Hydraulic Fluid Connectors Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024
The North America hydraulic fluid
connectors market demonstrates a highly consolidated and competitive
landscape, finds a new study by Transparency Market Research (TMR). The
market is majorly led by Parker Hannifin Corp. and Eaton Corp. In 2015,
both the companies, together, held a share of nearly 63% in the overall
market.
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Innovations
and technical advancements in products is the key strategy adopted by
leading players in this market. However, a shift in their focus towards
mergers, acquisitions, and partnerships can be observed in the
forthcoming years, states the research report.
As
per the study, the market for hydraulic fluid connectors offered an
opportunity of US$535.9 mn in 2015. Rising at a CAGR of 7.10% over the
period of 2016 and 2024, the market is likely to reach a value of
US$987.6 mn by the end of the forecast period.
Presence of Strong Aviation Industry to Ensure Dominance of U.S.
The
report also presents a comprehensive analysis of the North America
hydraulic fluid connectors market on the basis of the product available
in this market and the market’s reach in terms of geography. Based on
the product, the report has classified the market into mobile hydraulics
and stationary hydraulics. Currently, the demand for mobile hydraulics
is much higher than stationary hydraulics and the scenario is projected
to remain so throughout the forecast period, thanks to the growing
demand for newer and larger aircraft and the subsequent expansion in the
ground support vehicle fleets.
In terms
of geography, the U.S. and Canada have been considered as the key
segments of this market in this research report. The U.S. dominated the
overall market in 2015 with more than 85%. Thanks to the presence of a
strong aviation industry, strengthening of economy, and the increasing
disposable income of consumers in this country are likely to propel the
U.S. hydraulic fluid connectors market in the years to come, retaining
its dominance.
Increasing Need for New Aircraft to Reflect Positively on Demand for Hydraulic Fluid Connectors
According
to an analyst at TMR, “the market for hydraulic fluid connectors in
North America has been witnessing impressive growth and is expected to
continue to rise steadily over the next few years.” The escalating need
for new aircraft, thanks to the significant progress in the region’s
civil aviation industry and the surging number of air travelers, boosted
by the rise in tourism and business activities, is the main factor
behind the growth of the North America hydraulic fluid connectors
market. Apart from this, the rising application of hydraulic fluid
connectors in military aviation, with the U.S. having the most powerful
air force in the world, is also expected to boost this market
substantially over the forecast period.
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North
America boasts of the presence of a number of leading aircraft
manufacturers, such as Boeing, Lockheed Martin, and Bell Aircraft Corp.,
which currently provide promising opportunities for growth to market
players. The increasing investments by these manufacturers for the
advancements in the offerings are likely to add significantly to the
growth of this market over the forthcoming years. However, the
implementation of strict government norms and regulations and the
enforcement of the standards set by the aviation industry may hamper the
progress of the hydraulic fluid connectors market in North America to
some extent in the near future, states the report.
The
study presented here is based on a report by Transparency Market
Research (TMR), titled “Hydraulic Fluid Connectors Market (Product -
Mobile Hydraulic and Stationary Hydraulic; Application - Aerospace) -
North America Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2016 - 2024.”
The North America hydraulic fluid connectors market for aerospace application has been divided into the following segments:
By Product
-Mobile Hydraulic
-Stationary Hydraulic
By Country
-U.S.
-Canada
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