April 20, 2024
North America Hydraulic Fluid Connectors Market

North America Hydraulic Fluid Connectors Market is Estimated to Witness High Growth Owing to Rising Demand from Construction Industry

Hydraulic fluid connectors are couplings used to connect hydraulic components such as pumps, cylinders, motors and valves in a hydraulic system. They play a vital role in smooth transmission of hydraulic fluid and maintaining system pressure. Rising demand from construction industry where hydraulic connectors are extensively used in earthmoving and material handling equipment is expected to drive the North America hydraulic fluid connectors market.

The North America Hydraulic Fluid Connectors Market Share is estimated to be valued at US$ 6.11 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the North America hydraulic fluid connectors are Mylan N.V., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd., Impax Laboratories, Inc., Kaleo, Inc., Adamis Pharmaceuticals Corporation, Bausch Health Companies, and ALK- Abello A/S. These key players are focusing on new product launches and expanding their geographic presence globally to strengthen their market position.

The key opportunities in the North America hydraulic fluid connectors market include rising off-highway vehicle production and expansion of mobile hydraulic industries. Demand for hydraulic fluid connectors is expected to surge in oil & gas industry infrastructure projects and mining activities.

The global expansion of North America hydraulic fluid connectors market is driven by growing construction sectors in Asia Pacific and Middle East region. Manufacturers are investing in developing economies to capitalize on opportunities arising from infrastructure development projects.

Market drivers

The major driver for the growth of North America hydraulic fluid connectors market is rising demand from construction industry. There is increasing investment in infrastructure projects such as roads, bridges, dams and buildings throughout North America region which requires extensive use of earthmoving and material handling equipment operating on hydraulic systems. This is positively impacting the demand for hydraulic fluid connectors.

PEST Analysis
Political: The connectors market in North America faces favorable legislations relating to environmental protection and industrial safety standards that promote the use of hydraulic fluid connectors.
Economic: Higher construction activity and industrial production are fueling the demand for hydraulic equipment and connectors in the region, especially across the US.
Social: Growing awareness about workplace safety issues and industrial hazards pushes companies to choose secure and durable connectors to prevent fluid leakage accidents.
Technological: Advances in material science and manufacturing techniques lead to innovated connector designs with tighter sealing, higher operating pressure tolerance, and resistance to corrosion and wear over long-term usage.

Geographical concentration of market value
Over half of the North American market value is concentrated in the United States. The country’s mature industrial sectors coupled with a strong construction industry provides sustained demand for hydraulic equipment and connectors.

Fastest growing region
Canada and Mexico are projected to witness comparatively faster growth rates than the US market through 2030. Rising foreign investments in manufacturing, oil & gas exploration projects, and infrastructure modernization efforts are fueling the demand for hydraulic components across these developing economies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it