Hydraulic fluid connectors refer to the fluid conveyance equipment that is used to transfer liquids for power transmission in various hydraulic applications from one location to another. The most common methods of power transmission are electrical, mechanical, and fluid power. Various fluid connectors such as couplings, manifolds, hoses, and their respective fittings and assemblies are extensively used to transfer fluids in a number of hydraulic applications across various sectors, such as agriculture, aerospace, material handling, construction, mining, food and beverage, and oil and gas. The North America hydraulic fluid connectors market is expected to be driven by the demand for mobile hydraulic fluid connectors used in non-stationary applications.
Some of the key players in the North America hydraulic fluid connectors market are Eaton Corporation plc, Parker Hannifin Corporation, Gates Corporation, Manuli Hydraulics, ITT Corporation, Cameron International Corporation, Kurt Hydraulics, RYCO Hydraulics Pty. Ltd., and SPX Corporation. In 2013, the top five players accounted for over 70% of the market.
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Growing Demand for Bio-Based Hydraulic Fluids to Boost Growth of North America Hydraulic Fluid Connectors Market
Increase in consumption of hydraulic fluid connectors across the U.S. aerospace industry has emerged as one of the primary factors driving the growth of the North America hydraulic fluid connectors market. Rapid growth of the construction equipment industry in the region, owing to a number of upcoming projects associated with petroleum and oil and gas, has also fuelled the demand for hydraulic fluid connectors. However, a rise in the implementation of fluid connectors and pneumatic components over hydraulics will hamper the regional market. The overall market has a huge opportunity to profit from the growing demand for bio-based hydraulic fluids.
Agriculture Segment to Dominate North America Hydraulic Fluid Connectors Market
On the basis of product type, the global hydraulic fluid connectors market has been categorized into industrial hydraulic fluid connectors and mobile hydraulic fluid connectors. The demand for mobile hydraulic fluid connectors was the highest in 2013 and the segment accounted for 67% of the market. In the coming years, this segment is expected to witness the fastest growth, owing to the rise in the number of certain mobile hydraulic industries, such as agriculture and aerospace.
In terms of application, the North America hydraulic fluid connectors market has been segmented into agriculture, aerospace, material handling, construction equipment, and others, including heavy truck, marine, and mining. The aerospace segment dominated the overall market in 2013. The growing demand for business and leisure travel domestically as well as internationally has led to the increased production of civil aircrafts. This, in turn, has augmented the demand for hydraulic fluid connectors across the aerospace sector. Between the period 2014 and 2020, the agriculture segment is anticipated to expand at a CAGR of 7.9%, thereby driving the growth of the market.
With rising number of agricultural activities owing to the growing demand for food and textiles, the demand for hydraulic fluid connectors such as fittings and hoses for various agricultural equipment including harvesters, tractors, and combines is expected to rise significantly.