Hydraulic Cylinder Market Demand: Impact of Infrastructure Development Worldwide

The global hydraulic cylinder market was valued at USD 15.32 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.2% between 2022 and 2030. This growth is largely driven by the increasing use of hydraulic cylinders across various industries, including material handling, construction, infrastructure, marine, and earthmoving. However, the COVID-19 pandemic introduced significant volatility in global commodity prices, disrupting raw material supply and demand. Restrictions imposed to curb the virus's spread led to a sharp economic downturn, adversely affecting production activities and the demand for hydraulic cylinders.

In North America, the United States experienced the highest number of COVID-19 cases, followed by Canada and Mexico. The outbreak disrupted supply and distribution chains, negatively impacting market growth in the region. To revitalize the economy, the U.S. government has made substantial investments in sectors such as construction, infrastructure, energy, transportation, pharmaceuticals, and electric vehicle infrastructure. For example, the U.S. government passed a bipartisan infrastructure bill exceeding USD 1 trillion in November 2021, which is expected to stimulate growth in the hydraulic cylinder market.

The U.S. is a key global market for hydraulic cylinders due to the significant presence of machinery and equipment manufacturers. The nation’s economic growth has been driven by increases in the production of goods and services. However, economic volatility persists, influenced by factors such as geopolitical tensions arising from the Russia-Ukraine conflict, rising inflation, and the lingering effects of the pandemic.

Gather more insights about the market drivers, restrains and growth of the Global Hydraulic Cylinder Market

Hydraulic Cylinder Market Regional Insights:

In 2021, Asia Pacific dominated the market, holding over 30.0% of global revenue. This region’s demand for hydraulic cylinders is fueled by industries such as construction, infrastructure, automotive, renewables, machine tooling, and logistics.

In North America, efforts to boost economic growth through investments in infrastructure, oil and gas, transportation, aviation, and logistics are expected to drive demand for hydraulic cylinders during the forecast period.

Europe is anticipated to grow at a CAGR of 3.3% over the same period. Renovation and decarbonization initiatives for buildings in the region are increasing the use of hydraulic-powered equipment such as excavators, bulldozers, trucks, and cranes, further driving market expansion.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

Air Insulated Switchgear Market: The global air insulated switchgear market size was estimated at USD 65.45 billion in 2023 and is estimated to grow at a CAGR of 4.6% from 2024 to 2030.

Industrial Batteries Market: The global industrial batteries market size to be valued at USD 27.4 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027.

Key Companies & Competitive Landscape:

The global hydraulic cylinder market is highly competitive, featuring a mix of international and local manufacturers. To address evolving technological needs and enhance market reach, companies are focusing on strategies like acquisitions, collaborations, new product launches, and geographic expansion.

For instance, in April 2022, Daikin Industries, Ltd. announced an agreement to acquire Duplomatic MS S.p.A., an Italian manufacturer of hydraulic equipment. This acquisition is aimed at helping Daikin Industries expand into the European industrial equipment market.

Some prominent players in the global hydraulic cylinder market include: