The global hydraulic hose and fittings market at a CAGR of almost 5% during the forecast period

NEW YORK, Nov. 25, 2019 /PRNewswire/ --

Global Hydraulic Hose and Fittings Market: About this market

This hydraulic hose and fittings market analysis considers sales from construction machinery, agricultural machinery, material handling machinery, and other end-users. Our study also finds the sales of hydraulic hose and fittings in APAC, Europe, MEA, North America, and South America. In 2019, the construction machinery segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the growing demand for construction machinery, the need for hydraulic equipment will play a significant role in the construction machinery segment to maintain its market position. Also, our global hydraulic hose and fittings market report looks at factors such as mechanization of agriculture and growth in agriculture machinery market, increase in replacement activities, and integration with common communication protocols. However, fluctuation in raw material prices, competition from local vendors, and increasing preference for fully electrical systems may hamper the growth of the hydraulic hose and fittings industry over the forecast period.

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Global Hydraulic Hose and Fittings Market: Overview
Mechanization of agriculture and growth in the agriculture machinery market
Factors such as growing global demand for food and reducing arable land and skilled labor have increased the use of agricultural machinery. In addition, technological innovations, rising mechanization of farming operations, and improved per capita income of farmers in developed countries have further increased the adoption of agricultural machinery. The rise in the mechanization of agriculture and the consequent growth in the agriculture machinery market will lead to the expansion of the global hydraulic hose and fittings market at a CAGR of almost 5% during the forecast period.
Growth in unconventional E&P projects
With a gradual rise in the number of drilling projects, the need for directional drilling services is likely to increase due to their various applications. The increase in oil and gas demand worldwide has also led to an increased interest in the development of unconventional resources such as tight oil and shale gas. Unconventional resources such as gas hydrates are found in the seabed, deep lakes, and in permafrost regions. Oil and gas from unconventional sources require advanced good completion and stimulation methods, including hydraulic fracturing, acidizing, and other advanced techniques. As hydraulic fracturing is a major activity involved in shale gas extraction, increasing E&P projects are expected to create immense growth opportunities for hydraulic hose and fittings vendors during the forecast period.

Competitive Landscape
With the presence of several major players, the global hydraulic hose and fittings market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hydraulic hose and fittings manufacturers, that include Bridgestone Corp., Continental AG, Eaton Corp. Plc, Gates Corp., Komatsu Ltd., Manuli Hydraulics UK Ltd., Parker-Hannifin Corp., Sumitomo Electric Industries Ltd., The Yokohama Rubber Co. Ltd., and Wipro Enterprises (P) Ltd.
Also, the hydraulic hose and fittings market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

Read the full report: https://www.reportlinker.com/p05828703/?utm_source=PRN

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