North America has witnessed a rise in the civil aviation industry during the past few years. There is an increase in the count of passengers for domestic as well as international aviation with spectacular growth in the business and tourism industry over the past few decades. It creates a requirement for the manufacturing of new aircrafts. All these factors cumulatively influence the hydraulic fluid connectors market.
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The U.S. own an established air force on the global platform, and it results in the increased utilization of hydraulic fluid connectors in that region. In 2015, the hydraulic fluid connectors market was US$ 535.9 Mn. As per a research report on hydraulic fluid connectors market by experts, the compound annual growth rate (CAGR) is expected to rise by 7.10% from 2016 to 2024. By 2024 the estimated value of the hydraulic fluid market is expected to rise by US$ 535.9 Mn.
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Hydraulic Fluid Connectors Market: Application Areas and Key Players
North America and Asia Pacific have a stronghold in the hydraulic fluid connector market over other regions. According to the market insight on hydraulic fluid connectors market the key end-use industries the key end-use industries are in the U.S., China, Russia, the Gulf countries, and India, with a growing expenditure in the oil and gas market. Some other vital applications of hydraulic connectors include transcontinental pipeline projects and transportation of gas and oil through pipelines among countries. Asia Pacific is expecting tremendous growth in the hydraulic fluid connector market in the forecast period from 2016 to 2024.
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Market for Mobile Hydraulic Connectors Replete with New Opportunities
The market survey on mobile hydraulic fluid connectors provides an in-depth analysis of its types, major products, and market demand. In the North America market, the customers have two types of products – stationary hydraulics and mobile hydraulics. Of the two, mobile hydraulics are have gathered traction among customers and consumers. The rising demand for bigger and advanced aircrafts and ground support vehicles will continue to fuel growth in the hydraulic fluid connectors market.
The mobile hydraulic section comprises all the movable devices, equipment, and crafts such as container carriers, aircraft, tugs, and luggage handling vehicles. Apart from this, the airport handling equipment and ground support equipment like de-icing, fueling vehicles, loaders, mobile lifts, and other mobile machines are also part of mobile hydraulics. Market analysis of hydraulic fluid connectors studies in detail about its application in the aviation industry.
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The leading aircrafts manufacturing companies from North America, such as Bell Aircraft Corp., Boeing, and Lockheed Martin, are witnessing lucrative growth opportunities for the market players there. Nonetheless, the government has enforced stringent procedures and multiple standards have been framed by the aviation industry. This hampers the demand for such connectors in the aerospace industry from North America.
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