Global Hydraulic Cylinder Market Reaching Nearly US$ 22.3 Billion By 2032, Future Market Insights Inc.
Postado 2023-06-02 10:39:44
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The global hydraulic cylinder market is expected to grow at a moderate CAGR of 4.2 %, reaching nearly US$ 22.3 billion by 2032, up from US$ 14.2 billion in 2021. Increased spending on infrastructure development and natural resource mining is expected to be the primary factor driving hydraulic cylinder market sales.
The global market is being driven by growing technological advancements in the hydraulic industry. Integrating hydraulic cylinders with technology to improve functionality, accuracy, and command in a variety of applications is expected to be a major contributor to the growth of the hydraulic cylinder market.
Modern hydraulic cylinder technologies include multi-stage and sophisticated linear telescopic cylinders and rotary actuators for a wide range of construction equipment. The global construction sector is expected to grow by 85% to USD 8 trillion over the forecast period, resulting in increased global hydraulic cylinder market demand.
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