- The market for double-acting hydraulic cylinders to grow at highest CAGR from 2019 to 2024.
- Hydraulic cylinder market for aerospace & defense to exhibit high growth during the forecast period.
- Hydraulic cylinder market in APAC to grow at highest CAGR during the forecast period.
According to the new market research report “Hydraulic Cylinder Market by Function (Single Acting, Double Acting), Specification (Telescopic, Tie Rod, Mill Type, Welded), Application (Mobile and Industrial), Bore size, Industry, and Region – Global Forecast to 2023,” published by MarketsandMarkets™, the market is expected to be valued at $13.64 billion in 2017 and is projected to reach $19.3 billion by 2023, at a CAGR of 5.95% between 2017 and 2023.
The key factor driving the growth of the hydraulic cylinder market is their rising demand in the construction industry and mining process equipment. Increasing demand for lifting equipment in the shipping industry and for material handling equipment in the aerospace & defense industry is the key opportunity for the players in the hydraulic cylinder market.
Double-acting hydraulic cylinders to hold largest share of market between 2017 and 2023
Double-acting hydraulic cylinders are suitable in presses and chippers for opening and closing drawers and for all types of raising and lowering devices. Unlike single-acting, double-acting cylinders have 2 ports i.e., cap end port and rod end port enabling them to operate hydraulically in forward as well as backward direction. Companies involved in the development of double-acting hydraulic cylinders include Hirotaka (Japan), Nordon Cylinders (Australia), SSH Stainless (Denmark), and Helipebs Controls (UK), among others.
Construction industry to hold largest share of hydraulic cylinder market between 2017 and 2023
Excavators, telehandlers, compactors, backhoe loaders, concrete and cement machines, drilling rigs, wheel loaders, loading shovels, dumper trucks, and quick hitches are deployed with heavy-duty hydraulic cylinders. These machines extensively use hydraulic cylinders for a wide range of specific purposes owing to their strength, performance, and reliability. Hydraulic cylinder providers operating in the construction industry include JARP Industries (US), Oscar Equipment (India), AH Garner (UK), and Actuant (US).