Market Trends of Fluid Power Cylinder Industry
This section covers the major market trends shaping the Fluid Power Cylinder Market according to our research experts:
Hydraulic Cylinders to Hold Major Share
- The integration of machinery with hydraulic cylinders stimulates growth in functionality, accuracy and offers enhancements in controlled performance and ease-of-use. The market studied has been gaining traction for electro-hydraulic cylinders, also known as smart cylinders, which couples electronic controls and servo valves such as transducers, that offer electrically controlled valves and rod position feedback to guarantee efficient operations. The development of smart cylinders has lowered the threat posed by evolving alternative technologies. These cover the application of electric actuators and has also expanded the scope of hydraulic cylinder applications.
- The single-acting and double-acting are the two main functional trends of the hydraulic cylinder industry. The later is expected to record significant demand owing to their usage in applications where gravity is the major factor affecting the acceleration and retardation.
- Also, double-acting function based hydraulic cylinders are broadly used for earth moving equipment, forklifts, and heavy trucks, which would considerably drive overall hydraulic cylinder share in the market studied.
- Further, the expanding construction industry is assumed to increase the hydraulic cylinders demand over the forecast period. According to a consolidated study by Global Construction Perspective (GCP) and Oxford Economics, the construction industry is anticipated to reach a value of USD 15.5 trillion by 2030. The majority of the growth is expected to be witnessed in countries such as India, China, and the US. This, accompanying the technological developments in the core construction and infrastructure industry, is expected to advance the hydraulic cylinders trend further.
Understand The Key Trends Shaping This Market
Download Sample
North America to Hold Major Share
- North America has been at the forefront of using automated equipment in various end-user industries. Owing to this, the region has been witnessing demand for hydraulic and pneumatic cylinders.
- The compressed air systems value 10% of all electricity and nearly 16% of all motor system energy use in US manufacturing industries, according to the US Department of Energy. Also, it states that 70% of all manufacturing facilities in the United States use some form of the compressed air system. Large number of these systems provide compressed air to drive a variety of equipment in a provided plant, including materials separation, machine tools, painting booths, and materials handling.
- The accession in production and sales of commercial vehicles and off-highway trucks, combined with the increased production of the railways such as high-speed trains production, drives the growth of the market studied in the region.
- In 2019, nearly 0.49 million units of medium and heavy-duty trucks were produced in the region according to Roland Berger. It further estimates that 0.52 million units of medium and heavy-duty trucks would be built in 2021. Such an increase in the production of vehicles would drive the adoption of the pneumatic equipment market.
- The region has been witnessing a significant growth in the construction activities, which is increasing the demand for heavy-duty trucks and machinery, thereby aiding market growth. As per the data announced by The Associated General Contractors of America, Inc., the construction spending of public & private sectors in the United States registered USD 1.329 trillion during 2018. Within the private construction sector, spending on residential projects increased to 6.4% and 3.5% for non-residential projects.
- Additionally, according to a new forecast from the American Institute of Architect, construction spending is expected to grow through 2019. Based on short-term projections, the US non-residential construction market is anticipated to rise to 2.4% in 2020 compared to the previous year.
Get Analysis on Important Geographic Markets
Download Sample
