Hydraulic Cylinder Market Share, Growth, Trends and Forecast 2022 to 2030.

Hydraulic Cylinder Industry Overview

The global hydraulic cylinder market size was valued at USD 15.32 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.

Increasing adoption of hydraulic cylinders in numerous industries such as material handling, construction and infrastructure, marine, and earthmoving is fueling the industry growth. The outbreak of COVID-19 has led to significant volatility in global commodity prices, thereby impacting the demand and supply of raw materials. Lockdown restrictions were imposed across countries to curb the spread of the virus, which led to a severe fallout for the global economy. The pandemic led to a deep recession and impacted production activities, which impacted hydraulic cylinder demand.

Gather more insights about the market drivers, restrains and growth of the Hydraulic Cylinder Market

In North America, the U.S. had the most confirmed cases of coronavirus, followed by Canada and Mexico. The supply and distribution chains were adversely affected due to the COVID-19 outbreak, which negatively impacted the market growth in the region. The U.S. government is trying to propel the country's growth by investing significantly in various industries such as construction and infrastructure, energy, transportation, pharmaceutical and medicine, and EV infrastructure. For instance, in November 2021, the U.S. government signed a more than USD 1 trillion bipartisan infrastructure plan, thus fueling the growth of the hydraulic cylinder industry.

The U.S. is one of the major markets for hydraulic cylinders in the world, considering the presence of numerous machinery and equipment manufacturers in the country. The U.S. economy expanded owing to the goods and services produced in the U.S., which increased on a year-on-year basis. The country’s economy remains volatile due to geopolitical turbulence from the Russia-Ukraine conflict, increasing inflation, and the negative impact of the COVID-19 outbreak.

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Hydraulic Cylinder Market Segmentation

Grand View Research has segmented the global hydraulic cylinder market based on function, product, application, and region:

Hydraulic Cylinder Function Outlook (Revenue, USD Million, 2017 - 2030)