Global hydraulic actuator market is anticipated to witness an exponential growth in the forecast period. Hydraulic actuator, also called as “Pneumatic Cylinder” and “Hydraulic Cylinder”, is an integral component of a hydraulic system. The factors that propel the growth of the market include increasing demand, rapid industrialization, technological innovations, and growing applications. Moreover, growing demand from utility, manufacturing, mining, and power generation sectors, and increasing construction, manufacturing and mining activities are likely to contribute greatly to the market growth.
On the other hand, there are factors that may hamper the growth of the market including high cost of maintenance and installation, loss of fluid, and requirement of several accessories such as heat exchangers, motors, release valve, and noise reduction equipment. The market is anticipated to grow at a significant CAGR of 4.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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The market may be explored by function, specification, application, bore size, industry, and geography. Market may be explored by function as Double Acting and Single Acting. The “Double-acting hydraulic cylinders” segment led the hydraulic actuator market in 2017 and will continue to lead in the forecast period.
Based on specification, the market could span Mill Type, Welded, Tie Rod, and Telescopic. The “Welded hydraulic” segment led the hydraulic actuator market in 2017 and will continue to lead in the forecast period. The key applications that could be explored in the hydraulic actuator market include Mobile Equipment and Industrial Equipment. The “Mobile Equipment” segment led the hydraulic actuator market in 2017 and will continue to lead in the forecast period. The key factor that could be attributed to the growth of market includes increasing need for the use of hydraulic power at hard-to-reach and remote places.
The market could be explored based on Bore size as 50–150 mm, >150 mm and
APAC accounted for the major share of the market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increased usage in remote control solutions and operations, increase in the acceptance of hydraulic actuators, usage of low-cost hydraulic actuators, and increasing demand from various end user industries.
Some of the key players that fuel the growth of the hydraulic actuator market comprise Emerson Electric Co., Flowserve Corporation, Cameron International Corporation, Rotork plc. Parker-Hannifin Corporation, Siemens AG, Eaton Corporation, Bosch Rexroth Group, Pentair Plc., SMC Corporation, Wipro Infrastructure Engineering, ATI, 2G Engineering, ITT, Curtiss-Wright, and Ace Micromatic. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global Hydraulic Actuator market?
• What are the challenges to market growth?
• Who are the key players in the Hydraulic Actuator market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/machinery-and-machine-parts
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