The emergence of new market players from the Asia Pacific region (particularly China) is a new challenge for established leaders in the market. The idea of digital machinery has transformed manufacturers from 'hardware-only' providers into 'providers of' hardware, software, and services, which, in turn, has led to the development of new business models. These new models are used by hydraulic filter manufacturers to generate a steady stream of revenues and build a loyal client base. Digitization has paved the way for manufacturers of hydraulic filters to introduce new business models based on equipment utilization or performance. Also, integrating digital electronics with hydraulic systems provides one of the best solutions in modern control architectures in terms of high power density and hydraulic system flexibility.
Moreover, with just a few modifications, such electro-hydraulic components can be easily integrated with conventional systems. Similarly, hydraulic hose failure or connector leakage of hydraulic systems can be predicted using IoT (internet of things) technology. Thus, growing digitization is one of the major factors driving the growth of hydraulic filters market.
Get sample PDF Copy: https://www.theinsightpartners.com/sample/TIPRE00014735/
In 2019, North America led the global hydraulic filter market with 36.81% revenue share, followed by Europe and North America. North America comprises developed economies, including the US and Canada, and developing economies, such as Mexico. This region's significant share is mainly due to high customer awareness and greater acceptance of innovative technologies. Hydraulic filter is increasingly used in high-risk environments, including mining operations, oil & gas recovery, and construction sites. Increased consolidation of farms, increased government support through subsidies, a positive economic outlook, and a large production base are driving sales of high capacity hydraulic filter equipment. Hydraulic filter manufacturers are at the forefront of the agricultural sector's change and evolution, which gives rise to the modern-day integrated farm management approach. Farmers are increasingly adopting advanced technologies—such as GPS-controlled agricultural machinery—and precision farming systems form the backbone of these technologies in most North American markets. Growing adoption of precision farming is one of the critical factors influencing the market's growth over the forecast period. Companies are continuously developing their overall business processes to meet consumers' demands for high-quality goods.
Moreover, the US aerospace, automotive, and defense sectors have been the major driving factors for metal-forming hydraulic filters. The requirement for manufactured metal products is high in these industries. As Industry 4.0 has gained momentum throughout the manufacturing sector, it is also affecting the hydraulic filters' market to become part of the smart systems. Industry 4.0 can improve the use of hydraulic filter in fabrication operations by cutting down on idle time. The trade deal between the US and China, which could significantly increase Chinese imports of US agricultural products, may boost agricultural equipment investment. The market players are focusing on both organic and inorganic growth strategies to sustain the competitive environment. For instance, in January 2019, Eaton Corporation plc—a multinational power management company—announced that the Aftermarket division of its Vehicle Group had entered an agreement with Bezares SA for improving its presence in the North American region. The agreement would also enable the company to offer a comprehensive mobile power hydraulic portfolio, including hydraulic filters, to cater to the North American customers' dynamic needs.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The hydraulic filter market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, Pall Corporation formed a joint venture named Pall Arabia with Tanajib, a leading petroleum services company in GCC. Under the JV, Pall Arabia would market and distribute Pall corporation’s products in GCC.
Impact of COVID-19 on Hydraulic Filter market
Coronavirus or COVID-19 outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. The coronavirus outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics & semiconductor industry is one of the primary sectors suffering severe disruptions, such as supply chain breaks, technology event cancellations, and office shutdowns. China is the global hub of manufacturing and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of different plants and factories in China affects the global supply chains and negatively impacts the manufacturing of various electronic goods. The international travel bans imposed by countries in Europe, Asia, and North America affect business collaborations and partnerships opportunities. All these factors are anticipated to affect the electronic & semiconductor industry negatively and thus act as a restraining factor for the growth of various markets related to this industry in the coming months, such as the hydraulic filters market. Due to COVID-19 pandemic, the manufacturing plants, construction industry, automotive industry, and several other businesses are functioning slowly, negatively impacting the hydraulic filters market. Adding to this, the prices of hydraulic filter raw-materials fluctuate at a high pace due to lockdown and travel restrictions. This is also anticipated to negatively impact the growth of the hydraulic filters market during the forecast period.
The report segments the global hydraulic filter market as follows:By Product
- Suction Filter
- Pressure Filter
- Return Line Filter
- Off-Line Filter
- Breather Filter
- Chemical and Petrochemical
- Power Generation
- Metal and Mining
The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.