Global hydraulic cylinder market projected to reach $25.82 billion by 2034, with 5.7% CAGR

From GlobeNewswire: 2024-11-05 06:30:00

The global Hydraulic Cylinder Market is projected to reach US$ 14.83 billion in 2024, growing at a 5.7% CAGR through 2034. Industries are adopting hydraulic cylinders for improved productivity and efficiency. East Asia dominates the market due to industrial growth and technological advancements. Key players driving innovation include KYB Corporation, Enerpac Tool Group, and SMC Corporation.

Welded hydraulic cylinders are in high demand due to their durability and compact design. They are ideal for heavy-duty applications like construction and mining machinery. Welded cylinders have fewer leakage points, enhancing reliability and reducing maintenance needs. Wipro Hydraulics is set to manufacture hydraulic cylinders in a new facility in Jaipur, India, to cater to global customers by August 2024.

The global hydraulic cylinder market is forecasted to reach US$ 25.82 billion by 2034. North America is expected to reach US$ 3.38 billion by 2024. Welded hydraulic cylinders are projected to grow at a 5.6% CAGR from 2024 to 2034. Demand for cylinders with 51 to 100 mm bore size is estimated to be worth US$ 6.27 billion by 2034. Japan’s market is set to expand at a 5.9% CAGR through 2034. Sales of micro gas cylinders currently hold a 12% share of the global gas cylinder market. The Hydraulic Breakers Rental Market is set to grow at a rate of 6.0% by 2033, reaching US$ 698.2 million from US$ 389.9 million in 2023. The global hydraulic filter market is estimated to grow from USD 2,124.3 million in 2022 to over USD 3,251.8 million by 2032, with a CAGR of 4.3%.



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