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Hydraulic Cylinder Market Analysis 2021

The global hydraulic cylinder market was worth USD 12.6 billion in the year 2020. It is further estimated to grow at the CAGR of 4.3% in the forecast period of 2021-2027 to reach USD 22.7 billion.

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Hydraulic Cylinder Market Analysis 2021

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  1. Hydraulic Cylinder Market, By Function, Trend Analysis, Market Share & Forecast, 2021-2027

  2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hydraulic cylinder market was worth USD 12.6 billion in the year 2020. The market is estimated to grow at a CAGR of 4.3%, earning revenue of around USD 22.7 billion by the end of 2027. The global hydraulic cylinder market is flourishing at a substantial rate owing to various factors such as ongoing research and development activities as well as technical advances in hydraulic cylinders and a rise in construction and mining activities. Less energy consumption, resilience to harsh environments, flexibility, safety, and reliability are some additional factors that will drive up demand for hydraulic cylinders in the industry.

  3. Growth drivers Technological Advancements Growing construction activities are contributing significantly to the growth of the global hydraulic industry. Hydraulic cylinders are in high demand in the construction industry due to their large range of functions and applicability. These cylinders are used in both heavy machinery (such as excavators, bulldozers, and backhoes, as well as smaller equipment like trenchers, lifts, and concrete pumping systems). Construction activities have increased dramatically in recent years as a result of government funding and initiatives, especially in developing economies. As a result, the global hydraulic cylinders market is witnessing significant growth trends.

  4. Restraints Availability of Alternative Products Hydraulic cylinders are powered by fluids (most commonly oil). The leakage of these fluids pollutes the environment. As a result, end-users who need a safe and healthy atmosphere search for safer and healthy alternatives for hydraulic cylinders. As a result, some sectors, such as agriculture, where cleanliness is crucial, typically use pneumatic cylinders that run on gas, with no risk of contaminating the environment. The availability of these types of alternative products has had a significant effect on market demand for hydraulic cylinders.

  5. Impact of COVID-19 on Global Hydraulic Cylinder Market As a result of the COVID-19 outbreak, demand for hydraulic cylinders has declined significantly. As soon as WHO declared the situation as a pandemic, several countries imposed a complete lockdown to prevent the spread of the virus. The major end-users for hydraulic cylinders were construction, mining, oil, and gas. However, to adhere to the strict lockdown protocols, the manufacturing and production units had to temporarily suspend their operations. As a result, demand for hydraulic cylinders decreased dramatically, negatively impacting the industry. But in the post-COVID-19 era, the market is expected to get back on track. However, narrowing the demand-supply gap will take some time.

  6. Recent Development •   In February 2021, Polavaram Project, a multi-purpose irrigation project constructed over the Godavari River (India), became the first major irrigation project in the country to receive the most advanced hydraulic cylinders for the radial gates.  •  In February 2019, Enerpac, a US-based diversified manufacturing company, launched a single-acting, low-height telescopic hydraulic cylinder. This innovative product has been designed to provide longer cylinder stroke applications, reducing the time and effort required to move heavy loads. • Sample Copy:https://www.blueweaveconsulting.com/report/hydraulic-cylinder-market-report/report-sample

  7. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  8. Contact Us: +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662    info(@)blueweaveconsulting.com www.blueweaveconsulting.com

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