Aftermarket to Account for 2/3rd Volume Share of Hydraulic Filter Market Through 2028
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The study finds that industrial filters accounted for approximately 69% volume share of the global hydraulic filter market in 2018. Leading manufacturers in the hydraulic filter market are launching tailor-made industrial filters with robust performance characteristics to sync with the varied requirements of industrial filtration applications.
An upsurge in demand for industrial hydraulics over mobile hydraulics is shaping new trends in the hydraulic filter market, according to the study. Manufacturers are diversifying their product portfolios with innovative designs of suction filters and return line filters, which are most suitable for various industrial applications. Leading companies, including Parker Hannifin Corp., Walter Stauffenberg GmbH & Co. KG, and Filtration Group Corporation, are gearing up to capitalize on increased demand for industrial filters in various end-use industries, especially in the aerospace and defense industry.
The study finds that leading market players are developing fluid condition sensors to monitor hydraulic filters efficiently when they are used in challenging industrial applications such as power generation, forestry, and marine applications.
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Asia Pacific (APAC) Remains the Most Promising Market for Hydraulic Filters
According to the Fact.MR study, APAC is, currently, the most lucrative region with nearly 38% volume share of the hydraulic filter market. Manufacturers are shifting their focus from developed regions, such as North America and Europe, where the hydraulic filter market is saturated, to emerging nations in the APAC region.
Emerging economies are attracting leading players in the market to invest heavily and capture profitable sales opportunities generated by rapidly growing end-use industries in the region. The construction industry and steel industry are among the fastest growing end-use industries in the APAC hydraulic filter market. Market players are expanding their production facilities in China and India to offer sales and technical support to their broadening customer base in the region, finds the study.
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Leading Players Expand their Aftermarket Businesses to Gain an Edge
Aftermarket accounts for more than two-third volume share of the hydraulic filter market and it will continue to generate more lucrative sales opportunities than OEMs, finds Fact.MR. Leading manufacturers of hydraulic filters, including Eaton Corporation plc and UFI Filters, have adopted business strategies to expand their aftermarket business divisions and capture more lucrative sales opportunities in the market. Companies are also focusing on expanding their networks of distributors to meet dynamic requirements of end-users from across the world and ultimately, gain a competitive edge in the hydraulic filter market.
Fact.MR estimates that aftermarket will continue to remain the most profitable distribution channel in the hydraulic filter market, and this is influence salient business strategies of leading market players, in the coming future. Growing investments in aftermarket e-commerce sales channels to improve sales and customer experience is emerging as a popular trend in the hydraulic filter market.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/19/2003442/0/en/Lead-Acid-Battery-Sales-Proliferate-in-Fast-Developing-Economies-AGM-Battery-to-Account-for-a-Third-of-Global-Demand-by-2029-Fact-MR.html
Leading players in the hydraulic filter market will continue to diversify their product portfolios for capitalizing on the distribution potential in the global aftermarket, opines the study.
The Fact.MR study offers exclusive insights on growth of the hydraulic filter market during the assessment period 2018-2028. The study estimates that the market will expand at a healthy CAGR of 3.8% during the forecast period.
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