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Hydraulic Cylinder Market was valued at USD 15 billion in 2023 and is estimated to grow at a CAGR of 4.6% from 2024 to 2032. The increasing demand for material handling equipment, coupled with ongoing construction activities contributing to economic development will drive market growth. The rising application of hydraulic cylinders in luffing cranes, overhead traveling cranes, forklifts, and agricultural machines will further boost product demand in the projected timeframe.
The rising demand for advanced agricultural machinery, along with the growing population, will stimulate the need for hydraulic cylinders. Additionally, expanding infrastructure development in developing economies will further drive the business landscape. For instance, India plans to spend USD 1.4 trillion on infrastructure through the 'National Infrastructure Pipeline' over the next five years, which is expected to positively impact market growth.
Report Attribute | Details |
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Base Year: | 2023 |
Hydraulic Cylinder Market Size in 2023: | USD 15 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 4.6% |
2032 Value Projection: | USD 22.5 Billion |
Historical Data for: | 2021 - 2023 |
No. of Pages: | 70 |
Tables, Charts & Figures: | 35 |
Segments covered: | Function, Product, Application, & Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The global hydraulic cylinder industry is expected to continue its growth trajectory, driven by technological advancements, increasing automation, and expanding infrastructure projects. The demand for efficient, reliable, and environmentally friendly hydraulic systems will remain a key factor shaping the market's future. The industry's focus on innovation, sustainability, and meeting the evolving needs of various end-user sectors will play a crucial role in maintaining its upward momentum.
In addition, the rising adoption of automation across manufacturing, construction, and agriculture sectors is driving the demand for hydraulic cylinders. These cylinders provide precise and controlled linear motion essential for automated systems. As emerging economies continue to invest in industrial and infrastructural development, the market is poised for sustained growth.
Based on function, the double acting cylinder market is anticipated to surpass over USD 15 billion by 2032. The product finds application in the food and beverage industry, where material handling equipment to create linear motion for conveyor belts and assembly lines is required, thereby driving the demand for single and double-acting hydraulic cylinders. Additionally, increasing usage of emission-free, energy-efficient, and low-maintenance equipment across manufacturing, chemical, and food and beverage industries further supports market growth.
Based on application, the mobile hydraulic cylinder industry is set to grow at a CAGR of over 4.1% through 2032. The increasing integration of electrical components with hydraulic systems to create electro-hydraulic systems is gaining popularity due to their enhanced performance and control capabilities, which in turn is catering to the mobile industry growth.
North America hydraulic cylinder market is forecasted to exceed USD 6.5 billion by 2032. The shift towards sustainable practices and stringent environmental regulations are encouraging the adoption of energy-efficient and emission-free hydraulic systems in the U.S. In addition, governments and private sectors are investing heavily in infrastructure projects, which is creating a high demand for hydraulic cylinders used in construction equipment, thereby adding to the market growth.
Industry leaders Caterpillar, Bosch, Parker Hannifin Group, Norrhydro Oy, Eaton Corporation command a significant market share owing to their extensive expertise motion technology expertise, diverse product portfolios, and extensive global presence. The hydraulic cylinder industry is highly competitive, with several key players focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position.
Major key players operating across the hydraulic cylinder industry are:
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Market, By Function
Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: