NORTH AMERICA HYDRAULIC FLUIDS CONNECTORS MARKET ANALYSIS (2020-2027)
Hydraulic fluid connectors are piping systems widely used across oil &gas drilling and mining applications. These systems enhance machine performance and also improve industrial fluid networks. They are basically fluid transportation devices that help to transport the liquid from one location to other in hydraulic areas for transmission of power.
Statistics:
The global North America Hydraulic Fluid Connectors market is estimated to account for US$ 4,395.2 Mn in terms of value by the end of 2019.
Drivers:
Driver 1
Robust growth in the construction equipment industry in North America is augmenting the market growth of hydraulic fluid connectors. Surface and underground mining, material handling, and basic construction are some of the key construction equipment that uses various fluid power equipment such as cylinders, motors, actuators, and fluid connectors. Increasing construction activities along with the renovation of the old infrastructure in the region are fostering the market growth of the North America hydraulic fluid connectors.
Driver 2
The growing adoption of the advanced agricultural equipment such as automated equipment supported by favorable government policies is again expected to foster the market growth of North America hydraulic fluid connectors. Moreover, robust growth in the other manufacturing industries in the region is further propelling the market growth.
Figure 1. North America Hydraulic Fluid Connectors Market, Revenue Share (%), By Product Type, 2019
Statistics:
The mobile hydraulic segment dominated the North America Hydraulic Fluid Connectors Market in 2019 accounting for 67.5% of Share.
Market Restraints
Restraint 1
The presence of dirt, flaws, and other foreign particles in the hydraulic fluid connectors is expected to restrict its adoption. This system is highly susceptible contamination due to leakage, hence inhibiting the market growth.
Restraint 2
The corrosive nature of the hydraulic fluids system is expected to curb market growth. Moreover, this system requires periodic maintenance and checks in order to avoid leaks from the system which is further expected to hinder the market growth.
Market Opportunities
Opportunity 1
Increasing use of bio-based fluids for fluid connectors is expected to provide potential market opportunities in the near future. Bio-based hydraulic oil is rapidly gaining demand in these systems due to their eco-friendly nature. These fluids are non-toxic in nature and are available as mineral and vegetable-based. Mineral-based fluids composed of 30% biodegradable whereas vegetable-based fluids are 98% biodegradable. Also, bio based fluids offer strong lubricants that help in the protection of pumps from wearing out and failure.
Opportunity 2
Growing demand for airport material handling equipment and ground support equipment, such as de-icing machines, loaders, fueling vehicles, mobile lifts, and other movable machines are providing enormous opportunities for the market. Moreover, increasing investment in the oil &gas industry in the North America region is further expected to create demand for hydraulic systems, thereby augmenting the market growth over the forecast period.
Figure 2. North America Hydraulic Fluid Connectors Market – Opportunity Analysis
Market Trends/Key Takeaways
Trend 1
Increasing research and development by manufacturers to develop a more advanced component for the hydraulic fluid system in order to meet the evolving demand is gaining traction in the market. Moreover, growing industrial activities across remote applications where heavy-duty vehicles are used in material handling, mining, and construction industries are further anticipated to foster the market growth over the forecast period.
Trend 2
Merger and acquisition by key players in the market for business expansion is an emerging trend in the market. For instance, in January 2020, Danfoss announced that it has entered into a contract to acquire Eaton’s Hydraulics business for a cash purchase price of 3.3 billion USD (approximately 3.0 billion EUR). The acquisition is fully in line with Danfoss’ strategy to strengthen the mobile and industrial hydraulics market.
Figure 3. North America Hydraulic Fluid Connectors Market, Revenue Share (%), By Application, in 2019
On the basis of application, the North America hydraulic fluid connectors market is dominated by others segment accounting for 28.4%of the market share followed by aerospace and agriculture segment.
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