Hydraulic cylinders are used in heavy-duty operations in construction, mining, and manufacturing industries. They are mainly used for pushing or pulling heavy equipment from one place to another.
The application of technological advancements in hydraulic cylinders is expected to boost the hydraulic cylinders market in the upcoming years. Parts of the cylinder, such as seals were originally made of metal, they now include fabric reinforced elastomers, plastics, rubber, and polyurethane. These materials can survive high level of wear resistance due to which they are widely used in hydraulic cylinders.
Factors Enhancing the Growth of the Market
Hydraulic cylinders are used for various purposes in construction and manufacturing industries. Mainly they are used to operate heavy-duty machineries and construction equipment such as steam rollers, cranes, forklifts, wheel loaders, drilling rigs, telehandlers, and others. With the rapid urbanization in the developing countries, construction activities are on the rise which has increased the demand of hydraulic cylinders. These are the factors behind the growth of the market in the upcoming years. According to a report published by Research Dive, the global hydraulic cylinders market is anticipated to generate a significant revenue during the next few years.
Recent Trends of the Industry
According to a report published by Research Dive, the leading players of the global hydraulic cylinder market include KYB Americas Corporation, Bosch Rexroth AG, Caterpillar, Inc., Parker Hannifin, Bailey International LLC, Wipro Infrastructure Engineering, Eaton, Enerpac, Aggressive Hydraulics, Inc., and SMC Corporation among others.
These key players of the hydraulic cylinders market are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology. Some of the recent developments of the market are as follows:
In December 2020, Wipro Infrastructure Engineering’s Industrial Automation Business signed a definitive agreement to acquire PARI, India’s largest industrial automation company. The combined strength of Wipro and PARI is expected to expand its offering, broaden its global footprint, and strengthen its ability to furnace deeper customer relationships in India and overseas.
- In September 2019, EBSCO Capital, an investment service provider announced the acquisition of Bailey International, a global leader in the manufacturing and distribution of mobile hydraulic power solutions. Bailey offers a diverse group of mobile equipment OEMs, distributors and aftermarket customers - providing an extensive range of hydraulic and electro-hydraulic components under the brand names - Bailey™, Maxim™, Chief™, and SureGrip™.
- In June 2020, Caterpillar Inc., the world-leader in construction and mining equipment manufacturer acquired Marble Robot, Inc., a robot and autonomy technology solutions company based out of California. This acquisition is aimed to leverage the excellent expertise of the Marble Robot to bring scalable solutions to meet the changing requirements in the construction, quarry, industrial and waste industries.
COVID-19 Impact Analysis of the Global Hydraulic Cylinders Market
The COVID-19 pandemic has affected the global hydraulic cylinders market in a negative way. During the pandemic, the hydraulic cylinders market experienced a drastic decline in its demand because of the temporary restrictions and shutdowns of construction, mining, and every other end-use industry. As the lockdown was imposed across countries and the supply chain came to a sudden halt, the hydraulic cylinders market also witnessed a negative impact. However, the market is expected to revive soon after the lockdown and restrictions are lifted.