Albany, NY -- (SBWIRE) -- 09/21/2017 -- 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.
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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.
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.
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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."