Hydraulic Cylinder Rental Market Size, Share, Growth, and Industry Analysis, By Type (Single-acting Hydraulic Cylinder, Double-acting Hydraulic Cylinder), By Application (Construction Equipment, Manufacturing Machinery, Elevator, Civil Engineering, Others) and Regional Insights and Forecast to 2032

Updated On: 10 June 2024

HYDRAULIC CYLINDER RENTAL MARKET REPORT OVERVIEW

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The global hydraulic cylinder rental market size expanded rapidly in 2022 and will grow substantially by 2029, exhibiting a prodigious CAGR during the forecast period.

A force used in mechanical mechanism known as hydraulic cylinder, is the source of energy transferred from a motor in a hydraulic system. By supplying pressurized hydraulic fluid to the piston's surface, this cutting-edge technology enables linear piston movement. The conversion of fluid's energy into mechanical is forced by the hydraulic cylinder. The components which comprise the hydraulic system such as cylinder base, cushions, seals, piston, rod gland, and piston barrel. Plunger, telescoping, cable, and diaphragm cylinders are a few types of hydraulic cylinders. Usually, oils or other fluids are employed for this transmission. Industries, including the automotive, aerospace, mining, and construction sectors, have applications for the hydraulic cylinder. Despite of its complexity, its demand is increasing from a variety of manufacturing industries as well as expanding commercial and industrial uses. The need for hydraulic cylinders is rising dramatically on a global scale as a result of the mining, construction, and agriculture industries using more and more material-handling equipment.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

As the government-imposed restrictions on social gatherings and restricted travel and transport. The manufacturing and supply chain disruptions hurt market manufacturing of components. Several countries in North America and Europe have experienced shutdowns due to the COVID-19 outbreak, which has forced several companies such as the automotive and aerospace industries to operate in a limited manner, significantly affecting market testing of compounds. Thus, the decline of the automotive industry has made the market testing of composites difficult in 2020. When the pandemic broke out, the sudden drop in passenger traffic negatively affected the demand for aircraft. Thus, the commercial aviation industry is expected to recover slowly. As travel demand is not expected to return to pre-COVID-19 levels until 2024, it is estimated that it will take a year for business to recover across all industries, affecting the market dynamics of the composite testing market in North America and Europe.

LATEST TRENDS

"need for material handling equipment will Drive Market expansion"

One of the well-marked trends in the hydraulic cylinder market is the need for material handling equipment. The hydraulic cylinder rental has applications for lifting, pushing, pulling, and steering applications, the industrial sector, which includes the construction, mining, agriculture, automotive, aerospace, and oil and gas industries promoting the need for these products in the market. Roads, bridges, trains, and dam construction and other infrastructure projects that upsurge the demand for hydraulic cylinders, which are essential for heavy lifting and earthmoving machinery. Since hydraulic cylinders are necessary parts of automation systems for accurate and regulated linear motion, the market trend of automation and industrialization across industries also drives the hydraulic cylinder rental market growth. Another major market trend propelling hydraulic cylinder market growth is the introduction of Industry 4.0 combined with IoT. The adoption of industrial automation, often known as the "Industrial 4.0 revolution," is currently occurring throughout end-user industries in the global economy. In order to integrate all systems in warehouses and distribution centers, automation is necessary. An example of this would be network-integrated hydraulic equipment, which offers the potential to enhance operations and save energy expenses. Sensor data is instantly accessible for additional analysis after it has been stored in the cloud. As a result, fluid, air pressure, and temperature adjustments are being made more and more automatically through material handling procedures, which are an essential component of any facility. The need for sophisticated, automated hydraulic equipment is anticipated to rise as a result, especially as more businesses are anticipated to implement industy 4.0.

HYDRAULIC CYLINDER RENTAL MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Single-acting Hydraulic Cylinder, Double-acting Hydraulic Cylinder.

• Single-acting Hydraulic Cylinder: This segment holds the major market share and becoming popular due to their exclusive qualities and wide range of applications and allows single direction movement, usually in the expansion stroke; during the retraction stroke, they depend on outside forces or springs. This segment is expected to rise quickly, making them the fastest-growing segment in the global market as industries look for small and affordable hydraulic solutions without sacrificing performance.

• Double-acting Hydraulic Cylinder: This segment holds the second largest market share due to various reasons such as their versatility and efficiency in a range of applications as they produce movement of hydraulic power in both directions. Precise control over the hydraulic system is made possible by the double-acting cylinders, which contribute to greater performance overall, increased load capacity, and smooth and controlled movement. In addition, their sturdy design and capacity to tolerate elevated pressures and substantial weights render them perfect for demanding and difficult settings. The need for double-acting cylinders is anticipated to be high as long as industries are looking for dependable and effective hydraulic solutions, maintaining their position as the largest market segment globally.

By Application

Based on application the global market can be categorized into Construction Equipment, Manufacturing Machinery, Elevator, Civil Engineering, Others.

• Construction Equipment: Advanced use of technologies in this segment covers the advantages of hydraulic cylinder for a diverse range of applications, such as loaders, excavators, and various other heavy construction equipment.

• Elevator: This segment utilizes the hydraulic cylinder for the manufacturing purpose in carious end use industries.

• Civil Engineering: This segment has application of hydraulic cylinder in various methods of construction.

• Manufacturing Machinery: Robust manufacturing technology of Hydraulic cylinder has vast application in industry such as automotive and aerospace components manufacturing due to rise in the demand f vehicles from automotive industry.

DRIVING FACTORS

"Increasing Environmental Concerns And An Increase In Construction Will Boost The Market"

Rising environmental concerns and laws on energy economy which in turn increasing need for more environmentally friendly hydraulic systems driving the market expansion during forecast period. The strategic corporations create are energy-efficient hydraulic cylinders with lower friction, and have sophisticated fluid management features which can create potential growth options. Adoption of lightweight materials presents potential, especially in the automotive and aerospace industries where performance enhancements require weight reduction above all else. The Hydraulic Cylinder Market can expand through OEM partnerships, worldwide expansion, upgrading and modernizing current hydraulic systems, and entering emerging markets.

"Increasing Industrial Automation To Support Growth Of The Market"

One of the driving factors for the hydraulic cylinder rental market growth is increasing use of industrial automation in various industries. Due to vast industrialization, increasing population growth and development of infrastructure in urban areas promoting the growth of hydraulic cylinder rental market. Productivity leads increase in automation, reduces labor costs, and improves efficiency hence fueling market growth. Hydraulic cylinder rental provides the required force and motion control essential for automated machinery and equipment. The hydraulic cylinders demand is being driven by the trend of greater automation in sectors including packaging, aircraft, and automobiles.

RESTRAINING FACTORS

"Price Volatility For Raw Materials Impede Market Growth"

One of the restraining factors of the hydraulic cylinder market is the dependency of hydraulic cylinder sector on raw materials like aluminum and steel. The production costs and profitability of hydraulic cylinder manufacturers are affected by fluctuating pricing for these materials especially for the small and medium sized businesses where cost consciousness is a limiting factor can restrict the market expansion. In this manner, the manufacturers paying attention to the hydraulic cylinder costs compared to their perception has a significant effect on their decision to buy. This can be represented by introducing competitive prices for the newest additions to their product line, as this helps in meeting the far-reaching preferences and tastes of consumers. This approach should be concentrated on plans such as decreasing revenue dependence and expanding product lines to enter into markets which are bordered by pricing restrictions. For instance, producers may find it challenging to appropriately estimate costs during times of price volatility and may be forced to pass on the price variations to customers, which could have an effect on market demand. Cost-effectiveness is a major benefit of electro-mechanically operated equipment, particularly when taking auxiliary hydraulic components into account. Furthermore, because there is less chance of fluid leakage with electro-mechanical systems, they require less upkeep and repair.

HYDRAULIC CYLINDER RENTAL MARKET REGIONAL INSIGHTS

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"North America Dominating The Market Due To Their Vital Function In A Variety Of Applications"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America holds a dominant hydraulic cylinder rental market share in terms of revenue worldwide. Despite of their multiapplicability, hydraulic cylinders are essential to various applications, such as heavy machinery, construction vehicles, and material handling equipment, they are witnessing upsurge in the manufacturing, construction, and automotive industries. The industry's big players, who are well-represented in North America and who leverage their knowledge and advanced production skills to fulfill local demands, further contribute to its dominance. The company uses a lot of hydraulic cylinders in its equipment, which includes excavators, loaders, and bulldozers. This dynamic epicenter of the innovation and artistic community sees itself sustained in its position as the leader of the market, due to collection of factors that differentiate it from the others. Besides the leading industrial manufacturers, the North America market enjoys a favorable policy framework that facilitates the growth and innovation of the hydraulic cylinder sector. Through government programs and policies that offer subsidies and platforms for market expansion.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The hydraulic cylinder rental market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Enerpac (U.S.)
• Sunbelt Rentals (U.S.)
• LGH (U.S.)
• United Rentals (U.S.)
• Coates Hire (Australia)
• Northland Air Hydraulics (Canada)
• SafetyLiftinGear (U.K.)
• HSS Hire (U.K.)
• Lifting Gear (U.K.)
• Hire Express (U.S.)
• Ohio Power Tool (U.S.)
• Hi-Force (U.K.)
• Boels Rental (Netherlands)
• Worlifts (U.K.)
• Maxiteck (U.S.)
• Inomec (Sweden)
• Jonel Hydraulics (New Zealand)

INDUSTRIAL DEVELOPMENT

June 2022: In order to expand its eLION product line and concentrate on off-highway vehicle electrification, Bosch invested in BRUSA HyPower. This calculated action demonstrates Bosch's dedication to growing its product line in this area. Furthermore, as major corporations want to bolster their positions and seize fresh development possibilities, these kinds of strategic acquisitions and investments in up-and-coming businesses are probably going to become their main priorities in the near future.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.