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Hydraulic Industry in India is dependent on growth of Mobile Hydraulic equipment, comprising mainly of off highway equipment such as Backhoe loaders, Excavators, Mobile cranes, compaction equipment, wheel loaders, Forklifts, and Agricultural equipment. The industry has witnessed severe demand pressure owing to the shrinkage in demand for mobile equipment used in infrastructure, farm equipment and industrial equipment. Although post 2011, the demand for mobile equipment has been falling consistently, a trend reversal of sought began from 2015-16, this owing to strong domestic demand led by increased Government focus on investments in infrastructure projects, thereby leading to higher demand of capital equipment. Proportional increase in the demand of Hydraulic components is anticipated and it will be only fair to say that the industry will witness unprecedented growth in the demand in the immediate short to medium term. InfraInsights sees Hydraulics industry in India to grow at a CAGR of 12-15% in the most optimistic scenario and in some segments the growth could be as high as 25%.
Since, the demand for hydraulic cylinders is primarily driven by the growing demand for hydraulic cylinder based equipment which are used in industries such as manufacturing, construction, mining, agriculture, aerospace and defense. One can anticipate that the recovery in economic activity will bring cheer to the sector and many of the OEMs will have to expand its current manufacturing facility to cater to the growing demand. The market is developing steadily and it is significantly driven by activities in the infrastructure sector, farm equipment & industrial equipment. Government focus on farm sector will also catapult demand for tractors and this will have positive influence on the demand for hydraulic product on the farm equipment segment. High adoption of material handling equipment offers growth opportunity for the market. At present, material handling equipment such as level luffing cranes, stackers and electronic overhead travelling cranes are extensively used by multiple industries such as Food and Beverage, Power and Energy, Retail and Oil Refineries other than construction and engineering sectors. This stimulates the adoption of material handling equipment and thus helps the growth of the hydraulic cylinders market.
The market is segmented by hydraulic cylinder types, function, specification, design and application. Hydraulic cylinder function includes double acting hydraulic cylinders and single acting hydraulic cylinders. Single acting hydraulic cylinders apply the hydraulic pressure in only one direction, primarily to extend the cylinder. Double acting cylinders have two ports, one for the intake and other for outtake of hydraulic fluids. The force from the liquid can be used in both directions for expanding and retracting the piston. It can be fixed in any way for pushing, pulling and lifting operations. The market is characterized with presence of large organized players as well as unorganized players present in the hydraulic component segment. Given the accelerated pace of public expenditure in infrastructure projects, thrust on farm sector and uptick on demand for CV, all the key components of growth are in place and hydraulic equipment market is slated for significant growth, the report “Hydraulic Cylinder Demand Outlook in India by 2024-25: Growth in Construction & Agriculture Equipment to Trigger Exponential Growth”, aims to provide primary research driven data, analysis and insights on the market potential, future growth drivers and future market size, thereby enabling existing market players as well companies aspiring to enter this industry segment with indispensable reference to take informed decision.