Jan 09, 2019
Hydraulic Hose Market Analysis: Agriculture industry is projected to create significant growth opportunity
by Team Fact.MR
Fact.MR conveys vital insights on the hydraulic hose market in its report, entitled “Hydraulic Hose Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2027”. In terms of revenue share, the global hydraulic hose market is projected to increase at the CAGR of 5.2% over the forecast period (2018-2027), owing to abundant factors, about which FMR offers precise insights and forecast in our report.
The global market for hydraulic hose can be segmented as per different product type, material type, end-use industry type, pressure and by region.
Hydraulic hose is the replacement of the rigid pipes specially designed to transfer fluid to or among different hydraulic components such as actuators, valves, and tools. The industrial hydraulic system usually operates at high pressure, and therefore, the hydraulic hose is often reinforced with several construction layers and remains flexible while operating in high pressure. The parameters such as dimensions, manufacturing process, performance specifications, and other features are varied as per the end-use industry. The key dimensional parameter for hydraulic hose selection are internal and external diameter and minimum bend radius.
The growth of the agriculture industry, which is upgrading from traditional agriculture methods to mechanized agriculture in various countries, is likely to create a significant growth opportunity for the hydraulic hose market. The hydraulic hoses are widely used for various agriculture equipment such as irrigation equipment. The agriculture industry growth in countries such as the US, China, India, and Australia with a significant pace is likely to drive the growth of the hydraulic hose market in the forecast period. The requirement of hydraulic hose for high-pressure hydraulic oil lines in agriculture, machine tool, and construction industry is likely to contribute to the growth of the market.
In the mining industry, the hydraulic hose is used in different equipment such as dozers, hydraulic shovel, scrappers, drill rigs, haul trucks, and hydraulic shovels among others. The hydraulic hose provides the required working pressure to different machines. The hydraulic hose is used for both surface mining and underground mining processes. The growing mining industry is anticipated to contribute to the significant growth of the hydraulic hose market.
The main application of the hydraulic hose is to surge pressure as required according to the work conditions. The hydraulic hose is used by hydraulic machines to create low-speed torque and maintain speed and movement of the machines. Hydraulic hoses are used for different purposes including reducing the effects of vibration or providing the movement gap between two port locations. Moreover, the hydraulic hose can also be used for ease of installation or availability of hose manufacturing equipment.
In the report, FMR suggests that increasing use and demand for the hydraulic machine in different industries such as construction, mining, transportation, and others subsequently boost the demand for the hydraulic hose in the global market. Moreover, the pressure variation requirement in heavy industrial machinery used in oil industry for transfer of the fluid also enhance the demand for hydraulic hose. The aforementioned factors are anticipated to drive the growth of the global hydraulic hose market during the forecast period.
The growing construction industry equipment also inclines for the use of hydraulic hose in machines such as bulldozers, backhoes, wheel loader, and excavators among others. The demand for the hydraulic hose is estimated to grow at a substantial rate from the construction industry owing to the requirement of high operating pressure and maximum abrasion resistance to the equipment. Moreover, the demand driven from the other end-use industries such as transportation industry is likely to boost the market growth in the forecast period.
Among the different end-use application industry of the hydraulic hose market agriculture industry end use application have quite more share than the construction and mining end use application which is probably growing with modest growth rate during the forecast period, however transportation industry shows considerable growth rate over the forecast period in hydraulic hose market by the end of 2027.
The Asia Pacific region dominates the hydraulic hose market throughout the forecast period. The global market of hydraulic hose is growing due to the subsequent growth in regional demand from North America and the APEJ market. The increase in the local order and presence of key manufacturers is expected to contribute to the growth of the global market.
In APEJ region, the increase in the demand for mechanization in different industries which has promoted the use of various equipment including hydraulic machines, this is expected to lead the market growth with a significant growth rate over the forecast period.
The hydraulic hose market in Europe is expected to show growth opportunities due to the rising demand supported by growing mining and transportation industry.
The manufacturers operating in the global hydraulic hose market include Bridgestone Corporation, Parker Hannifin Corporation, Alfagomma Spa, Eaton Corporation, Gates Corporation, Ryco Hydraulics, Manuli Hydraulics, Hansa-Flex Ag and others located across the globe. The prominent market players in hydraulic hose market are concentrating on the extension of their production abilities and vertical integration for business development. Moreover, the players are investing to expand the distribution network and empower the business relationship. The marketing strategy by manufacturers is expected to contribute for the growth of hydraulic hose market in the forecast period, 2018-2027.