The hydraulic filters market is expected to grow from US$ 3,270. 99 million in 2019 to US$ 5,933. 27 million by 2027; it is estimated to grow at a CAGR of 7. 8% from 2020 to 2027. The growing investment in the construction industry is propelling the demand for hydraulic filters.
New York, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydraulic Filter Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product and End User, and Geography" - https://www.reportlinker.com/p05988370/?utm_source=GNW
For example, China is expected to invest US$ 13.1 billion in Beijing International Airport’s development and construction, which is anticipated to handle about 45 million people annually from 2019 to 2025. Similarly, Vincom Landmark-81 Tall Tower, an 81-story 480 m super tower, is under construction in Vietnam’s Ho Chi Minh City. The hydraulic filters help in smooth functioning of construction machinery and work along with a vast range of valves, pumps, and actuators. Also, significant investments in infrastructural development are being made by governments around the world. With the increased infrastructural development, the demand for hydraulic equipment-such as cylinders, pumps and motors, power packs, valves, and filters-also increases, thereby contributing to the growth of the hydraulic filters market during the forecast period. Furthermore, many construction activities are planned in the coming years, which would provide new growth avenues during the forecast period. The 2022 FIFA World Cup in Qatar, for instance, would increase construction activities in the Middle East region. Qatar’s local organizations are constructing nine new stadiums, and three existing stadiums are being renovated for the event. It is expected that spending on such capital-intensive projects and infrastructure would continue to grow substantially in the next decade, thereby driving the growth of the hydraulic filters market .
Based on end user, the manufacturing segment led the hydraulic filters market in 2019.With the speedily expanding range of end-use applications of hydraulic filters, the global market is likely to grow at a healthy CAGR during the forecast period.
Leading players in manufacturing industries are introducing hydraulic filters to suit the specific requirements.Particle contamination can be ingested through the reservoir, created during the manufacture of system components, or produced internally from the hydraulic components themselves (especially pumps and motors).
Particle contamination is the main cause of hydraulic component failure.Hydraulic filters are widely used across manufacturing facilities to eliminate contaminants from process fluids to prevent damage to sensitive system components.
As the fluid flows through them, their porous filtration media captures particulates and impurities. The multipurpose requirement of hydraulic filters in the manufacturing sector is likely to drive the market growth over the forecast period. Use of hydraulic filters in manufacturing process offers stable removal efficiency of the filter media during flow & pressure fluctuations.
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 market s 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, thereby negatively impacting the hydraulic filters market . Adding to this, the prices of hydraulic filter raw-materials are fluctuating 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 overall hydraulic filters market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .
The process also serves the purpose of obtaining overview and forecast for the hydraulic filters market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the hydraulic filters market . Bosch Rexroth Corporation; Donaldson Company , Inc.; Eaton Corporation Plc; Filtration Group Industrial; HYDAC; MANN+HUMMEL Group; MP Filtri S.p.A.; Pall Corporation; Parker-Hannifin Corporation; and Yamashin Filter Corp. are among a few players operating in the hydraulic filters market .
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