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Hydraulic Cylinder Market Size
- Report ID: GMI814
- Published Date: Jul 2023
- Report Format: PDF
Hydraulic Cylinder Market Size
Hydraulic Cylinder Market size was valued at 15 billion in 2023 and is set to grow at a CAGR of 4.6% between 2024 and 2032. Growing demand for material handling equipment along with ongoing construction activities for contributing economic development will propel the industry growth. Growing application across luffing cranes, overhead traveling cranes, forklifts, & agricultural machines will raise the product demand.
Rising demand for advanced agriculture machinery along with increasing population size will stimulate the demand for hydraulic cylinder. Moreover, expanding infrastructural development by developing economies will further drive the business landscape. For instance, India planned to spend USD 1.4 trillion on infrastructure through ‘National Infrastructure Pipeline’ in the next five years, which in turn is anticipated to have a positive impact on a market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hydraulic Cylinder Market Size in 2023: | USD 15 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.6% |
| 2032 Value Projection: | USD 22.5 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 560 |
| Tables, Charts & Figures: | 725 |
| Segments covered: | Function, Product, Application, & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing usage of fracturing and cracking equipment for the exploration and production of shale oil and gas will favor the hydraulic cylinder marketdemand. Collection of debris, storage, sand, and saltwater are some of the critical operations which can be complete by offshore lifting equipment in harsh conditions which in turn will further drive the demand for these products over other.
Growing demand for material handling equipment in the food & beverage industry to create linear motion for the conveyor belts and assembly lines will drive the installation for these products including single & double acting hydraulic cylinders. Additionally, rising usage for emission less, energy efficient and low maintenance equipment to ensure the smooth operation across various industries including manufacturing, chemical and F&B will further favor the industry outlook.
Increasing usage of steam engines along with ongoing efforts to deploy energy efficient equipment across various industries will drive the industry outlook. Moreover, demand is anticipated to exceed further across the areas where the working fluid acts alternately on both sides of the piston such as forklifting, heavy trucks, earth moving equipment amongst other.
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Hydraulic Cylinder Market Scope
