North America’s market size of hydraulic fluid connectors is expected to exceed US$ 8.057.7 million by 2028. The growing construction industry, together with the growing adoption of advanced agricultural equipment, are key factors for North America’s market growth in hydraulic fluid connectors. The North American Hydraulic Liquid Connectors Market Report further noted that the market size increased to US$4,385.7 million in 2019 and is likely to show a compound annual growth rate (CAGR) of 7.9% over the 2020-2028 forecast period.
The increasing construction industry
The growing construction industry in the North American region, together with the increasing adoption of advanced agricultural equipment, are key factors for the growth of the North American market for hydraulic fluid connectors. According to recent statistics by Associated General Contractors of America (AGC), the industry creates around US$ 1.3 trillion worth of structures each year. In addition, the construction industry is a major contributor to the US economy. The industry has more than 680,000 employers with more than 7 million employees.
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Market Drivers
The major factors which are driving the growth of the North America hydraulic fluid connectors market are the rising construction industry along the increased adoption of advanced industrial equipment. As per recent statistics, the North America region had the highest share in the global construction industry and the expenditures of the U.S. construction market has reached over US$ 1,293 billion in 2019.
Market Challenges
The North America hydraulic fluid connectors’ market challenges are the leakages associated with the hydraulic fluid connectors. Alchemy Research and Analytics observed that the leakages associated with the hydraulic fluid connectors is one of the key market restraint.
Segment Insights
Based on the application, the market for hydraulic fluid connectors in North America is categorised as agriculture, construction equipment, aerospace, material handling, and others. In 2019, the aerospace category accounted for the largest market share of North America’s hydraulic fluid connectors and accounted for more than 25% of the market share of revenues in the same year. This is attributed to a steady increase in the production of military and civilian aircraft for defence, business, travel and other purposes. In addition, the agricultural category is estimated to have seen significant growth in the coming years due to the growing demand for hydraulic fluid connectors in agricultural equipment.
Geographical Insights
The U.S. accounted for a major share in the North America hydraulic fluid connectors market and had over 80% of the market revenue share in the same year. The growing adoption of hydraulic fluid connectors in agriculture equipment along with the presence of key market players in the country are the major factors for country dominance. The U.S. is presumed to continue its dominance over the forecast period.
On the other hand, Canada is presumed to witness the fastest growth in the North America hydraulic fluid connectors market due to the rising construction industry in the country along with the growing demand for airport material handling equipment in Canada. Furthermore, the rising industrial activities in the country is another major factor for the growth of the Canada hydraulic fluid connectors market during the forecast period.
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Rising demand for airport material handling equipment
The rising demand for airport material handling equipment along with ground support equipment including mobile lifts, loaders, de-icing machines, and other movable machines are anticipated to enhance the regional growth in the years to come. Moreover, the increased use of bio-based fluids for fluid connectors is another factor anticipated to enhance North America hydraulic fluid connector’s market demand over the forecast period.
Alchemy Research and Analytics LLP has observed the impact of the ongoing COVID‐19 pandemic on the North American market for hydraulic fluid connectors for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for hydraulic fluid connectors in North America has decreased due to the declining construction industry in the region and the impact of COVID-19 on the construction industry in the U.S. To combat the outbreak of COVID-19, various countries, such as India, the U.K., the U.S., Germany, and others, have announced a complete lockdown, which has had a serious impact on the manufacturing industry. As per a recent survey conducted by the National Association of Manufacturers (NAM) from 28th February to 9th March 2020, on the manufacturing industry in the U.S., more than 53% of respondents said that they expect huge changes in the operations over the upcoming months and over 35% respondents agreed that COVID-19 severely impacted the supply chain. Hence, the demand for hydraulic fluid connectors has decreased during the COVID-19 period.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the digital impression, standalone scanners market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The North America hydraulic fluid connectors market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the North America hydraulic fluid connectors market. They are as follows:
- Cameron International Corporation
- Eaton Corporation PLC
- Gates Corporation
- Parker Hannifin Corporation
- Manuli Hydraulics
- Kurt Hydraulics
- RYCO Hydraulics Pty Ltd.
- ITI Corporation
- SPX Corporation
A Significant Industry Development-
- January 2020, Danfoss announced that it had entered into an agreement to purchase Eaton’s Hydraulics business at a cash purchase price of USD 3.3 billion. The acquisition is fully in line with Danfoss’ strategy to strengthen its core business and enhance customer value. Danfoss and Eaton Hydraulics are industry leaders and have many organisational similarities, including corporate culture and customer focus, R&D and quality. Both companies are global, with complementary geographic footprints, and combined business creates a broader global presence. Furthermore, the acquisition will enable Danfoss to enter the market for industrial hydraulics that Eaton Hydraulics serves.
Further Report Findings-
- Canada is presumed to witness the fastest growth in the North America hydraulic fluid connectors market due to the growing construction industry along with rising demand for airport handling equipment in the country.
- The U.S. accounted for the largest share in the North America hydraulic fluid connectors market in 2019 owing to the presence of key market players and the rising construction sector in the country.
- Based on product type, the North America hydraulic fluid connectors market is bifurcated into mobile hydraulic and industrial hydraulic. The mobile fluid connector’s category dominated the North America hydraulic fluid connectors market in 2019 and accounted for over 60% of the market revenue share in the same year. This is ascribed to the growing demand for mobile fluid connectors across numerous industries such as aerospace & defense, agriculture, and others.
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