The global hydraulic cylinder market was valued at USD 14.8 billion in 2019 and is projected to reach USD 15.8 billion by 2025; it is expected to grow at a CAGR of 3.3% from 2020 to 2025. Key players in the hydraulic cylinder market are Bosch Rexroth (Germany), Caterpillar (US), Eaton (Ireland), Parker Hannifin (US), and SMC Corporation (Japan), among others.
The growth of this market is attributed to rising demand in the construction industry, increasing demand in mining process equipment, and growing demand for material handling equipment. However, factors such as disruption in supply chain owing to lockdown in leading economies due to COVID-19 pandemic, increasing oil leakages from hydraulic cylinders and the high cost of manufacturing and maintenance are restraining the market growth.
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the hydraulic cylinder market.
Double-acting hydraulic cylinder market to witness high-growth potential during the forecast period
Double-acting hydraulic cylinders are used in agriculture, automotive, and several other industries owing to their retraction property. Double-acting hydraulic cylinders have a higher demand in mobile applications such as lifting equipment, earth moving equipment, forklifts, and heavy trucks.