The US market currently accounts for over 20.9% of the global market and is expected to grow over the forecast period. The Chinese and US markets are expanding at a high CAGR. By 2033, North America and East Asia are expected to account for approximately 35% of the market. Japan is expected to account for 6.5% of the global market by 2022.
DUBAI, United Arab Emirates, Feb 6, 2023 (GLOBE NEWSWIRE) — The global hydraulic cylinder market is expected to grow by 4.6% between 2023 and 2033. Its value is expected to exceed $24 billion by 2033. In 2023, the estimate could be $15.3 billion.
Automotive factories are faced with a huge demand for hydraulic cylinders. The automotive market is valued at $2.8 trillion in 2021 and is expected to grow at a high rate over the forecast period. These figures show broad prospects for the future of the market.
Hydraulic cylinders are also used in the construction industry. These devices are used for preparing concrete as well as for moving heavy loads to the construction site. Rapid urbanization in major regions of the world provides numerous market opportunities.
The ability to provide speed control ensures that the machine is not degraded due to extreme operating conditions. Some types of hydraulic cylinders take up less space and, despite not being bulky, work flawlessly. Investors are willing to pay big bucks for their ability to provide an efficient power-to-weight ratio. All of these factors are expected to boost hydraulic cylinder sales during the forecast period.
However, the lack of availability of raw materials due to current supply chain issues is expected to hamper the growth of the market.
Thus, from the information provided by FMI analysts, it can be concluded that “the huge automotive market, the booming construction industry, the ability to work in extreme conditions, and many other factors are expected to contribute to the growth of the hydraulic cylinder market in 2019. Forecast period.
Depending on the type of product, welded hydraulic cylinders are expected to be the leading segment and growth of 4.6% is projected.
In terms of applications, mobile devices are expected to be the dominant segment and are expected to grow by 4.5%.
Manufacturers in the hydraulic cylinder market are expected to invest heavily in the acquisition. This is when all unfinished business has priority to be completed after a short period. In addition, the intention is to capture the largest market share. Major players have also invested millions of dollars in research and development. Much attention is paid to sustainable initiatives. As governments around the world take strict measures to reduce carbon emissions, major players have begun to adopt environmentally friendly practices and use green technologies.
In October 2022, Caterpillar announced the expansion of its construction industry portfolio with four battery electric motors.
In December 2022, Eaton expanded its cybersecurity services and added a global customer service site to help customers mitigate critical infrastructure vulnerabilities.
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1.1 Overview of the world market 1.2. Demand side trends 1.3. Supply side trends 1.4. Technological roadmap 1.5. Analysis and proposal
2. Market overview 2.1. Market coverage/classification 2.2 Market definition/area/limitations
3. Main market trends 3.1. 3.2 Key trends affecting the market Product innovation/development trend
4.1 Product implementation/use analysis 4.2. USP Product/Function 4.3 Strategic Promotion Tactics
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