Rapid Growth in Industrialization across Major Developing Countries is major Factors driving the Hydraulic Cylinders Market

Hydraulic Cylinders
  • Hydraulic Cylinders Market

As stated in our extensive report; providing insights onFunction, Specification, Application, Bore Size, and Industry; the Global Hydraulic Cylinders Market accounted for USD 14.18 Billion in the year 2021.

The Hydraulic Cylinders, as a link between hydraulic control and the machine, is suitable for use in many areas of industry, such as pressing and joining applications, the chemical industry, or tool making. Hydraulic Cylinders can also be used without a problem in areas having extremely high or low ambient temperatures.

Increasing industrial activities and significant demand for Hydraulic Cylinders in the construction sector are fueling the growth of the market. Furthermore, the increasing need for material handling equipment, the growing mining industry, and rising demand in the agricultural sector is expected to generate revenue in the forecast years.

Moreover, Hydraulic Cylinders are in high demand owing to the advantages associated with the product quality, compact size, functionality, and precise manufacturing requirements, which are further boosting the growth of the Hydraulic Cylinders Market.

Hydraulic Cylinders Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Hydraulic Cylinders Market.

Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in coming years owing to high demand for Hydraulic Cylinders in the manufacturing sector.Additionally, this region has the most advance manufacturing companies which are boosting the market to growth. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of robotics and manufacturing technology. These are a few of the reasons is expected to grow in the coming years.

Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of Hydraulic Cylinders. The Asia Pacific held the largest share of the Hydraulic Cylinders Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.

Major players of the Global Hydraulic Cylinders Market such as Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), Jiangsu Hengli Hydraulic Co., Ltd. (China).