Hydraulic Cylinder Industry Overview

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

Regional Insights:

Asia Pacific Market Leadership:

• In 2021, Asia Pacific led the global hydraulic cylinders market, accounting for over 30.0% of the global revenue share.
• The region is a major consumer of hydraulic cylinders due to the growing demand for hydraulic equipment across various industries.
• Key industries driving this demand include infrastructure and construction, automotive, renewable energy, machine tooling, and logistics.
• Rapid industrialization and infrastructure development in countries like China, India, and Japan significantly contribute to the market's growth in Asia Pacific.

North America Market Trends:

• Countries in North America are actively investing in key sectors such as infrastructure and construction, oil and gas, transportation, aviation, logistics, and shipping to boost economic growth.
• These investments are expected to drive the growth of industries that heavily utilize hydraulic cylinders.
• The increasing focus on improving industrial efficiency and expanding construction activities is projected to augment the demand for hydraulic equipment in North America during the forecast period.

European Market Growth:

• The European hydraulic cylinders market is expected to grow at a compound annual growth rate (CAGR) of 3.3% over the forecast period.
• Renovation projects and decarbonization initiatives for buildings in Europe are likely to stimulate demand for hydraulic-based equipment.
• Key applications include excavators, bulldozers, trucks, and cranes, which play a crucial role in infrastructure upgrades and sustainable construction efforts.
• The region’s emphasis on adopting energy-efficient solutions and modernizing its infrastructure is expected to fuel market growth further.

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Key Hydraulic Cylinder Company Insights

The global market is quite competitive, due to the presence of both international and local producers. To increase industry penetration and fulfill changing technological demands, global hydraulic cylinder manufacturers use a variety of methods such as acquisitions, collaborations, new product development, and geographic growth.

In April 2022, Daikin Industries, Ltd. announced a purchase agreement with Duplomatic MS S.p.A., an Italian hydraulic equipment manufacturer. This acquisition is expected to help Diakin Industries, Ltd. enter the European industrial equipment market. Some prominent players in the global hydraulic cylinder market include:

• Eaton
• SMC Corporation
• Liebherr
• PARKER HANNIFIN CORP
• Caterpiller
• Bosch Rexroth AG
• Lehigh Fluid Power, Inc.
• Hengli hydraulic
• WEBER-HYDRAULIK GMBH
• Burnside Autocyl
• Pacoma GmbH
• Charvát Group s.r.o
• Southern Hydraulic Cylinder, Inc.
• Yates Industries Inc.
• Texas Hydraulics

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