New York, USA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global hydraulic cylinders market is anticipated to generate a significant revenue of $16,977.3 million at a CAGR of 5.0% during the forecast period, 2021-2028.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/3796
Dynamics of the Market
- Drivers: Hydraulic cylinders are used to generate force for moving heavy-duty machineries and construction equipment such as cranes, forklifts, steam rollers, wheel loaders, telehandlers, and drilling rigs. Construction activities across the globe have been increased with the rapidly growing urbanization increasing the demand of hydraulic cylinders. These factors are enhancing the growth of the global hydraulic cylinders market during the forecast period.
- Restraint: Hydraulic fluid can cause risk, even serious threats to the health of the workers. Inhalation, ingestion, and accidental injection are the high-risk health conditions that may cause by the leakage of hydraulic fluid. This factor is expected to restrain the market growth during the forecast period.
- Opportunity: Hydraulic cylinders are now corrosion resistance which is expected to create many opportunities for the market in the upcoming years.
Impact of COVID-19 on the Hydraulic Cylinders Market
The COVID-19 pandemic has adversely affected the global hydraulic cylinders market. The drastic decline in the demand for hydraulic cylinders during the pandemic is mainly due to the temporary restrictions and shutting down of construction, mining, and other activities. Due to the lockdown, the supply chain came to a sudden halt, which decreased the hydraulic cylinders market growth. On the contrary, the global market is projected to revive soon after the pandemic, once all the restrictions are lifted.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/3796
Key Segments of the Market
The report has divided the hydraulic cylinders market into different segments based on type, design, application, and regional analysis.
Type: Double Acting Sub-segment Expected to be Most Lucrative
The double acting sub-segment is expected to dominate the market with a revenue of $10,686.7 million by 2028, increasing from $7,075.3 million in 2020. Double acting hydraulic cylinders offer excellent features such as controlled acceleration, precisely definable stroke measurements, and outstanding repetitive accuracy. These are the factors expected to enhance the growth of the sub-segment during the forecast period.
Design: Welded Sub-segment Estimated to be Most Profitable
The welded hydraulic cylinders sub-segment is predicted to generate a revenue of $8,941.5 million during the forecast period, increasing from $5,904.7 million in 2020. The main factors behind this growth include the durability of welded hydraulic cylinders, customizable for different applications, and greater seal packages increasing life-expectancy of the cylinders.
Application: Mobile Sub-segment Expected to be Most Beneficial
The mobile sub-segment is predicted to garner the highest revenue of $10,646.1 million by the end of 2028, increasing from $7,091.2 million in 2020. Hydraulic cylinders have many mobile applications including marine equipment, agricultural machines, construction vehicles, and earth moving equipment. This is the main factor to propel the sub-segment’s growth in the hydraulic cylinders market during the forecast period.
Region: Asia-Pacific Expected to Dominate the Market
The Asia-Pacific regional market generated $4,438.9 million in 2020 and is further predicted to grow with a CAGR of 5.6% during the forecast period. The main factor behind this growth is the increasing demand of hydraulic cylinders because of the rapidly growing construction activities and rapidly increasing population in the region. For instance, as stated in the South China Morning Post China approved 26 infrastructure projects worth $142 billion in 2019.
Key Market Players & Strategies
The most significant players of the global hydraulic cylinders market include -
- Parker Hannifin
- Wipro Infrastructure Engineering
- Bailey International LLC
- Bosch Rexroth AG
- Aggressive Hydraulics, Inc.
- Caterpillar, Inc.
- Enerpac
- Eaton
- KYB Americas Corporation
- SMC Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Recent Development
In September 2019, EBSCO Capital, a leading investment service provider, completed the acquisition of Bailey International, a world leader in the manufacturing and distribution of mobile hydraulic power solutions. Bailey offers a diverse group of mobile equipment OEMs, distributors and aftermarket customers - providing an extensive range of hydraulic and electro-hydraulic components under the brand names - Maxim™, Bailey™, SureGrip™, and Chief™.
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