TechNavio analysts estimate that by 2017, the Earth Moving and Mining Equipment industry in India will nearly double to a value of US$9.85 billion.
As the industry grows, so does the dependence on hydraulic cylinders. The Hydraulic Cylinder Market in India is one of the fastest growing engineering markets in the country, growing at a CAGR of 14.54 percent for the 2014-2018 period.
Earth moving equipment manufacturers were the largest end-users of hydraulic cylinders in India in 2013. These manufacturers produce various equipment such as backhoe loaders, crawler excavators, mobile cranes, compaction equipment, and wheeled loaders.
Earth moving equipment primarily find its application in the Construction industry in India, which has been growing each year because of the huge requirement for this equipment in:
- Road construction
- Railway construction
- Urban infrastructure
- Ports construction
In fact, India has the third largest road network in the world. The Indian government has also undertaken the Golden Quadrilateral road project, which connects four major cities of India: Kolkata, Delhi, Mumbai, and Chennai.
Additionally, the Railways sector is trying to increase its coverage area and reduce traffic congestion by setting up new routes and railway lines. Hence, the increasing investment in infrastructure projects by the Indian government and also through public private partnerships (PPPs) has led to the increased adoption of earth moving equipment, which is fuelling the growth of the market in India.
Earth moving, material handling, and mining equipment are the major mobile applications of hydraulic components such as cylinders, pumps, motors, valves, and other related accessories.
Furthermore, material handling equipment is also used by several companies across various industries such as the Power and Energy, Oil Refineries, Food and Beverage, and Retail industries. Various material handling equipment, such as electrical overhead traveling cranes, level luffing cranes, and stacker reclaimers, are used to carry materials, such as coal, limestone, and iron ore, in bulk in the Power and Energy industry. This drives the demand for hydraulic cylinders in India and hence, contributes to the growth of the market.
For more information, view our 2014-2018 report on the Hydraulic Cylinder Market in India.
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