The global hydraulic cylinder market, as detailed in a comprehensive research report titled "Hydraulic Cylinder Market with COVID-19 Impact," conducted by MarketsandMarkets, witnessed substantial growth in recent years. In 2021, the market was valued at USD 14.3 billion and is projected to reach USD 18.3 billion by 2027, with an expected compound annual growth rate (CAGR) of 4.4% from 2022 to 2027.

This growth can be attributed primarily to the increasing demand for heavy construction and mining vehicles from the construction, mining, and oil & gas industries. Additionally, the rising adoption of material handling equipment across industries worldwide serves as a significant catalyst for market expansion.

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Key Highlights from the Report:

-- Double-Acting Hydraulic Cylinders Dominate: The double-acting segment is poised to hold a larger share of the hydraulic cylinder market during the forecast period. These cylinders, renowned for their retraction properties, find extensive applications across aerospace, automotive, agriculture, and various other industries. Notably, they are in high demand for mobile applications such as lifting equipment, earthmoving machinery, forklifts, and heavy trucks.

-- Welded Hydraulic Cylinders Lead Market: Welded hydraulic cylinders emerged as the dominant segment in the hydraulic cylinder market in 2021. This dominance can be attributed to their prevalence in mobile hydraulic applications, including construction equipment, material handling machinery, mining equipment, and forklifts. Welded cylinders are favored in space-constrained environments due to their short length and compact design, offering enhanced durability compared to tie-rod cylinders.

-- Agriculture Industry Shows High Growth: The agriculture industry is expected to register the highest compound annual growth rate (CAGR) in the hydraulic cylinder market during the forecast period. Hydraulic cylinders play a pivotal role in various agricultural equipment, from planting to plowing, and are integral for lifting and movement control. With the growing global population and increasing pressure on the agriculture sector to meet food demand, investments in precision agriculture machinery are driving the demand for hydraulic cylinders.

-- APAC Emerges as Growth Leader: Asia Pacific (APAC) holds the largest share in the hydraulic cylinder market and is anticipated to witness the highest CAGR from 2022 to 2027. The region's burgeoning demand for agricultural, construction, and mining equipment fuels market growth. Notably, Japan and Australia serve as major markets within APAC. Japan, known for its automotive prowess, is witnessing increased adoption of automated material handling equipment to overcome rising labor costs. Meanwhile, Australia's rich mineral resources are driving demand for mining equipment, including hydraulic cylinders.

Key Market Players:

Major players in the global hydraulic cylinder market include Parker-Hannifin Corporation (US), Caterpillar (US), KYB Corporation (Japan), Bosch Rexroth (Germany), Eaton (Ireland), Enerpac Tool Group (US), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterprises (India), and The Jiangsu Hengli Hydraulic Co., Ltd. (China).

In summary, the hydraulic cylinder market is experiencing robust growth, fueled by increasing industrial activities, particularly in sectors such as construction, mining, and agriculture. With Asia Pacific leading the charge, the market is poised for further expansion, driven by technological advancements and the need for efficient material handling solutions across industries.