Increase in use of double acting cylinders in space program provides lucrative growth.
WILMINGTON, DELAWARE, UNITED STATES, April 10, 2024 /EINPresswire.com/ — Prime determinants of growth
Rise in demand from the manufacturing sector, surge in requirement in the automobile & aerospace industry, and increase in construction activities drive the growth of the global pneumatic cylinder market. Increase in automation and advancements in space technology present new opportunities in the coming years.
According to the report, the global pneumatic cylinder industry generated $13.37 billion in 2020, and is anticipated to generate $23.85 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030.
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The linear segment to maintain its leadership status throughout the forecast period
Based on motion, the linear segment held the highest market share in 2020, accounting more than half of the global pneumatic cylinder market, and is estimated to maintain its leadership status throughout the forecast period, owing to product offerings in response to new industry demands. Moreover, the same segment is projected to manifest the highest CAGR of 6.0% from 2021 to 2030, while the rotary segment is registered to manifest the highest CAGR of 5.5% from 2021 to 2030.
The oil & gas segment to maintain its lead position during the forecast period
Based on end use industry, the oil & gas segment accounted for the largest share in 2020, contributing to nearly one-fourth of the global pneumatic cylinder market, and is projected to maintain its lead position during the forecast period, owing to rise in population and industrialization. Moreover, the automotive segment is expected to portray the largest CAGR of 9.2% from 2021 to 2030. This is attributed to the demand for economical and efficient automobile manufacturing which has significantly increased the use of robotic automation in automobile manufacturing.
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North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global pneumatic cylinder market. This is attributed to large oil and gas industries which has fueled the demand for pneumatic cylinders in U.S. and Canada. Moreover, Asia-Pacific region is expected to witness the fastest CAGR of 7.0% during the forecast period, owing to its large population and low-cost manufacturing sector.
Leading Market Players:-
Airtac International Group
Camozzi Group S.P.A.
DL Pneumatics
Emerson Electric Co.
Festo SE & Co. KG
ABB Ltd.
Honeywell International INC.
Parker Hannifin Corporation
Eaton Corporation PLC
Rotex Automation.
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