I don’t have real-time data or access to current market statistics as an AI language model. On the other hand, I can provide you with information based on the knowledge I have up until September 2021. There are a variety of factors that can affect the hydraulic cylinder market size, including industry demand, economic conditions, and regional markets. As the demand for construction and industrial machinery increases, the hydraulic cylinder market has experienced steady growth over the past few years. Approximately USD 13.64 billion is projected to be the market value of hydraulic cylinders in 2020, according to a Markets and Markets report. By 2026, the market is expected to reach around USD 17.23 billion with a compound annual growth rate (CAGR) of 5.6%.
Industrialization, infrastructure development, and the expansion of construction and manufacturing sectors all contribute to the growth of the hydraulic cylinder market. As market trends and figures can change over time, I recommend consulting market research reports, industry publications, or consulting market research firms specializing in hydraulic systems and components for the most up-to-date and accurate information with Tail Gate.
The impact of COVID-19 on the North American hydraulic cylinder market:- During the initial 1 to 2 months of the COVID-19 pandemic, the world witnessed a health and economic crisis, with many businesses shutting down their manufacturing plants and halting operations. The main objective of companies during this crisis was to sustain their businesses by finding safer ways to continue manufacturing operations or to find other sustainable ways to generate revenue. Industrial equipment and mobile equipment segments experienced declines in demand due to disruptions in global supply chains during this period. Hydraulic cylinders have, however, seen a significant surge in demand following the pandemic. Industrial equipment and mobile equipment segments have made a strong comeback due to the surge in demand for hydraulic cylinder manufacturer.
In the shipping industry, lifting equipment is in high demand:- It is common for dockyards to have hundreds of feet-high stacks of shipping containers of different sizes and weights. Various types of containers are available worldwide, with standard sizes of 20, 40, 45, 48, and 53 feet and a weight range of 30 to 42 tons. In order to transport these heavy containers, lifting equipment is used. Trade internationally is facilitated through shipping, one of the most important modes of transport in the world. Shipping is the most common means of transportation for electronic goods, automobiles, textiles, raw metals, and oil & gas. Government support and institutional factors, such as the adoption of industrial lots, are propelled the growth of the shipping industry, which fuels the need for lifting equipment at ports. Hydraulic cylinders are expected to become more common in the coming years despite the adoption of lifting equipment still being at a nascent stage.
Hydraulic Cylinders with Double-Acting Cylinders to dominate the market during the forecast period: – During the forecast period from 2022 to 2027, the double-acting segment is expected to hold a larger share of the hydraulic cylinder market. Forklifts, heavy trucks, lifting equipment, earth-moving equipment, and earth-moving cylinders are some of the mobile applications that demand these cylinders. Hydraulic cylinders with double action are used in presses, chippers, and excavators for opening and closing drawers and raising and lowering anything.
Hydraulic cylinder market to see highest CAGR in agriculture: – A growing number of machines are being used for performing complex tasks in the agriculture industry from planting vegetables to ploughing fields – which is expected to lead to the highest CAGR during the forecast period. Most agriculture equipment relies on hydraulic cylinders for lifting and movement control, such as pecan tree shakers, sugar cane harvesters, automated bale trailers, and sprayer booms. In order to meet the global food demand, the agricultural industry must face the pressure of population growth and deteriorating environmental conditions. The demand for hydraulic cylinders is expected to increase as a result of increased investment in precision agriculture machines.
Fluid, mostly oil, is used to operate hydraulic cylinders. Fluid leaks cause environmental contamination. Cleaner alternatives to hydraulic cylinders are therefore preferred by end users who want to maintain a healthy and clean environment. The use of pneumatic cylinders, which use compressed gas to generate a force in a reciprocating linear motion, is one such option. Even if a pneumatic cylinder leaks, it does not contaminate the surrounding area because of the gas used. There are many applications where pneumatic cylinders are used in agricultural and material handling settings, where personnel must be in close proximity to them. Therefore, the availability of cleaner substitutes poses a challenge. So it have so much of good scope in the future and in year to come it will become for demanded as time passes with huge industrial supply to the market and hence hydraulic cylinder will be very much good at future endures of globalisation to the manufacturing company.