The North America hydraulic fluid connectors market size is expected to reach over US$ 8,057.7 million by 2028. The increasing construction industry along with the growing adoption of advanced agricultural equipment’s are the key factors for North America hydraulic fluid connectors’ market growth. The North America hydraulic fluid connectors market report further mentioned that the market size raised at US$ 4,385.7 million in 2019, and it is likely to exhibit a Compound annual growth rate (CAGR) of 7.9% during the forecast period 2020 to 2028.

The increasing construction industry

The increasing construction industry in North America region along with rising adoption of advanced agricultural equipment are the key factors for the growth of the North America hydraulic fluid connectors market. As per recent statistics by Associated General Contractors of America (AGC), the industry creates around US$ 1.3 trillion worth of structures each year. Furthermore, the construction industry is a major contributor to the U.S. economy. The industry has more than 680,000 employers with over 7 million employees.

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 America hydraulic fluid connectors market for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for North America hydraulic fluid connectors has decreased due to the decreased construction industry in the region and COVID-19 impact on the construction industry in the U.S. To fight against the COVID-19 outbreak various countries such as India, the U.K., the U.S., Germany, and others had announced complete lockdown due to which the manufacturing industry is severely impacted. 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 acquire Eaton’s Hydraulics business for a cash purchase price of 3.3 billion USD. The acquisition is fully in line with Danfoss’ strategy to strengthen its core businesses and enhance customer value. The Danfoss and Eaton Hydraulics businesses are leaders in the industry and have many organizational similarities, including company culture and a focus on customers, R&D, and quality. Both businesses are global with complementary geographic footprints and the combined business creates a broader presence across the world. Furthermore, the acquisition will enable Danfoss to enter the industrial hydraulics market that is served by Eaton Hydraulics.

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.