LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global hydraulic cylinder market is expected to grow at a CAGR of more than 4% during the forecast period.
“As hydraulic cylinders are vital components of mining equipment, the increased activity in the mining industry will result in the high demand of the product”
This report titled ‘Global Hydraulic Cylinder Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Likhitha Bandla, a lead analyst for tools and components research, “The widespread usage of hydraulic cylinders in various end-user industries and increasing spend on infrastructural developments is driving the demand for this market.”
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The report categorizes the global hydraulic cylinder market into four major end-user segments. They are:
- Agriculture Industry
- Construction, mining, and material handling equipment industry
- Industrial equipment industry
- Aerospace and defense industry
The agriculture industry will provide the global hydraulic market with a revenue of close to USD 3 billion by 2020. The agriculture industry is expected to see significant development in the APAC region, owing to a surge in demand from countries such as India and China. Adoption of mechanized processes in the agriculture sector will contribute to providing more efficient and sustainable production methods.
In India, the government has launched various schemes to assist the agriculture sector. For instance, the Pradhan Mantri Gram Sinchai Yojna (Prime minister's plan for agriculture sector) aims at irrigating every farmer's field and assisting in improving water use efficiency. Similarly, the government is providing subsidies for the establishment of farm machinery to promote mechanization of the agriculture sector.
Construction, mining, and material handling equipment industry
The construction, mining, and material handling equipment industry is expected to grow at a CAGR of 5%. It is estimated that the construction market in India will grow twice as that of China by 2030, due to rapid urbanization in the country. This, in turn, will create a significant demand for the hydraulic cylinder market.
The mining industry will also register a steady growth due to an increase in investment to meet the growing demand for power. Brazil and the US have become significant areas for mining activities due to an increased focus on basic metal requirement.
“As hydraulic cylinders are vital components of mining equipment, the increased activity in the mining industry will result in the high demand of the product,” says Likhitha.
Industrial equipment industry
The industrial equipment segment uses hydraulic presses and other machine tools to perform metal forming, casting, sheering, forging, milling, drilling, and shaping. The recent global growth trajectories in the automobile and construction industries will drive the demand for hydraulic cylinders.
The global competition level in this market segment is so high that plant managers are under constant pressure to optimize their manufacturing facilities, resulting in the adoption of automated facilities and interconnected facilities through the internet. Enhanced automation will provide new market opportunities for hydraulic cylinders.
Aerospace and defense industry
This segment used hydraulic cylinders for landing gears, brake, engines, ramp doors, wheels, flight control, and fuel system in aircraft. In addition, hydraulic cylinders have a large area of application on ground service equipment (for instance, ground support equipment, baggage handling equipment, and specialty aircraft repair equipment).
The increasing infrastructural development in developing countries, resulting in better airport facilities will drive the demand for ground service equipment. This is largely dependent on the global air traffic, and expansion and creation of new airports. It is estimated that the global ground equipment market will grow at CAGR of 4% annually by 2022, which augurs well for the growth of the hydraulic cylinder market.
The top vendors highlighted by Technavio’s heavy industry research analysts in this report are:
- Bosch Rexroth
- Parker Hannifin
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