NEW YORK, July 19, 2018 /PRNewswire/ --
Market Study on Hydraulic Cylinders: Growing Industrialization and Infrastructural Development Across the Globe Expected to Boost Demand in the Coming Years
In its new report, Persistence Market Research (PMR) projects the global market for hydraulic cylinders to register a stable expansion over the forecast period (2017-2026). Worldwide sales of hydraulic cylinders are estimated to surpass revenues worth US$ 16,000 Mn by 2026-end.
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Growing Adoption of Material Handling Equipment to Propel Demand for Hydraulic Cylinders
There has been a growing demand for equipment based on hydraulic cylinder in industries such as defense, aerospace, agriculture, mining, construction and manufacturing. Expansion in the global trade coupled with increasing level of industrial production has spurred adoption of these equipment in OEMs, thereby fuelling demand for hydraulic cylinders. In addition, material handling equipment viz. electronic overhead travelling cranes, stackers, and level luffing cranes are witnessing tremendous adoption in various industries such as oil refineries, retail, power & energy, and food & beverage, other than engineering and construction sectors. These material handling equipment require hydraulic cylinders to manage products having excessive weight, thereby boosting the market expansion.
With stable growth in economy of emerging countries such as India and China post-global economic recession has paved the way for appearance of numerous small-scale manufacturing and construction companies. Several industries in the developed regions are outsourcing their manufacturing requirements continuously to emerging countries to leverage low labor costs. Additionally, several global organizations are moving their manufacturing bases to these countries for benefitting from the low-cost manufacturing capacity, and existence of significantly skilled labor. These incidences have meant that the hydraulic cylinder market has been continuously influenced by rising in investments in manufacturing and construction sector from both international as well as regional vendors.
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Key Takeaways from PMR's Report on Hydraulic Cylinders Market
Hydraulic Cylinder Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/hydraulic-cylinder-market.asp
PMR's report has profiled key market participants, and has tracked their occupancy with the aid of an intensity map. The report states that the global market for hydraulic cylinders is highly competitive and fragmented, characterized by presence of a large number of manufacturers widely spread across the globe. Key players identified by the report include Mitsubishi Electric Corporation, Emerson, ABB, SKF AB, Aisin Seiki, Sumitomo Corporation, ZF Friedrichshafen AG, Parker Hannifin, Eaton, and Bosch Rexroth.
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Global Hydraulic Cylinders Market Analysis by Region
From a regional perspective, the hydraulic cylinders market in North America is anticipated to dominate the market in terms of volume and value. This can mainly be attributed to the presence of many manufacturers in the region who focus on product innovation. The region, therefore, is expected to grow with an impressive CAGR between 2018 & 2026. Moreover, the North American hydraulic cylinder market is expected to emerge as the most lucrative market in the world during the forecast period. Additionally, rapid industrialization and construction activities across the countries of Asia Pacific, mainly India and China, are expected to create healthy demand for hydraulic cylinders from the region.
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