Aerospace Industry Ramps up Demand for Hydraulic Fluid Connectors, Market to Grow at 7.6% CAGR from 2014 to 2020
The U.S. aerospace industry is increasing its demand for hydraulic fuel connectors. Owing to this rise in demand, the North America hydraulic fluid connectors market is expected to reach a value of US$4.74 billion in 2020. The market was worth US$2.84 billion in 2013 and is expected to grow at a CAGR of 7.6% from 2014 to 2020, according to a Transparency Market Research report titled “Hydraulic Fluid Connectors Market – North America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.
The report details the factors that promote growth of the North America hydraulic fluid connectors market, the greatest of which is the demand from the U.S. aerospace industry. Other factors include a growing demand for hydraulic connectors for building construction equipment in North America. Numerous projects are being initiated that are related to the oil and gas sector, the petroleum sector, and the railroad industry.
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Possible avenues of expansion for the North America hydraulic fluid connectors market include the use of biobased raw materials and the use of biobased hydraulics in hydraulic mechanisms.The report also discusses restraints on the North America hydraulic fluid connectors market, including the preference for pneumatic components and fluid connectors over hydraulic ones.The 2013 market was dominated by mobile hydraulic equipment. The segment held 67% of the market at the time. The same segment is also reported to display the fastest growth rate over the given forecast period owing to the growth of specific mobile industries in North America, which includes aerospace and agriculture.
The report also shows that hydraulic connectors are increasingly being used in harvesters and tractor combines. Due to the growing demand for food and textiles, the North America hydraulic fluid connectors market is set to experience growth as well.The aerospace industry segment within the North America hydraulic fluid connectors market held the lead position in terms of application segments. The growing number of civil aircraft for either business or leisure, both internationally and domestically, have created ample scope for growth of the North America hydraulic fluid connectors market.
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The report, however, attributes the market’s growth to demand from the agriculture segment. This segment, where fluid connectors are used in fittings and hoses for numerous hydraulic applications, is expected to grow at a CAGR of 7.9% during the report’s forecast period.The report’s listing of key players in the North America hydraulic fluid connectors market includes Manuli Hydraulics, Gates Corporation, ITT Corporation, Parker Hannifin Corporation, and Eaton Corportation. The market is also shown to be a consolidated one, with the top 5 companies accounting for over 70% of the market in 2013.
Key segments of the North America Hydraulic Fluid Connectors Market
North America Hydraulic Fluid Connectors Market: Product Segment Analysis
- Mobile hydraulic
- Industrial hydraulic
North America Hydraulic Fluid Connectors Market: Application Analysis
- Construction equipment
- Material handling
- Others (Marine, heavy truck, mining, etc.)