The global hydraulic cylinder market is poised for significant expansion, with a projected valuation of US$ 15.3 billion by 2023 and an anticipated Compound Annual Growth Rate (CAGR) of 4.6% throughout the forecast period. By 2033, the market is forecasted to exceed the US$ 24 billion mark.
The widespread utilization of hydraulic equipment for converting mechanical force into linear motion has revolutionized operations in construction and mining sectors, facilitating the lifting and transportation of large, heavy materials. As the global economy continues to improve and expand, there has been a notable acceleration in mining and infrastructure development activities, thereby fueling the growth of the hydraulic cylinder market.
Hydraulic cylinders, alongside hydraulic rams and pistons, constitute indispensable components of hydraulic systems. The market for hydraulic cylinders is experiencing a surge in demand, driven by the increasing need for heavy machinery and vehicles equipped with hydraulic systems to undertake transportation and raw material displacement tasks efficiently. This growing demand underscores the pivotal role played by hydraulic cylinders in enhancing operational efficiency across various industrial sectors.
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Growth Factors
Rapid expansion in construction projects
Escalation in mining operations to leverage natural resource reserves
Proliferation of automotive manufacturing facilities
Recent Developments
In December 2022, Caterpillar unveiled a strategic partnership with Luck Stone aimed at integrating autonomous solutions into the aggregates sector.
In January 2023, Eaton joined forces with Rewiring America to spearhead initiatives promoting residential electrification, education, awareness, and advocacy efforts.
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Market Segmentation
By Bore Size:
- <50 mm
- 51-100 mm
- 101-150 mm
- 151-300 mm
- Above 300 mm
By Product Type:
- Tie-rod Cylinders
- Threaded Cylinders
- Welded Cylinders
- Bolted/Mill Type Cylinders
- Telescopic Cylinders
- Other Cylinders
By Application:
- Industrial Equipment (Lifts & Aerial Work Platforms, Rams & Presses, Loading Docks, Injection Molding Machines, Oil & Gas and Offshore Applications, and Others)
- Mobile Equipment (Agricultural & Forestry Vehicles, Construction Equipment, Mining & Material Handling Equipment, and Others)
By Operating Principle:
- Single Acting
- Double Acting
- Multi-stage/Tandem
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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