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  • Published In : Jul 2023
  • Code : CMI4244
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Advanced Materials

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

Robust growth in the construction equipment industry

  • 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.

Growing adoption of the advanced agricultural equipment

  • The growing adoption of advanced agricultural equipment The market for hydraulic fluid connectors in North America is expected to expand once more thanks to automated equipment and favorable government policies. Also, strong development in the other assembling ventures in the district is further driving the market development.

Market Restraints

  • Leakages associated with the hydraulic fluid connectors
    • 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 to contamination due to leakage, hence inhibiting market growth.
  • Corrosive nature of the hydraulic fluids system
    • The corrosive nature of the hydraulic fluids system is expected to curb market growth. Moreover, this system requires periodic maintenance and checks to avoid leaks from the system which is further expected to hinder the market growth.

Market Opportunities

Eco-friendly fluids 

  • 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 its eco-friendly nature. These fluids are non-toxic in nature and are available as mineral and vegetable-based. Mineral-based fluids are 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.

Demand in all equipment

  • 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 is 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.

North America Hydraulic Fluid Connectors Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 5.3 Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 8.6% 2030 Value Projection: US$ 10.22  Bn
Geographies covered:
  • North America: U.S. and Canada
Segments covered:
  • By Application: Aerospace, Agriculture, Construction Equipment, Material Handling, Others
  • By Product Type: Mobile Hydraulic, Industrial Hydraulic     
Companies covered:

Major players operating in the North America Hydraulic Fluid Connectors market include Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation

Growth Drivers:
  • Robust growth in the construction equipment industry in North America is augmenting the market growth of the market.
  • The growing adoption of advanced agricultural equipment is expected to foster the market growth of hydraulic fluid connectors.
Restraints & Challenges:
  • Leakages associated with hydraulic fluid connectors restrain the market growth.
  • The corrosive nature of the hydraulic fluids system is expected to curb market growth.

Market Trends

Advanced component for the hydraulic fluid

  • 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 market growth over the forecast period.
  • Mergers and acquisitions 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 US$ 3.3 billion (approximately 3.0 billion EUR). The acquisition is fully in line with Danfoss’ strategy to strengthen the mobile and industrial hydraulics market.

Market Segment

  • North America Hydraulic Fluid Connectors Market by Product Type in 2022 - The mobile hydraulic segment dominated the North America Hydraulic Fluid Connectors Market in 2022 accounting for 67.5% of the share. Industrial hydraulics respectively.

Figure 1: North America Hydraulic Fluid Connectors Market by Product Type in 2022

NORTH AMERICA HYDRAULIC FLUID CONNECTORS MARKET

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  • North America Hydraulic Fluid Connectors Market by Region in 2022 - Regionally, U.S. dominated the North America Hydraulic Fluid Connectors Market in 2022, reporting a market share of 61%, followed by Canada, Mexico, etc. 

Figure 2: North America Hydraulic Fluid Connectors Market by region  in 2022

NORTH AMERICA HYDRAULIC FLUID CONNECTORS MARKET

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  • North America Hydraulic Fluid Connectors Market by Application in 2022 - On the basis of application, the North America hydraulic fluid connectors market is dominated by others segment accounting for 32.4% of the market share followed by the aerospace and agriculture segment.

Figure 3: North America Hydraulic Fluid Connectors Market by Application  in 2022

NORTH AMERICA HYDRAULIC FLUID CONNECTORS MARKET

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Key developments

  • In January 2020, Danfoss, an energy-efficient solutions for industry, announced that it had entered into a contract to acquire Eaton’s Hydraulics business for a cash purchase price of US$ 3.3 billion (approximately 3.0 billion EUR). The acquisition is fully in line with Danfoss’ strategy to strengthen the mobile and industrial hydraulics market.
  • In 2021, U.S.-based Warren Controls, a provider of control valves and specialist fluid handling systems, introduced the ILEA 2900E line of electronically operated industrial globe-control valves. The series includes a high-quality, modulating, linear industrial electric valve actuator as well as a tough cast-iron body with a variety of trim materials. The 2900E series is ideal for applications where value and extended life are critical goals, such as wastewater.
  • According to Energy Information Administration, Natural gas consumption in the U.S. is predicted to average 82.5 billion cubic feet per day (Bcf/d) in 2021 and 83.8 Bcf/d in 2022. The market caters to potential expansion as demand rises. Hydraulic systems in oil and gas use fluid pressure to power a pump. This is accomplished by pumping fluids downhole with a triplex pump designed for extremely high pressure, often between 2,000 and 5,000 psi. Hydraulic lifts, on average, have higher production volumes than mechanical lift pumps.
  • In May 2021, Hitachi Construction Machinery introduced an in North America, the ZX50U excavator employs the Hitachi triple H hydraulic system, which permits combined operations by regulating the optimal flow rate for all actuators. In addition, Volvo North America introduced two electric construction machines in August 2022 to expand its electric construction line in North America. The machine operates by combining electric motors with hydraulic pumps. Such advancements are accelerating the usage of hydraulic equipment in the region.
  • 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

*Definition: 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 another in hydraulic areas for the transmission of power.

Frequently Asked Questions

The market for North America Hydraulic Fluid Connectors is forecast to surpass US$ 10.22 Billion by 2030 witnessing a CAGR of 8.6 % between 2023 and 2030.

Robust growth in the construction equipment industry in North America is augmenting the market growth of hydraulic fluid connectors.

Increasing research and development by manufacturers to develop a more advanced component for the hydraulic fluid system

The corrosive nature of the hydraulic fluids system is expected to curb market growth.

Major players operating in the market include Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation.

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