The global hydraulic cylinder market was valued at USD 14.3 billion in 2021 and is projected to reach USD 18.3 billion by 2027; it is expected to register a CAGR of 4.4% from 2022 to 2027. The markets growth can be attributed majorly to the increasing demand for heavy construction and mining vehicles from construction, mining, and oil & gas industries. Increasing adoption of material handling equipment across industries worldwide is a major booster for the growth of the market. The hydraulic cylinder market has been segmented by function, specification, bore size, application, industry, and geography. The major factors driving the market include the increasing potential of the construction industry, which induces increased adoption of automated heavy construction vehicles equipped with hydraulic cylinders for various operations. The increasing adoption of material handling equipment across industries such as agriculture, construction, and mining has also increased the demand for hydraulic cylinders worldwide. Government initiatives to revive infrastructural projects across countries have helped the demand for hydraulic cylinders to grow, owing to their increased adoption in construction and material handling industries. Increasing farm mechanization across regions, especially in APAC, and globally increasing mining exploration activities have also promoted the growth of the hydraulic cylinder market.
Key Market Players operating in the global Hydraulic Cylinder Market include Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), and The Jiangsu Hengli Hydraulic Co., Ltd. (China). Many major companies focus on implementing organic growth strategies, such as product launches, and inorganic strategies, such as partnership and expansions, to increase their revenue.
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Top 5 Players in global Hydraulic Cylinder Market:
Parker-Hannifin Corporation is one of the leading global manufacturers of hydraulic cylinders. The company operates through 2 business segments: Diversified Industrial and Aerospace Systems. The company is involved in manufacturing world-class motion and control technologies finding applications in the diversified industrial and aerospace markets. A few application fields where its products are used include climate control, filtration, fluid and gas handling, hydraulics, process control, and sealing and shielding.
Parker-Hannifin Corporation provides hydraulic cylinders under the Diversified Industrial business segment. Its hydraulic cylinders are considered one of the most reliable and cost-effective products in the market. The company manufactures a diverse range of standard, special tie rod, and mill type hydraulic cylinders suitable for all types of industrial applications. It has a worldwide presence, providing services to 55 countries in major geographies, including the Americas, Europe, APAC, the Middle East, and Africa.
The company’s Precision Fluidics Division is expanding production to serve the increasing demand for solenoid and proportional valves that are used in patient monitoring and critical ventilation equipment needed to treat patients with COVID-19.
KYB Corporation is a key player involved in the development and manufacture of advanced hydraulic technology. The company offers its products through various business segments, including Automotive Components Operations, Hydraulic Components Operations, and Other Businesses, which includes special-purpose vehicles, aircraft components, system products, and electronic components). It mainly manufactures shock absorbers for automobiles and motorcycles, hydraulic equipment for automobiles, hydraulic equipment for industrial use, hydraulic equipment for aircraft, and system products & electronic components.
KYB Corporation manufactures and sells hydraulic cylinders under the Hydraulic Components Operations business segment, which are predominantly used in industries such as construction and material handling. KYB Corporation is also a leading manufacturer of high-pressure and high-performance hydraulic cylinders for earthmoving vehicles.
Bosch Rexroth is a subsidiary of Bosch, a diversified manufacturer of automotive components, consumer electronics, building technologies, and industrial solutions. Bosch Rexroth aids its clients in meeting their mechanical and plant engineering challenges with its cutting-edge technologies. The company’s extensive product portfolio has various industrial applications, such as mobile applications, machinery applications and engineering, and factory automation.
Bosch Rexroth offers hydraulic cylinders in the product group of industrial hydraulics, which also includes pumps, motors, on/off valves, proportional valves, high-response valves and servo valves, manifolds and plates, electronics, systems, power units, sensors and signal transmitters, accumulators, filters, oil treatment systems, cooling and heating elements, and tools and configurators. The company produces a wide variety of hydraulic cylinders, including standard hydraulic cylinders, application-related cylinders, and highly customized customer-specific hydraulic cylinders.
Caterpillar is one of the leading manufacturers of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates through two business segments—Machinery, Energy & Transportation and Financial Products. It provides hydraulic cylinders under the Machinery, Energy & Transportation segment that are used in various mobile hydraulics applications. The segment is further classified into construction industries, resource industries, energy & transportation, services, and distribution & digital subsegments. The Financial Products segment provides financing to customers and dealers for the purchase and lease of Caterpillar’s products. The company also offers genuine spare parts for its equipment and after-sales services to its customers.
Caterpillar’s hydraulic cylinder product portfolio includes single- and double-acting hydraulic cylinders designed for specific machine applications, such as dozers, drills, hydraulic excavators, hydraulic mining shovels, off-highway trucks, wheel loaders, and underground mining loaders.
Eaton is a leading power management company that offers energy-efficient solutions in the field of electricals, aerospace, and hydraulics. The company operates through 6 business segments—Electrical Americas, Electrical Global, Vehicle, Hydraulics, Aerospace, and eMobility. Eaton’s comprehensive hydraulic cylinder product portfolio includes standard and customized models suitable for use in harsh working environments.
Eaton offers hydraulic cylinders under the Hydraulics business segment. The company manufactures a variety of hydraulic cylinders that comply with the National Fluid Power Association (NFPA), including industrial welded, tie rod, and mill duty. The company also provides a lineup of customized hydraulic cylinders designed for special applications.
Hydraulic Cylinder Market with COVID-19 Impact, by Function (Double-acting & Single-acting), Specification (Welded, Tie Rod, Telescopic, and Mill Type), Application, Bore Size (<50 MM, 50–150 MM, & >150 MM), Industry and Region - Global Forecast to 2027
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