November 05, 2024 06:30 ET | Source: FACT.MR FACT.MR
Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) -- According to a new industry research report published by Fact.MR, a market research and competitive intelligence provider, the global Hydraulic Cylinder Market is analyzed to reach a value of US$ 14.83 billion in 2024 and thereafter expand at 5.7% CAGR through 2034. 2nd piston ring
The global demand for hydraulic cylinders is rising at a steady pace due to the continuous changes in manufacturing and industrial processes brought about by the advancement in industrial automation. Businesses seeking to boost productivity, accuracy, and efficiency are increasingly turning to hydraulic cylinders for these reasons.
Hydraulic cylinders endure several automated operations, including material handling, assembly, machining, and others, the power and control they need. High precision and dependability are vital in industries including aerospace and automotive, where hydraulic cylinders facilitate the seamless functioning of gear and equipment.
East Asia holds a significant portion of the worldwide market due to its well-established industrial sector and strong demand for construction and agricultural equipment. Apart from this, regional developments in hydraulic technology, especially in automation and smart cylinders, are driving market expansion even more.
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Key Takeaways from Market Study:
“Leading manufacturers of hydraulic cylinders are focusing on developing advanced equipment that is more powerful, precise, and effective. For real-time monitoring, these cylinders have smart hydraulic systems with sensors and Internet of Things technologies,” says a Fact.MR analyst
Leading Players Driving Innovation in the Hydraulic Cylinder Market:
KYB Corporation; Enerpac Tool Group; SMC Corporation; HYDAC; Caterpillar; Bosch Rexroth; Jiangsu Hengli Hydraulic Co., Ltd.; Eaton Corporation; Actuant Corporation; Wipro Limited; Texas Hydraulics; Garden Flavours Co. Pvt. Ltd.
High Preference for Welded Hydraulic Cylinders:
The strong construction and longevity of welded hydraulic cylinders are driving up their demand more quickly than for other product categories. For heavy-duty applications such as construction, mining, and agricultural machinery, welded cylinders are a better choice as they are entirely enclosed and survive harsh environments. Due to their compact design, which also makes them easier to incorporate into small spaces, they are ideal for equipment where space is limited.
The fact that welded cylinders often have fewer leakage places adds to their dependability and reduces the need for maintenance, which is another reason why they are growing in popularity in industries that require equipment with a reputation for efficiency and durability.
According to Wipro Hydraulics, the hydraulic cylinder and component manufacturing division of Wipro Infrastructure Engineering, the state-of-the-art facility in Mahindra World City, Jaipur, which is the company's first hydraulics manufacturing facility in Northern India, will be able to produce hydraulic cylinders for customers all over the world in August 2024.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the hydraulic cylinder market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (tie-rod, threaded, welded, bolted/mill, telescopic), bore size (<50 mm, 51 to 100 mm, 101 to 150 mm, 151 to 300 mm, above 300 mm), operating principle (single acting, double acting, multistage/tandem), and application (industrial equipment [lifts & aerial work platforms, rams & presses, loading docks, injection molding machines, oil & gas and offshore applications, others], mobile equipment [agricultural & forestry vehicles, construction equipment, mining & material handling equipment, others]), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Hydraulic Cylinder Market Research:
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