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Hydraulic Hose Market is expected to reach at USD 15.71 billion by 2029 : Cognitive Market Research
Hydraulic Hose Market is expected to reach at USD 15.71 billion by 2029 : Cognitive Market Research
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Hydraulic hoses generally fall into two categories that comply with SAE standards and EN standard hydraulic hoses. A hydraulic hose is specifically designed to convey hydraulic fluid to or among hydraulic components, valves, and actuators. Hydraulic hose is used in a variety of industrial hydraulic applications. Dimensions, performance specifications, construction options, and features are important parameters to fit a hydraulic hose. Rising investment from different industry verticals in industrial machinery and equipment rental are some key factors that boost the growth of the hydraulic hose market over the forecast period. Hydraulic hoses are increasingly adopted on a wide range of types of machinery and need to be made to specific lengths. In addition, the rapid expansion of the agriculture industry is another factor contributing to the growth of this market. A hydraulic hose is a hose that is largely adopted in machines that are activated by hydraulic pressure and are required in various areas of industries including construction, agriculture, and mining. However, a lack of technical expertise in handling hydraulic hoses is expected to hamper the growth of this market. Furthermore, future innovations in hydraulic hose materials will offer great opportunities during the forecast period.
Regional Analysis of the Hydraulic Hose Market:
• North America accounted for relatively the largest share of the hydraulic hose market. The market demand is growing in the region due to the huge availability of advanced industrial equipment in industrial manufacturing and the growing construction industry. Currently, the United States is one of the largest construction industries in the world. In 2021, U.S. construction is valued at USD 1.67 trillion and as of 2019, there are nearly 153.84 million jobs in the U.S., and the construction industry made about 7.5 million out of those.
Top players involved in the Global Hydraulic Hose market:
- The global hydraulic hose market involves key players such as
• Parker Hannifin Corp
• Eaton Corporation
• Bridgestone Corporation
• Gates Corporation
• RYCO Hydraulics
• ContiTech AG
• Others
News:
• Bridgestone Announced Expansion of Production Capacity of Hydraulic Hoses
- In August 2022; Bridgestone improved the premium business strategy and solution in the hose business segment and strengthen profit gains in the diversified products business with the basis of strong core competence through the expansion. The production capacity expansions of hydraulic hoses are expected to result in an increase of nearly 29% of the current capacity globally.
Segment Analysis:
• Based On The Product, the market is segmented into reinforced, corrugated, coiled, and other. The reinforced segment is accounted for the largest revenue share in the global hydraulic hose market owing to hose reinforcement being increasingly used in determining the working pressure of the hose.
• Based On The Application, the market is segmented into agriculture, construction, material handling, and others. Agriculture is dominating the segment on account of the increasing demand for agricultural hydraulic hoses which are designed for agricultural equipment with solutions that can reduce corrosion or solve recurring failures.
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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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