Growing Focus Towards Enhancing Lifecycle of Hydraulic Systems to Steer Latin American Hydraulic Filtration Market over US$ 251.9 Mn by 2032. With Sensor Hydraulic Filtration is Becoming Highly Popular Technology Type.
NEWARK, Del., Nov. 23, 2022 /PRNewswire/ — As per FMI, the Latin America hydraulic filtration market is projected to grow from US$ 156.4 Mn in 2022 to US$ 251.9 Mn by 2032, with overall sales exhibiting a CAGR of 4.9% throughout the forecast period.
The market for hydraulic filtration across Latin America is being propelled by the increasing applications of hydraulic systems in various end use sectors. Similarly, increasing need for enhancing the overall efficiency and life cycle of hydraulic systems is pushing the demand for hydraulic filters in the market.
Adoption of hydraulic systems is rising rapidly across Latin American countries due to robust expansion of industries like automotive food & beverages, and energy. In order to enhance the safety of internal components of hydraulic systems as well as to increase their life cycle, industries use hydraulic filters. This will continue to act as a catalyst for the growth of Latin America hydraulic filtration market during the forecast period.
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The installation of hydraulic filters is quick and easy in various sectors like construction and mining equipment. The equipment has a high degree of adaptability, which is driving up demand for hydraulic filters.
The growth of the product in the market is, however, constrained by the lack of skilled labor required for hydraulic filters to operate effectively. On the other hand, technological advancements in hydraulic filter products, such as the implementation of remote operation and the use of the Internet of Things (IoT) and Artificial Intelligence (AI) by installing sensor monitoring of these filters, increase the equipment’s efficiency, which is expected to create high growth opportunities for hydraulic filters in the upcoming period.
Key Takeaways from Market Study
- The Latin America Hydraulic Filtration market is expected to grow at 4.9% CAGR during the upcoming period due to rapid expansion of the industrial sector in the region.
- By product type, the suction filter segment is projected to hold 1/3rd share of the market in terms of volume in 2022.
- Based on technology type, with sensor segment is projected to grow at a CAGR of 4.7% during the forecast period.
- By sales channel, the aftermarket segment is anticipated to create an absolute $ opportunity worth US$ 73.7 Mn during the forecast period.
- Brazil is expected to hold around 1/3rd value share of the Latin America hydraulic filtration market by the end of 2032.
“Growing adoption of hydraulic filters across thriving industrial sector to enhance the safety of hydraulic systems is providing a major impetus to the growth of the Latin America hydraulic filtration market.” says a lead Future Market Insights analyst.
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Who is Winning?
Among the industry’s key players are Parker Hannifin Corporation, Donaldson Company Inc, Pall Corporation, Eaton Corporation, Filtration Group Industrial, MANN+HUMMEL Group, Moog, Yamashin Filter Corp, MP Filtri SPA, HYDAC, Bosch Rexroth Corporation, Norman and others.
Key manufacturers are focusing on increasing their regional market and are involved in marking their direct presence in the local markets by expanding their dealer network. Players are also collaborating with local distributors to supply their products globally.
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The research report analyzes the market demand trend for Hydraulic Filtration. The Latin America market is based on COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the Hydraulic Filtration market report is studied and analyzed in the following segments such as Product Type, Technology Type, Sales Channel, End-Use, and Region. The Hydraulic Filtration Market report gives us qualitative and quantitative information about the companies.
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Key Segments Covered in Latin America Hydraulic Filtration Market Analysis
By Product Type:
- Suction Filter
- Pressure Filter
- Return Line Filter
- off-Line Filter
- Breather Filter
By Technology Type:
- With Sensor
- Without Sensor
By Sales Channel:
By End Use:
- Food & Beverage
- Industrial Machine
- Oil & Gas
- Paper & Pulp
- Pharmaceutical & Medical
- Plastic & Polymer
- Energy & Power
- Mobile Equipment
- Material Handling/Lifting
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About FMI – Industrial Automation
The Industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across the manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.
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