According to the latest market research study released by Technavio, the global hydraulic cylinder market is expected to grow at a CAGR of more than 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global hydraulic cylinder market based on end-user:
Global hydraulic cylinder revenue share by end-user 2020 ($ billion)
|
Construction, Mining, and Material Handling Equipment Industry |
4.57 |
|
Agriculture Industry |
2.95 |
|
Aerospace and Defense Industry |
2.53 |
|
Industrial Equipment Industry |
0.92 |
Source: Technavio
Construction, mining, and material handling equipment industry
The construction, mining, and material handling equipment industry generated revenues of close to $4 billion in 2015 and will grow at a CAGR of 5% by 2020. Rising opportunities in the field of healthcare, education, and social infrastructure will help in the growth of this market segment. The countries like India, China, and the US are experiencing a rise in the number of construction activities in the region, which will further boost the demand for hydraulic cylinders in the market. The transition to a consumer and services-oriented economy in many developing countries will provide new areas investment and development. The growth of the construction market in countries like India and China is attributed to the rapid urbanization and development activities.
“The increasing activity in the mining industry will result in the high demand of the product in the market. Hydraulic cylinders are vital components of mining equipment and growing requirement for power across the globe will aid in increasing the sales of these products. Brazil and the US are regarded as the main areas for mining activities, where Brazil is the largest exporter of iron ore, manganese, and bauxite. Such developments in the mining and construction activities will have a positive impact on the evolution of this market,” says Likhitha Bandla, a lead analyst at Technavio for research on tools and components.
Agriculture Industry
The agriculture industry in the global hydraulic market generated revenues of more than $2 billion in 2015 and will grow at CAGR of almost 4% by 2020. The adoption of mechanized processes in the agriculture sector by developing countries will fuel growth in this market segment. The development in technology will enable the end-users to provide efficient and sustainable production methods. The US agriculture industry is witnessing the revolution of agriculture technology. The increasing use of a computer, scientific soil and crop analysis, and advanced machinery will result in better yield and will increase the sale of hydraulic cylinders in the market.
Aerospace and defense industry
The aerospace and defense industry in the global hydraulic market generated revenues of around $2 billion in 2015 and will grow at CAGR of about 4% by 2020. The hydraulic cylinders are used for landing gears, brake, engines, ramp doors, wheels, flight control, and fuel system in aircraft. These products are also used for ground service equipment that includes ground support equipment, baggage handling equipment, and specialty aircraft repair equipment. The increasing application of these tools in the aerospace sector will fuel the market growth. The growing number of restricted overseas operations and an increase in the military budgets will fuel the demand for hydraulic cylinders in the market.
Industrial equipment industry
The industrial equipment industry in the global hydraulic market generated revenues of almost $1 billion share in 2015 and will to grow at a CAGR of over 5% by 2020. The industrial equipment segment uses hydraulic presses and other machine tools to perform metal forming, casting, sheering, forging, milling, drilling, and shaping. The adoption of automated facilities and interconnected facilities to optimize the manufacturing process is primarily driving the growth of this market segment. The shift towards automation will provide new market opportunities for hydraulic cylinder manufacturers.
The top leading vendors operating in the global hydraulic cylinder market are:
- Bosch Rexroth
- Eaton
- HYDAC
- Parker Hannifin
- WEBER-HYDRAULIK
Other prominent vendors in the market include Bengbu Yeli Machinery, Caterpillar, Dongyang Mechatronics, Energy Manufacturing, Enerpac, Hunger Hydraulik, Hydratech Industries, Hyva, KCC, Komatsu, KYB, Ligon Industries, Pacoma, Precision Hydraulic, SMC, Texas Hydraulics, Wren, Wipro Infrastructure Engineering, and Yuken.
A more detailed analysis is available in the Technavio report titled, ‘Global Hydraulic Cylinder Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global Hydraulic Equipment Market for Mobile Applications 2016-2020
- Global Hydraulic Equipment Market 2016-2020
- Global Pneumatic Equipment Market 2016-2020
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