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Hydraulic fittings are used to connect and fix hoses, tubes and pipes in the hydraulic systems, to transmit the energy generated by the hydraulic fluid, and maintain the high-pressure cpnditions.These fittings are used in heavy construction, material handling, defense and agriculture machines, as they offer strength, versatility and reliability to operate these equipment safely and effectely in their respective sectors. Manufacturing hydraulic fittings adheres to strict standards that offers fitting construction, its dimensions and pressure rate, as per the industries standard. Increasing the deployment of technologically integared machineries aross several sectors is expected to fuel the demand of hydraulic fittings over the forecast period.
Demand for green infrastructure is rising day-by-day, as these buildings are specifically designed to consume minimal energy, hence has a positive impact on the market. Key market players are opting for strategic alliance with reowned brands or regional brands to enhance their product portfolio and enhance their customer base. For instance, in January 2020 Danfoss signed an agreement to acquire Eaton’s hydraulic business at a cash purchasing price of USD 3.3 billion, to strengthen its core businesses and enhance the customer value. Rising deployment of solar and wind projects worldwide are anticipated to drive the demand for hydraulic fittings integrated machineries globally. High metal prices with anti-corossive and high-tensile properties are expected to hinder the market growth.
Key Market Driver -
• Rising global strategic alliances of prominent market players and regional players • Emergence of green building construction • Growth in Energy & Power projects
Key Market Restraint -
• Increasing metals economic value
Key market players are robustly investing in the research and development activities to identify the best possible strategic step that can improvise the entire businesses processes by benefiting the organization to maintain a stable market position and cater huge customer base globally.
Some of the key competitors in the hydraulic fittings market include Eaton, Parker Hannifin, Ouya Hose, Gates Corporation, Manuli Hydraulics, JingBo, The Yokohama Rubber, Bridgestone, Semperit, Hansa-Flex, Luohe YiBo, Sumitomo Riko, Jintong, Alfagomma, Continental, Ryco, Kurt, Gagong, YuTong, and Yuelongand Hengyu, Swagelok, and others.
The rapid development in the agricultural sector across developing countries such as China, and India is uplifting the hydraulic fittings market through out the region. Moreover, owing to immense growth in population, urbanization, and improved economic conditions the demand for construction equipment for gratifying the infrastructural projects is rising. As per the study, the major global market players are headquartered in United States, owing to the base camp of largest military and defense industry in the world, thus drives the hydraulic fittings market across North America. According to the National Renewable Energy Laboratory (NREL), approximatey 70% - 80% of total U.S. agricultural equipment demand is supplied from regional manufacturers. Europe is expected to witness moderate market growth, due to moderate ongoing infrastructure projects and minimal tilt towards the adoption of advance agriculture equipment. Europe imports large amount of agricultural equipment from the U.S. as it accounts for low tariff prices, thus expected to propel the demand of hydraulic fittings in Europe. In Middle East & Africa, rapid growth in adoption of energy saving process for the heavy construction, agriculture and defense machineries, is projected to drive the deamnd for hydraulic fitting systems. Brazil is one the emerging country in agricultural sector with rising need for advance agricultural equipment in Latin America. Argentina and Brazil has the highest tariffs combined with other additional import taxes, hence has stable hydraulic fittings market growth
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