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Fluid Transfer System Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Fluid Transfer System Market Share
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According to The Business Research Company's, The fluid transfer system market size has grown strongly in recent years. It will grow from $19.71 billion in 2023 to $21.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to industrialization, infrastructure development, oil & gas exploration, manufacturing expansion, automotive sector growth.
The fluid transfer system market size is expected to see strong growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to energy efficiency focus, resilience and adaptability, safety and reliability standards, urbanization and construction, industrial automation. Major trends in the forecast period include customization and tailored solutions, energy efficiency, adaptability and flexibility, digital transformation, safety and compliance standards.
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Market Drivers and Trends:
The globalization of trade is expected to propel the growth of the fluid transfer system going forward. Globalization of trade refers to the interconnectedness and integration of economies worldwide through the exchange of goods, services, information, and capital across national borders. Fluid transfer systems facilitate the globalization of trade by enabling efficient movement of liquids and gases, crucial for industries like energy, manufacturing, and agriculture, promoting seamless international supply chains. For instance, in February 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, in 2021, the global trade's total value achieved a historic milestone, amounting to $28.5 trillion, marking a substantial growth of 25% from 2020 and a noteworthy 13% surge compared to the pre-COVID-19 levels of 2019. Therefore, the globalization of trade is driving the growth of the fluid transfer system.
Strategic partnerships are a key trend gaining popularity in the fluid transfer system market. Major companies operating in the fluid transfer system are partnering with other companies to strengthen their position in the market. For instance, in August 2022, Contitech, a Germany-based machine industry company operating in the fluid transfer system market, partnered with Industrie Saleri Italo S.p.A. (Saleri), an Italy-based automotive company. This partnership enables the creation of high-performance coolant fluid management devices for the battery electric vehicle market (EV). Further, in December 2021, TI Fluid Systems, a US-based manufacturer of automotive fluid transfer systems, partnered with Mercedes-Benz, a Germany-based luxury vehicle manufacturer. This partnership enables TI Fluid Systems to manufacture and supply fluid transfer components to Benz.
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Major Key Players of the Market:
Cooper-Standard Automotive Inc., Aakarshakti Car Decor Ltd., TI Fluid Systems Plc, Gates Industrial Corporation plc, Lander Automotive Ltd., Tristone Flowtech Group SAS, AGS Automotive Solutions, Kongsberg Automotive Holdings AS, Continental Aktiengesellschaft, Castello Italia S.p.A., Hutchinson S.A., Graco Inc., Sanoh Industrial Co. Ltd., Yamada America Inc., Kros Otomotiv Sanayi ve Ticaret A.S., Balcrank Corporation, MGI Coutier, Parker-Hannifin Corporation, Coutier Junior Company, Pirtek Fluid Systems Pty. Ltd., Eaton Corporation, Compagnie de Saint-Gobain S.A., Smiths Group plc, W. L. Gore & Associates Inc., Festo AG & Co. KG, Swagelok Company, Christian Bürkert GmbH & Co. KG, Antylia Scientific, The Flowserve Corporation, ITT Inc.
Fluid Transfer System Market 2024 Key Insights:
• The fluid transfer system market size is expected to see strong growth in the next few years. It will grow to $29 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Automotive Industry Growth Fuels Fluid Transfer System Market Expansion
• Strategic Partnerships Drive Innovation In Fluid Transfer System Market
• Asia-Pacific was the largest region in the fluid transfer system market in 2023, and is expected to be the fastest-growing region in the forecast period
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