According to an analyst at TMR, “the market for in North America has been witnessing impressive growth and is expected to continue to rise steadily over the next few years.” The escalating need for new aircraft, thanks to the significant progress in the region’s civil aviation industry and the surging number of air travelers, boosted by the rise in tourism and business activities, is the main factor behind the growth of the North America hydraulic fluid connectors market. Apart from this, the rising application of hydraulic fluid connectors in military aviation, with the U.S. having the most powerful air force in the world, is also expected to boost this market substantially over the forecast period.
North America boasts of the presence of a number of leading aircraft manufacturers, such as Boeing, Lockheed Martin, and Bell Aircraft Corp., which currently provide promising opportunities for growth to market players. The increasing investments by these manufacturers for the advancements in the offerings are likely to add significantly to the growth of this market over the forthcoming years. However, the implementation of strict government norms and regulations and the enforcement of the standards set by the aviation industry may hamper the progress of the hydraulic fluid connectors market in North America to some extent in the near future, states the report.
Innovations and technical advancements in products is the key strategy adopted by leading players in this market. However, a shift in their focus towards mergers, acquisitions, and partnerships can be observed in the forthcoming years, states the research report.
As per the study, the market for hydraulic fluid connectors offered an opportunity of US$535.9 mn in 2015. Rising at a CAGR of 7.10% over the period of 2016 and 2024, the market is likely to reach a value of US$987.6 mn by the end of the forecast period.
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