The North America Hydraulic Fluid Connectors Market is estimated to account for US$ 5.3 Bn in terms of value by the end of 2022.
Drivers
Aerospace demanding hydraulic fluid
High demand for hydraulic fluid systems from the aerospace industry is propelling the market growth of the North America hydraulic fluid connectors. The aerospace industry is one of the emerging sectors in the North America region. Hoses and fittings and their assemblies are widely used in civil and defense aircraft applications. This system enhances fluid power devices in powering landing gears and other key operations in aircraft. Hence, the growing demand for hydraulic fluid connectors is fueling market growth.
Market Opportunities
Automotive growth
Robust growth in the automotive industry in North America is expected to bring profitable market opportunities over the forecast period. The brakes on vehicles and trucks mostly employed hydraulic systems. Hydraulic fluids systems are used in almost all types of vehicles. Increasing production of automobiles in the region due to the growing purchasing power of the consumers is again expected to offer lucrative opportunities for the hydraulic fluids system market over the forecast timeframe.
Market Restraints
Technology barrier
The threat from pneumatic fluid power technology due to technological advancement is expected to hinder market growth. Pneumatic fluid power technology is relatively cleaner which makes it suitable for food manufacturing industries as it reduces contamination. Hydraulics connectors are not preferred in the food &beverage industry due to the high risk of leakage of hydraulic oil. This factor is hampering market growth.
North America Hydraulic Fluid Connectors market was valued at US$ 5.3 Billion market in 2022 and is forecast to reach a value of US$ 10.22 Billion by 2030 at a CAGR of 8.6% between 2022 and 2030.
Mobile Hydraulic segment dominated the North America Hydraulic Fluid Connectors market in 2022, accounting for 8.6% share in terms of value, followed by industrial hydraulic.
Market Trends
Innovation and development
Continuous product innovation in hydraulic fluid oil for the construction industry is a growing trend in the market. For instance, in December 2020, Shell an producer launched Shell Tellus S4 VE, a new hydraulic fluid produced with gas-to-liquids (GTL) technology and specifically designed for mobile hydraulics in construction. This product is cleaner than conventional mineral oils and also delivers improvements of up to 6% in equipment productivity and 5.5% in noise reduction.
The development of advanced rubber and hose compounds for the hydraulic system for harsh and rigorous thermal applications by key players is one of the current trends. For instance, in December 2020, Gates a global provider of application-specific fluid power has launched a MegaSys™ MXG™ 4K hydraulic hose. It is a lightweight, compact, highly flexible drop-in replacement for conventional spiral hoses. This system offers improved abrasion and durability across the most demanding application.
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Hydraulic Fluid Connectors Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden occurrence of the novel coronavirus has had a major impact on the hydraulic fluid connectors market owing to the decreasing demand for such pumps from various end-use industries such as aerospace, agriculture among others.
- Few Recent Developments
- In April 2021, Kobelco, Construction Machinery USA, established an engine supply agreement with Yanmar and Isuzu for the construction of excavators and cranes in North America.
- According to the Department of Energy, US in 2020, in the U.S., compressed air systems consume 10% of total electricity and around 16% of total motor system energy. It goes on to say that compressed air systems are employed in 70% of all manufacturing plants in the U.S. The bulk of these systems provide compressed air to power a variety of plant equipment such as machine tools, painting booths, material separation, and materials handling.
- In 2022, New FDA guidelines in the U.S. were passed as part of the Food Safety Modernization Act, which mandates high sanitation and hygiene standards. As a result, suppliers and packagers will be forced to meet their equipment cleaning requirements. Pneumatic equipment is cleaner than hydraulic and other mechanical equipment, allowing it to be employed in a wide range of food processing applications. Such laws allow the region's market to grow fast.
- Competitive Section:
- Cameron International Corporation
- Eaton Corporation plc
- Gates Corporation
- Parker Hannifin Corporation
- Manuli Hydraulics
- Kurt Hydraulics
- RYCO Hydraulics Pty. Ltd.
- ITT Corporation
- SPX Corporation
