Global geothermal heat pump market to witness ample growth opportunities in Europe and North America, Close loop based installation to dominate the product landscape
Increasing demand for renewable and cost effective energy solutions is providing geothermal heat pump market a strong business ground to expand in the coming years. Fluctuating crude oil prices have resulted in a shift in consumer trend toward stable energy solutions such as geothermal heat pumps. The government has played the role of a catalyzer in the growth chart of the industry over the past few years. Initiatives which include financial supports, federal income tax credits, rebates, subsidies, renewable heat incentives have encouraged the adoption of non-conventional energy sources, which otherwise catered geothermal heat pump industry share. As per a report by Global Market Insights, Inc., Geothermal Heat Pump Market worth more than USD 80 billion in 2016, is projected to cross a revenue of USD 130 billion by 2024. Also, as per estimation, the installed power capacity of the market is expected to surpass 110 GWT by 2024.
Europe Geothermal Heat Pump Market Size, By Product, 2016 & 2024 (MWt)
Cost effectivity, seasonal flexibility, eco-friendliness, and minimal maintenance cost are some of the attributes that make geothermal heat pump market one of the fastest growing renewable energy based industries. Unique ability to use underground temperature as a heat exchanging medium for both heating and cooling purposes is expected to boost the industry growth in the years ahead. However, expensive installation of these heat pumps is somewhat acting as a deterrent in the growth curve. In order to mitigate this issue, key players of the market are heavily investing in research activities to minimize the manufacturing cost of geothermal heat pumps.
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Closed loop dominated the overall geothermal heat pump industry share in 2016, by covering almost 75% of the overall product landscape. These systems can be installed either vertically or horizontally depending on the size of the plot. Minimal maintenance and operational cost, superior reliability, higher efficiency, and flexibility make it the most suitable choice for the investors. Vertical installation gains a popularity over horizontal one due to its less space requirement. As per the estimates, closed loop geothermal heat pump industry is slated to record a substantial growth chart at an annual rate of 8% over 2017-2024. Low installation cost and comparatively less heat transfer make the market demand high for open loop installation.
Geographically, North America and Europe have a strong foothold in the global geothermal heat pump market. Several beneficial initiatives taken by the U.S Government and European Union to promote adoption of renewable energy resources for daily usage, is chalking a profitable road map for the regional geothermal heat pump industry. For instance, in 2030 climate and energy framework, EU underlined a target of reducing greenhouse gas emissions up to 47% within a period of 13 years. It also projected that by 2030, renewable energy utilization will cover 27% of the total consumption. Germany is the major revenue contributor for Europe geothermal market which accounted for 15% of the regional market in 2016. Germany has also announced to invest over USD 250 billion in the country’s geothermal heat pump infrastructure. U.S. geothermal heat pump market which accounts for a major portion of North America industry share alone collected a revenue of USD 20 billion in 2016. Constant ground temperature all over the country has acted in favor of the market demand.
The market is fragmented with players pacing toward moves such as strategic collaborations and regional expansion to sustain the competition. Prominent geothermal heat pump industry participants include Kensa Heat Pumps, NIBE, Robert Bosch, Finn Geotherm, Glen Dimplex, and Stiebel Eltron.
Author Name :Satarupa De
Europe industrial emission control systems market to register significant gains over 2016-2024, Germany to the key revenue contributor
Rising efforts by global regulatory bodies to implement pollution control technologies will expedite Industrial Emission Control Systems Market size over the next few years. Of late, the world has witnessed a tremendous rise in pollution levels and carbon emissions, subject to which the governments of various countries have enforced numerous regulations that need to be followed by power plants, manufacturing firms, and other industries. These companies are now installing emission control technologies to reduce pollution and contribute to saving the environment, which will significantly propel industrial emission control systems industry.
The rapid surge of industrialization across regions such as APAC and MEA will lead to an increase in the demand for emission control systems, pertaining to the large presence of power plants and chemical factories. This requirement will help fuel industrial emission control systems market across these regions. These systems help control the emissions of harmful pollutants such as nitrogen oxide compounds, Sulphur oxide compounds, and volatile organic compounds, and find huge applications across the chemical & petrochemical, metal, cement, manufacturing, and power generation sectors.
U.S. Industrial Emission Control Systems Market Size, By Device 2013-2024 (USD Billion)
Undoubtedly, power plants are a major source of pollutant emissions – harmful gases, solid toxic particulates, acidic streams, and vapors emitted from these plants have harmed the global environment to no end. Subject to the restrictions mandated by the government regarding pollutant emissions, these plants are increasingly deploying emission control systems at their worksites. Industrial emission control systems industry size from power plant applications was worth more than USD 5 billion in 2015 and is anticipated to grow at a CAGR of 6% over 2016-2024.
In a bid to meet the growing demands for electricity, China has established numerous power plants across the country, subject to which the demand for emission control systems in the region is significantly high, especially from power generation companies. China industrial emission control systems market size from power plants may cross USD 1 billion by 2024, pertaining to the rapid industrialization and growing requirement for electricity.
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Electrostatic precipitators, one of most prominent devices of industrial emission control systems industry, are used to thoroughly remove solid pollutant particulates. They are widely deployed across the power generation, chemical, and steel sectors, owing to which Electrostatic Precipitator Market is anticipated to earn a significant revenue over the next few years, subject to their superior properties. Industrial emission control systems industry size from electrostatic precipitators will observe a CAGR of 6% over 2016-2024. These devices are heavily implemented in Germany, especially across the growing manufacturing sector of the country, to absorb pollutants and control carbon emissions. Subject to this factor, Germany industrial emission control systems market size from electrostatic precipitators was worth USD 242.88 million in 2015, and is projected to grow at a rate of 7% over 2016-2024.
Germany will be a key contributor toward Europe industrial emission control systems industry share, and will register a notable CAGR of 8% over 2016 to 2024. France industrial emission control systems market will also contribute significantly toward the regional growth, and will register a CAGR of more than 9% over 2016-2024, owing to the vast number of power projects and high economic growth of the region. Spain and Italy are touted to be other regional contributors.
Having held a share of more than 15% of the overall industrial emission control systems industry, absorbers are used to remove heavily toxic gases. These devices are heavily deployed across chemical factories, which will impel industrial emission control systems market share from chemical & petrochemical applications. Companies have been striving to integrate these devices with high grade technology to reduce its cost and improve its efficiency. Subject to this factor, industrial emission control systems industry from absorbers will surpass a revenue of more than USD 4 billion by 2024, growing at an annual growth rate of more than 8% over 2016-2024.
Absorbers are deployed across the cement sector as well, subject to their superior toxic pollutant removal properties. Industrial emission control systems market size from cement applications was worth more than USD 1.5 billion in 2015 and is projected to observe a heavy growth, owing to the rapidly developing construction sector across the globe. Additionally, these systems are particularly in demand across China, subject to the development of the construction sector in the region and favorable norms regarding emissions, which will impel China industrial emission control systems industry from cement applications.
Scrubbers help wash away the toxic Sulphur oxide compounds from wet & dry flue gas desulfurization plants. Having held more than 15% of the overall industrial emission control systems market share in 2015, scrubbers will be in high demand across the MEA region. Bearing testimony to this fact are the following statistics – Saudi Arabia industrial emission control systems industry share from scrubbers was USD 44.01 million in 2015, and it is expected to grow at a CAGR of 5.3% over 2016-2024. Similarly, Belarus industrial emission control systems market size from scrubbers is expected to cross USD 40 million by 2024, with a y-o-y growth rate of 11% over 2016-2024. The rapid expansion of the industrial sector coupled with the increasing number of power plants will expedite the growth in these regions.
Catalytic systems, another critical product of industrial emission control systems industry find applications across the oil & gas sectors and are predicted to cross revenue of more than USD 6 billion by 2024. High demand from oil refineries and petrochemical factories will also foster the growth of Stationary Catalytic Systems Market, anticipated to grow at a CAGR of 6% over 2016-2024.
Industrial emission control systems industry size from metal applications was worth more than USD 1 billion in 2015 and will observe gains of more than 8% over 2016-2024, subject to the product’s widespread usage for absorbing metal fumes and toxic gases.
Brazil, one of the key emerging economies, has been observing surge in its oil & gas exploration and mining activities. Subject to this fact, Brazil industrial emission control systems market will grow remarkably at a CAGR of 8% over the years ahead. Chile, another prominent region of South America industrial emission control systems industry, will also cross a valuation of USD 200 million by 2024.
The United States will witness a huge demand for all the products of industrial emission control systems market, owing to the fact that the region has observed a consistent growth across the power, cement, metal, and chemicals sectors. In addition, the presence of a vast number of market players and their efforts to innovate new technologies to reduce emissions will boost U.S. industrial emission control systems industry share, which is anticipated to cross a valuation of more than USD 2 billion by 2024.
Subject to the rising construction sector in the region, the cement factories here heavily demand the deployment of absorbers. Pertaining to this factor, U.S. industrial emission control systems market share from absorbers was more than USD 250 million in 2015, and is expected to grow at a rate of 7% over 2016-2024.
Major companies have been engaging in growth strategies to research and develop highly advanced, technologically innovative, and extremely efficient emission control systems. Key participants operating in global industrial emission control systems industry include Mitsubishi Hitachi Power Systems, Fujian Longking Co., Ducon Technologies, Babcock & Wilcox Enterprises, Thermax Ltd., BASF, Auburn Systems, General Electric Company, Johnson Matthey, Hamon Corporation, CECO Environmental Corp., Amec Foster Wheeler, APC Technologies, and Air Clean LLC.
Author Name :Saipriya Iyer
CHP based District Heating Market to generate huge revenue over 2017-2024, U.S. to majorly drive the regional landscape
Europe District Heating Market Size, By Source, 2016
District heating finds extensive applications in the residential, industrial, and commercial sectors. District heating market across the residential sector is forecast to record a CAGR of 3% over the coming seven years subject to the replacement of traditional electric heating systems with more advanced district heating systems to lower energy consumption.
Commercial applications are expected to grow at an annual rate of 4% over the period of 2017-2024, driven by the rapid surge in the construction of massive commercial complexes across emerging economies. District heating industry in the industrial sector, which was evaluated at USD 60 billion in 2016, is expected to witness a considerable growth over the years ahead. Favorable system features such as gas safety and negligible transmission loss will spur the revenue.
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Taking into consideration the geographical trends, Germany district heating industry is projected to observe a prominent expansion in future. The rising consumer trend toward green technologies along with tax benefits provided by the government will propel the business space.
Escalated preference for sustainable and cogeneration systems coupled with strict legislations pertaining to energy preservation will stimulate the growth of Japan district heating market. The government of Japan, with the help of private organizations, is investing heavily to construct gas fired district heating systems to reach its target of providing 15% of overall power supply via CHP technology by 2030.
U.S. district heating industry, worth USD 20 billion in 2016, is forecast to experience a robust development over the coming timeframe. High product demand across the industrial and residential sectors is predicted to impel the business expansion.
Strict regulations to reduce energy wastage through installation of power-conserving technologies is expected to constructively impact the growth of Russia district heating market. Escalating requirement for modernizing existing heating systems to minimize the loss of energy will contribute considerably towards the revenue. Russia has also planned to reduce carbon emissions by 75% by 2020.
Based on the source trends, district heating industry is classified into CHP, heat only boilers, solar, and geothermal based district heating systems. Growing awareness about the environmental benefits accrued due to utilization of the clean energy as compared to fossil fuels is expected to impel solar based district heating industry size.
CHP based district heating market is forecast to grow at a CAGR of 3% over 2017-2024, driven by low operating costs, less fuel emissions, reliability, operational safety, and a convenient heat distribution network. Enhanced heat producing capacity of the source can further drive the revenue. Geothermal based district heating industry, which contributed more than 6% of the overall share in 2016, is projected to expand remarkably over the span of few years. Factors such as low dependence on conventional fuels and economic feasibility are predicted to beneficially leverage the business landscape.
Shinryo Corporation, Kelag Warme, Keppel Corporation, DONG Energy, Statkraft, Ramboll Group A/S, Vattenfall, Goteborg Energi, Steag Company, NRG Energy Incorporation, Korea District Heating Corporation, RWE AG, Hafslund ASA, and Fortum Corporation are the key participants of district heating market.
Author Name :Dhananjay Punekar
U.S. power and control cable market to generate a sizable revenue by 2024, high demand from industrial applications to stimulate the regional growth
Power and control cable market is anticipated to generate profitable gains over the years ahead, owing to the high product demand to create an efficient electric grid and communication network. To reduce the dependency on non-renewable energy sources, the world is treading toward the adoption of renewable and sustainable energy. Favorable government support and initiations taken by countries across the globe to replace old transmission systems will influence power and control cable industry size significantly. According to Global Market Insights, Inc., “Power and Control Cable Market collected a revenue of USD 80 billion in 2016 and will register an annual growth rate of more than 9% over the coming years of 2017 to 2024.”
Russia Power And Control Cable Market, By Voltage, 2016 (USD Billion)
Taking into account the product landscape, power and control cable market primarily comprises control cables and power cables. Power cable dominated the product segment by covering more than 80% of the total revenue share in 2016 and will exhibit noticeable growth rate over the coming seven years. The increasing usage of this product for various grid integration and infrastructure projects will generate noticeable revenue.
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The industrial and utility sectors are the prominent applications of power and control cable market. Industrial application segment is anticipated to record a CAGR of more than 8% over the years ahead. Growing industrialization along with the surging requirement for electricity will augment the industry growth. The utility application will surpass a revenue collection of USD 90 billion by 2024, owing to the surging installation of low voltage distribution substation to fulfill the energy requirement.
Based on the voltage, power and control cable market is mainly divided into low voltage (LV), medium voltage (MV), and high voltage (HV). Low voltage power and control cable market is slated to register an annual growth rate of more than 9% over the period of 2017 to 2024. The prominent usage of this product across the small-scale manufacturing units and the residential sector will fuel the demand for the product notably. Shifting trends toward the adoption of renewable energy to fulfill the huge requirement of electricity will also impact power and control cable market size significantly.
Considering the regional landscape, China power and control cable market covered more than 40% of the revenue share of APAC region in 2016 and will register a noticeable growth rate over the coming seven years. China is investing heavily to expand its electric grid capacity. The State Grid Corporation of China planned to invest USD 350 billion in the expansion and upgradation of their grid infrastructure. In addition to this, the surging requirement of sustainable energy will also influence the regional power and control cable industry share significantly.
MEA power and control cable market will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024. The growth can be attributed to the escalating investments in the renovation activities across the war affected regions such as Syria.
U.S. power and control cable industry size is predicted to record a CAGR of more than 6% over the coming years of 2017 to 2024. High investments in UHV and EHV network development will stimulate the product demand considerably. Moreover, implementation of regulations regarding the replacement of old electric boards and systems along with the development of micro-grids will propel power and control cable market size.
The noteworthy business players in power and control cable market are Nexans, LS Cable & System, The Furukawa Electric Co., Ltd., Prysmian Group, General Cable, Polycab, Sumitomo Electric Industries, Havells, Southwire, and CMI Limited.
Author Name :Sunil Hebbalkar
Oil And Gas Analytics Market to exceed the 20 billion-dollar mark by 2024, heavy demand from upstream applications to stimulate industry growth
The exponentially increasing demand from refineries for petroleum products will lead oil and gas analytics market to exhibit a flourishing growth rate in the years ahead. To fulfill the surging need for fossil fuels, O&G companies are adopting digital technologies to enhance their productivity and reduce costs. The adoption of analytic tools is likely to increase production efficiency by 6% to 8%. This, in turn, will stimulate oil and gas analytics industry size considerably. The implementation of strict operational safety norms by the government will also stimulate the product demand. As per the report by Global Market Insights, Inc., “Oil and Gas Analytics market collected a revenue of USD 4 billion in 2015 and will grow at an annual growth rate of 20% over the period of 2016 to 2024.”
U.S. Oil And Gas Analytics Market size, by services 2013-2024 (USD Million)
Upstream application in oil and gas analytics industry was worth USD 2 billion in 2015 and will register a noticeable growth rate of more than 20% over the coming seven years, owing to the growing prevalence of unconventional and offshore drilling activities. Of late, companies have been implementing analytics tools to find out real-time data at minimized cost. TIBCO company has adopted this technology to optimize their production and exploration costs. Other key players sharing the oil and gas analytics market space are Cognizant, Accenture, Oracle, Teradata, Capgemini, Drilling Info Inc., Hitachi, Ltd., Tableau Software, Microsoft, Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, SAP SE, and IBM.
Hosted deployment mode will record a significant annual growth rate of more than 20% over the coming years of 2016 to 2024. This deployment mode exhibits superior productivity, improved capability, and is highly cost effective compared to its counterpart, the on-premise deployment mode, which generated a revenue of USD 1,787 in 2015.
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Oil and gas analytics market players implement professional, cloud-based, and integration analytics services to obtain real time information. Oil and gas analytics market from cloud-based services will record an annual growth rate of more than 21% over the coming seven years. This growth can be attributed to increasing demand for cloud infrastructure.
Oil and gas analytics industry from midstream applications, having accounted for more than 21% of the overall share, will generate a considerable revenue by 2024, primarily driven by surging product demand from midstream applications. Pipeline SCADA, one of the sub-segments categorized under midstream applications, is predicted to surpass a revenue collection of USD 2 billion by 2024. The surging need to extract accurate and real-time information will propel oil and gas analytics market growth from pipeline SCADA applications.
Considering the regional trends, India oil and gas analytics market will record substantial growth rate over the year ahead. The growth can be attributed to the growing number of refineries. In addition to this, most of the industry giants across this region are expanding their production capacity, which will influence oil and gas analytics industry growth. For instance, the Indian Oil Corporation is planning to invest USD 2.3 billion to expand refinery capacities to 25 million metric tons per year.
U.S. oil and gas analytics industry size generated a revenue of USD 1 billion in 2015 and is anticipated to record an annual growth rate of more than 19% over the period of 2016 to 2024. Escalating shale gas exploration activities in the region along with surging efforts to increase the overall production capacity will augment the product demand.
In Europe, Norway oil and gas analytics market, having had a revenue of USD 286 million in 2015 will exhibit a CAGR of more than 19% over the coming years of 2016 to 2024, owing to the growing adoption of digital technology across this region. The usage of digital technology will positively impact the oil and gas analytics market, subject to the reduced production and operational costs.
Oil and gas analytics is basically a tool that is used to analyze big data and provide actionable insights for the upstream, midstream, and downstream applications. Huge corporations are striving to introduce technological advancements in this tool to improve its efficiency and performance. For instance, Deloitte has developed novel oil & gas analytics solutions that work much faster than the conventional solutions and can even support data flow architectures using emerging data types.
Author Name :Sunil Hebbalkar
High voltage Middle East Distribution Panel Market to register massive growth over 2016-2023, Saudi Arabia to be a major revenue pocket for the industry
The ever-growing demand for panel boards across the telecom & power generation sectors will positively impel Middle East Distribution Panel Market. These boards are vital components of a power supply system and provide a protective circuit breaker for every circuit enclosed in the service panel enclosure, from where the utility power is distributed to different branch circuits. The more efficient these panels, the more effective the power supply. One of the principal factors driving Middle East distribution panel industry is the rising need to reduce electricity wastage and optimize power consumption. Besides, the regulatory bodies across the globe have been striving to encourage the adoption of renewable energy sources for power generation, which will impel Middle East distribution panel market over the next six years.
Saudi Arabia Distribution Panel Market size, by capacity, 2012 – 2023 (USD Million)
The recent trend of switching over to renewable energy sources such as solar and wind energy has also prompted companies to innovate a variety of distribution panels for electricity generation via sustainable resources. These panels are being designed to be adaptable for myriad applications. Prominent companies that operate in Middle East distribution panel industry include Legrand, Ba`amer Electric Company, ABB Limited, Arabian Gulf Switchgear, Hawa Electric Panel Board Factory, Schneider Electric SA, Hager, EAMFCO, Alfanar Group, and Abunayyan Holding. These companies are also concentrating on developing unique technologies to be incorporated in distribution panels for them to be utilized in solar panels and eco-friendly electric devices, thus contributing to the revenue generation of this Middle East distribution panel industry. A report by Global Market Insights, Inc., states that with a registered revenue of more than USD 1.25 billion in 2015, and a CAGR estimation of 5.3% over 2016-2023, Middle East distribution market will hit USD 1.8 billion by 2023.
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The dire need to fulfill the ever-growing demands of electricity across countries such as the United Arab Emirates, Oman, Saudi Arabia, Kuwait, and Qatar will positively influence Middle East distribution panel industry growth. It should be remembered that this market is strictly defined by a regulatory framework. For instance, the Qatar General Electricity & Water Corporation (KAHRAMAA) has declared that any work pertaining to electrical installation needs to be carried out only by licensed contractors.
The requirement for safe and secure information transmission and the shifting trends toward sustainable power generation will augment Middle East distribution panel market, which encompasses two key products, namely standalone and pole mounted transformers. Having held a valuation of more than USD 500 million in 2015, pole mounted transformers are expected to drive overall Middle East distribution panel industry in the years to come, owing to the huge demand for well-distributed power supply across the regions of UAE and KSA.
The United Arab Emirates has experienced an onslaught of construction projects in the recent years. In addition, the rise in per capita income of the population coupled with the shifting trends toward renewable sources will catalyze Middle East distribution panel market from UAE, which is expected to grow at a rate of 5.7% over 2016-2023. Having held a share of more than 9.5% of the overall revenue in 2015, this regional industry is anticipated to earn significant gains driven by the rise in power generation efficiencies.
Standalone systems are used for power generation & regulation and high energy storage. Subject to the fact that these products are utilized in regions that are not deployed with an electricity distribution system, standalone Middle East distribution panel market will record a revenue of more than USD 1.1 billion by 2023, with a CAGR projection of 5.7% over 2016-2023.
Distribution panels function as per the designed capacities – high voltage, medium voltage, or low voltage. Medium voltage panels are majorly used to enhance power supply and are highly reliable. Subject to these pointers, Medium voltage Middle East distribution panel market is likely to experience a massive growth over 2016-2023, having been valued at USD 550 million in 2015.
In contrast, high voltage products encompass characteristics such as long shelf life, compactness, and reduced maintenance, owing to which high voltage Middle East distribution panel industry will surpass a valuation of USD 675 million by 2023, growing at a CAGR of 5.3% over 2016-2023.
Middle East distribution panel market is forecast to register extensive gains from Saudi Arabia, touted to be the most lucrative regional segment. This region has reduced the number of energy imports and is experiencing a surge in the adoption of renewable energy sources for power generation. Driven by the massive electricity demand for the increasing population, Middle East distribution panel industry from Saudi Arabia is expected to record remarkable gains over 2016-2023.
Reduced dependency on fossil fuels coupled with the incorporation of advanced technologies in efficient energy generation will drive Middle East distribution panel market. High requirement for clean energy and improvised production efficiency will also be the key factors catalyzing the product demand.
Developing new product types that can be used for numerous applications has become a key strategy of players in Middle East distribution panel market. For instance, recently, ABB Ltd. launched the SafeT™ panelboard that offers great flexibility and safety. Embedded with plug-in devices and a safe bus stack, this distribution panel uses Tmax molded case circuit breakers that are designed to hold 30% lesser mounting space. This apparently facilitates a reduction in the space occupied by the panel enclosure.
Other companies have also been undertaking similar efforts to develop a range of varied boards that are suitable for many applications, thereby fueling Middle East distribution panel industry.
Author Name :Saipriya Iyer
China Hydraulic Cylinder Market to witness substantial gains over 2016-2025, heavy investments toward infrastructural development to augment the regional growth
Hydraulic Cylinder Market will chart out a lucrative growth path, given that hydraulic cylinders form the backbone of various commercial and industrial applications. These cylinders are also used to manufacture agricultural equipment to enhance agricultural productivity, which will significantly enhance hydraulic cylinder industry growth. In addition, the high rate of investments by developing economies such as India and China are also expected to contribute to the overall business expansion. As per the report by Global Market Insights, Inc., “Hydraulic cylinder market generated a revenue of USD 10 billion in 2015 and will grow at an annual growth rate of more than 6% over the period of 2016 to 2025.”
U.S. Hydraulic Cylinder Market size, by application, 2013 -2025 (Million Units)
The prominent application areas of hydraulic cylinder industry are industrial and mobile. Industrial application segment accounted for more than 32% of the revenue share in 2015 and will exhibit a CAGR of above 4% over the coming eight years. Mobile hydraulic cylinder industry dominated the application landscape in 2015 and will generate significant revenue over the years ahead, owing to the increasing product requirement for material handling and agricultural equipment. Additionally, escalating urbanization and increasing construction activities will augment the industry.
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Based on the product, hydraulic cylinder market is mainly divided into welded and tie rod. Welded hydraulic cylinder industry will surpass a revenue collection of USD 11 billion by 2025. The extensive use of this product in the construction, mining, industrial, and material handling sectors will augment the market growth noticeably. The surging expansion of the agricultural equipment industry will propel the demand for tie rods, which will grow at an annual growth rate of more than 6% over the period of 2016 to 2025.
Double acting and single acting are the main functional trends of hydraulic cylinder industry. Double acting hydraulic cylinder will collect a revenue above USD 11 billion by 2025, primarily due to the usage of double acting hydraulic cylinders in applications where gravity is the prominent factor, affecting the acceleration and retardation. In addition, double acting function based hydraulic cylinders are extensively used for heavy trucks, forklifting, and earth moving equipment, which will considerably drive overall hydraulic cylinder market share. Single acting hydraulic cylinder market was worth USD 3.12 billion in 2015 and will record substantial growth rate over the coming timeframe.
Geographically, U.S. hydraulic cylinder industry is predicted to generate a revenue of more than USD 3 billion by 2025, owing to heavy investments in the material handling, defense, and aerospace sectors.
China hydraulic cylinder market will collect a revenue of more than USD 1 billion by 2025. The growth can be attributed to the increasing expenditure in infrastructure development. In the years ahead, the Chinese government is willing to invest around USD 151 million in Hubei Xiaogan logistics infrastructure project.
Brazil hydraulic cylinder industry will exhibit an annual growth rate of more than 4% over the period of 2016 to 2025, primarily driven by rising investments in the transportation sector. Russia hydraulic cylinder market will also register a CAGR of more than 3% over the coming eight years. The growth can be attributed to the surging requirement of construction and agricultural equipment.
The key participants in hydraulic cylinder market are Bosch Rexroth AG, Wipro Infrastructure Engineering, Aggressive Inc, Hannon LLC, Best Metal Products, Ligon Industries, LLC, Eaton Corporation PLC, Prince Manufacturing Corporation, Hydrapac Italia, YELETSGIDROAGREGAT, chapel hydraulique, United Hydraulics, Burnside Autocyl (Tullow) Ltd., Bailey International LLC, Enerpac Corp., Baltic, Hyco International, Inc., Caterpillar Inc., Precision group Inc., Norrhydro Oy, Parker-Hannifin Corporation, Weber-Hydraulik Group, Pacoma GmbH, Texas Inc, and Hydrosila.
Author Name :Sunil Hebbalkar