Global Hydraulic Cylinders Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Hydraulic Cylinders Market Outlook

The global market size for hydraulic cylinders reached a value of USD 14.66 billion in 2023 and is projected to reach a value of USD 21.60 billion by 2032. The global hydraulic cylinders market is expected to grow at a CAGR of 4.4% between 2024 and 2032. 

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News and Development in the Market 

• In September 2023, Dannmar introduced the D4-12A alignment lift that can be used for both two and four-wheeled vehicles weighing up to 12,000, lbs. It works on the hydraulic system with a single hydraulic cylinder elevated below a runway for ease and safety. 

• In August 2023, Bosh Rexroth added the CytroMotion system, a compact self-contained actuator which has ultimately increased the quality and efficiency of the hydraulic machines. The CytroMotion actuator also gave another benefit of creating no sounds above 70 Db. It has solutions for both electro-mechanical and hydraulic systems. 

• In August 2023, Wipro Infrastructure Engineering (WIN), a unit of Wipro Ltd (NSE: WIPRO) signed a Memorandum of Understanding with the Rajasthan government for the installation of a building to manufacture hydraulic cylinders and other products. It will be competent enough to meet every quality requirement of global customers in the hydraulic cylinders market. 

• In May 2023, PB Machine Tech announced that a third Leadwell V-40iT 5-axis vertical machining was to be set up in the Bagenalstown factory. The company produces more than 5000 hydraulic cylinders in one week at its factory. 

• In August 2021, Eaton (NYSE:ETN), a power management company completed the sale of its Hydraulics business to Danish industrial company, Danfoss A/S. Danfoss established itself as a leader globally in mobile and industrial hydraulics. The combination between the two business doubled the size of Danfoss’ hydraulics project, enhancing its position in the hydraulic cylinders market.

Key Trends in The Market

Hydraulic cylinders are a mechanical actuation device in which the piston moves to and fro to covert hydraulic energy back to mechanical energy. Any incompressible fluid such as oil is used to move the piston which ultimately helps in the movement of the rod. Similarly, when the liquid is driven to the other chamber, the piston moves back, pulling back the rod. Thus, helping in the working of the hydraulic cylinder. 

• Hydraulic cylinders are widely used in the mining industry and its demand is increasing. These cylinders have high density and great strength to help in extractions in dangerous environments. The transportation process involved after extraction also requires the hydraulics to collect, transport and dump the extraction.

• The applications of hydraulic cylinders are growing in the automotive sector, increasing the demand for the hydraulic cylinders market. They are mainly used as an actuator to transfer energy which ultimately helps in the manufacturing and development of motor vehicles. 

• As workloads increase across industries, there is greater requirement for hydraulic cylinders in various shapes, sizes, formats, and properties. Adaptation of hydraulic cylinders to suit the specific end-use manufacturing requirements is expected to be a key trend in the market. 

Market Analysis

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Global hydraulic cylinders market is divided by function into single-acting and double-acting. By specification, it can be classified into welded, tie rods, and others. Dividing on the basis of bore size, the market has <50 MM, 50-150 MM, and >150 MM divisions. On the basis of application, the bifurcation is into industrial and mobile. Whereas by region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global hydraulic cylinders market, covering their competitive landscape and latest developments. 

• SMC Corporation 

• Parker Hannifin Corporation 

• KYB Corporation 

• Bosch Rexroth AG

• Eaton Corporation plc.

• Others

Market Share by Function

The segment for single-acting hydraulic cylinders is expected to witness greater growth in the hydraulic cylinders market as they are simple to use, require less maintenance due to fewer moving parts, and consume less air. Single-acting hydraulic cylinders comprise of only one port whereas double-acting hydraulic cylinders include two ports. They are well-suited for applications where straightforward movement is required without any complicated retractions. 

The single-acting format allows the hydraulic fluid to enter and then pushes the plunger out in the same direction. This process consumes less air as compared to double-acting hydraulic cylinders which possess two ports at each end. 

When a fluid is supplied to double-acting hydraulic cylinders, both retraction and extension of the piston occurs, increasing the amount of air consumed. Double-acting types are controlled through a joystick or similar setup, whereas single-acting hydraulic cylinders have only power to press in one direction. 

Market Share by Region

Asia Pacific has been leading the hydraulic cylinders market by region. It has become a centre for western markets to trade their hydraulic cylinders. The increase in demand by India and China for hydraulic equipment for industries such as infrastructure construction, automotive, renewables, machine tooling, and logistics are the main reason behind the growth of the market in the Asia Pacific region. 

With fast growing economies, the demand for the hydraulic cylinders in the Asia Pacific is expected to remain at the top in the hydraulic cylinders market in the coming future. However, there is growth in the demand for hydraulic cylinders in North America as industries set up nearby manufacturing units. 

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Competitive Landscape

KYB Corporation provides hydraulic equipment components that meet the needs of clients for applications such as refining, computerisation and systemisation. They provide pumps, cylinders, valves, motors, and various other hydraulic technologies. Their primary products include piston pumps. 

Bosch Rexroth AG is a leading provider of the hydraulic cylinders. Their cylinders meet the global safety standards for any environment. They have a variety of options available such as mill type, tie rod and the large cylinders with the best capabilities. They provide components that are smarter, reliable and cost-optimised. 

Eaton Corporation plc. is a company focused on intelligent and diversified power management, providing technologies for electrical systems, hydraulics, power distribution and more. Their products are designed to use in harsh conditions such as at the offshore drilling and steel mills. They are also used for civil engineering purposes such as for bridges and hydropower gates. Eaton is a renowned for the superior performance of their hydraulic cylinders.

Other market players include SMC Corporation, Parker Hannifin Corporation, and others. 

Key Highlights of the Report