used in outboard engines and power steering systems.

Hydraulic cylinders are essential components that convert fluid pressure into mechanical force, providing the necessary power to move and control various components in a hydraulic system, such as steering mechanisms, trim systems and gearcases.

Geographical Penetration

Agriculture Industry Witnessed Growth in Asia-Pacific

Asia-Pacific is expected to grow at the highest CAGR in the global hydraulic cylinder market during the forecast period 2023-2030. The agriculture sector witnessed significant growth in the Asia-Pacific, with increasing mechanization and adoption of modern farming techniques. Hydraulic cylinders play a vital role in agricultural machinery like tractors and harvesters which leads to increased growth in the hydraulic market.

For instance, on 23 February 2023, the first irrigation project called as polavaram project gets advanced hydraulic cylinders for radial gates. The hydraulic cylinder will speed up its operation during heavy floods. Hydraulic cylinders were imported from Megha Engineering and infrastructure limited. Each cylinder has a length of 17.308 meters and weighs around 20 tonnes.

Competitive Landscape

The major global players include Eaton Corporation, Bailey International, Caterpillar, Hannon Hydraulics LLC, Texas Hydraulics, Prince Manufacturing Corporation, Parker-Hannifin Corporation, Ligon Industries, Precision Hydraulics and Aggressive Hydraulics.

Why Purchase the Report?
To visualize the global hydraulic cylinder market segmentation based on type, specification, application and region, as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous data points of hydraulic cylinder market-level with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.

The global hydraulic cylinder market report would provide approximately 61 tables, 59 figures and 181 Pages.

Target Audience 2023
Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies