North America hydraulic equipment market is estimated to grow at a CAGR of 4.6% during the forecast period. Growth in the aerospace and defense industry is supporting to drive market growth. As per the Aerospace Industries Association (AIA), in 2018, aerospace and defense exports amounted to $151 billion, a rise of5.81% over 2017. Civil aerospace representedthe majority of exportswith $131.5 billion, while the rest $19.5 billion can be supported by defenseproducts. A continued rise in theadoption of new commercial aircraft, both in the US and globally, continues to be a major factor behind the growth of the industry.
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The presence of key aircraft manufacturers such as Boeing Inc. and Lockheed Martin Corp. is one of the major factors leveraging the demand for hydraulic equipment.In the aerospace and defense sector, certain places where hydraulics plays a crucial role in modern aircraft include thrust reversers, primary flight controls, flap/slat drives, emergency hydraulic-driven electrical generators, rudders, landing gear, cargo doors, nose wheel steering, and spoilers.Hydraulic systems provide severalbenefits as power sources for operating several aircraft units. It incorporates thebenefits ofease of inspection, lightweight, ease of installation, and fewer maintenance requirements.
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Scope of the North America Hydraulic Equipment Market
Market Coverage
· Market number available for 2019-2026
· Base year- 2019
· Forecast period- 2020-2026
· Segment Covered- By Type, Product, and End-User Industry
· Countries Covered- US and Canada
· Competitive Landscape- Daikin Industries, Ltd., Bosch Rexroth AG, Danfoss A/S, Emerson Electric Co., and Parker-Hannifin Corp.
Recent Strategic Initiatives in the North America Hydraulic Equipment Market
· In January 2020, Danfoss signed an agreement to acquire Eaton’s Hydraulics business for $3.3 billion. This acquisition is completely in line with the strategy of Danfoss toreinforce its core businesses and increase customer value.The combined business will be beneficial forboth distributors and customers by providing industry-leading technology and a much comprehensive portfolio of hydraulic solutions.
· In December 2019, Eaton Corp. launched four new hydraulics products for the Indian market, which includes Steering unit 5SQ,Eaton Spiral hose EC640, X70 closed-circuit piston, and plug-in motor, and Cast Iron piston motor 743XX. These new products are designed to offer end-users and customers reliable, robust, and efficient management of power for applications that require higher pressure and operate under arduous conditions.
North America Hydraulic Equipment Market-Segmentation
By Type
· Mobile Hydraulics
· Industrial Hydraulics
By Product
· Motors and Pumps
· Valves
· Cylinders
· Others
By End-User Industry
· Construction and Mining
· Agriculture
· Oil and Gas
· Automotive
· Aerospace and Defense
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
