DUBLIN--(BUSINESS WIRE)--The "Global Hydraulic Hoses Market" report has been added to ResearchAndMarkets.com's offering.
Global Hydraulic Hose Market was valued at USD 1.94 Billion in 2020 and which is expected to reach USD 2.85 Billion by 2027, at a CAGR of 4.5%.
Hydraulic hoses are mainly designed to carry hydraulic fluid to or among valves, hydraulic components, actuators, and tools. This is formed from the thermoplastic material or rubber. Hydraulic Hose carries fluid which imparts force within the hydraulic machinery. These are fitted with the proper connections and used to transmit fluid / fluid power within a hydraulic system maintaining the high-pressure conditions. These are employed in various sectors like industrial sector, agricultural sector, construction sector, and others.
Market Drivers
The increase in demand from various end use industries like mining, & construction is expected to fuel the global hydraulic hoses market growth over the forecast time period. The rise in demand for hydraulic hose in heavy duty construction equipments, trucks, etc., which requires greater flexibility, high power, and stronger bends is expected to further drive the global hydraulic hoses market growth. Major factor driving growth of the hydraulic hose market is the increase in use of use of hydraulic hose in agriculture sector, for machinery like harvester, tractors, transport vehicles, and other machineries.
Ongoing technological advancements as well as the increase in research and development activities by manufacturers and the penetration of the major manufacturers of hydraulic hose in developing economies are expected to boost the global hydraulic hoses market growth during this forecast period.
Market Restraints
Stringent environmental rules and regulations on manufacturing of hydraulic hose is a major restraint which expected to hamper the global hydraulic hose market growth during this forecast timeline.
Market Segmentation
The Global Hydraulic Hoses Market is segmented into product, application, and region. Based on the product market is segmented into Corrugated, Reinforced, Coiled, and Others, by application market is segmented into Construction, Agriculture, Material Handling, and Others.
Regional Analysis
The North America emerged as the largest market Hydraulic Hoses Market owing to the increase in construction activities in cities such as Denver, Sacramento, Portland, and Atlanta etc. For instance, as per the Portland State Real Estate Quarterly, around 5,000 new residential units have been built since 2010, & around 3,000 residential units in 18 projects are under construction.
The market is Europe accounted for significant revenue share due to the increase in demand for hydraulic hose is anticipated to increase in this region.
The Asia Pacific market accounts for highest revenue share in the hydraulic hose market. The Asia Pacific hydraulic hose market is expected to hold highest CAGR of over 5% over the forecast period. Due to rapid development & increasing investment in the construction sector are key factors driving growth of the Asia Pacific hydraulic hose market.
Market Key players
- Eaton Corporation
- Parker Hannifin Corp
- ContiTech AG
- RYCO Hydraulics
- Gates Corporation
- Bridgestone Corporation
Market Taxonomy
By Product
- Corrugated
- Reinforced
- Coiled
- Others
By Application
- Construction
- Agriculture
- Material Handling
- Others
For more information about this report visit https://www.researchandmarkets.com/r/vqf4z6
