New Infrastructure and Aerospace Projects Propel Hydraulic Actuators Market Growth
A diverse range of productions in agricultural, construction, and mining equipment industries have amplified the need for hydraulic actuators in these industries. The hydraulic actuators, more commonly known hydraulic cylinders, have an established market, with their usage vital to many mobile and industrial applications. The increasing demand from emerging economies, dynamic market and trading practices, and innovative technologies have augmented the need for hydraulic cylinders.
Allied Market Research has recently published a report on the hydraulic actuators market. Analysts emphasize on the current market state and present forecasts on future market trends. The study has estimated that the world hydraulic actuator market is set to witness a CAGR of 3.6% from 2016 to 2022. The projected value of the global market size is $2.4 billion by 2022.
Construction projects in India fuel demand for hydraulic cylinders
India is one of the largest growing economies and has the world’s third largest road network. The huge number of construction and material handling projects being undertaken have propelled the need for hydraulic actuators in the market. The largest end-users of these cylinders belong to the earth moving equipment manufacturers. These tools are used in major roadways, railways, and ports construction projects. The Indian government, in the last two decades has increased its investment on infrastructure projects and encouraged public private partnerships (PPPs), which has fueled the requirement for actuators in diverse earth moving projects. This has contributed to the progression of the world hydraulic actuators market at a faster rate.
Aerospace industry - the new focus for actuator market
The hydraulic and pneumatic linear actuators are also used extensively in the field of aerospace over diverse procedures. The need for linear and rotary actuators powered by a renewable energy source has sparked off the use of electro-hydraulic cylinders. Hydraulic actuators are instrumental for controlling and limiting the velocity and engine speed by adjusting levers & valves in an aircraft. Therefore, with increasing technology, and growth of aerospace sectors, there is huge potential for the hydraulic actuators market.
Companies like Wipro have been quick to explore such prospects. Wipro has recently acquired Israeli aero-component manufacturer, HR Givon. The latter boasts of a huge clientele including Boeing, HAL and Sonaca, which made it one of Israel’s largest manufacturers and assembler of aerospace structural parts and components. "We are delighted with the opportunity to join hands with Wipro and this gives us an opportunity to bring to the market an expanded range of offerings," said CEO Ronen Givon. Such development will assist companies like Wipro in expanding its manufacture of hydraulic actuators and its related components for players in the aerospace sector. In addition, to aid the development and transfer of this technology, Wipro has also entered into an agreement with the CESA-Spain. It has now become one of the largest independent hydraulic actuator manufacturers on a global level, with 13 production facilities across India, Brazil and US. This marks a promising development in the expansion of this particular sector.
The world hydraulic actuators market is spread over different regions of North America, Europe, Asia-Pacific, and LAMEA countries. The size of the market is substantial, with different companies, which include Flowserve Corporation, Bosch Rexroth S.A, Wipro Infrastructure Engineering, Eaton Corporation, SMC Corporation, Parker Hannifin Corporation, and Emerson Electric Co. competing for a large share of the market. Most of these are engaged in the production of actuators powered by hydraulics, both linear and rotary. Apart from the construction and manufacturing segment, hydraulic actuators are also used in different mobile and agricultural applications.
A lot of research methodologies and analyses goes into the development of better cylinders that optimize utility. With a lot of key drivers such as changing trade practices, increasing demand, improving technology, and government regulations, the market is progressing at a positive rate. The industry also faces small challenges in the form of high manufacturing cost of these cylinders and the lack of product differentiation from pneumatic cylinders. In spite of these, the immense potential for demand from emerging economies adds to the fact that the hydraulic actuators are pivotal to many industrial, construction, and mining applications. Overall, the market forecasts point to the dynamic growth of the hydraulic actuators market at a global level.
Research Analyst at Allied Market Research
Ranjan has over 4 years of experience in market research and consulting across multiple domains which include technology, FMCG and durable consumer goods, heavy machinery, and automotive. He has hands on expertise in predictive and exploratory research projects for studying regional and global demand potential, market estimation & forecast, perceptions; analyzing macro and micro markets in terms of key gaps and opportunities. Ranjan is part of multiple consulting as well as syndicated report assignments and is actively involved in all the stages of project completion from planning, execution to delivery as per clients satisfaction.
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