With a CAGR of 4.9% for total sales over the forecast period, it is expected that the Latin America Hydraulic Filtration Market will grow from US$ 156.4 million in 2022 to US$ 251.9 million by 2032.
The hydraulic filtration market in Latin America is expanding as a result of the expanding use of hydraulic systems in a variety of end-use industries. Similar to this, the growing desire to increase the overall efficiency and lifespan of hydraulic systems is fueling a market demand for hydraulic filters.
Hydraulic systems are becoming more and more popular as a result of the quick development of sectors like the automotive, food and beverage, and energy industries in Latin American countries. Industries are attempting to increase the lifespan of hydraulic systems and increase the internal components’ level of safety.
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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 labour 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 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 industrial sector in the region.
- By product type, 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 Million 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 S.P.A., 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 analyses 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 analysed 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
- Others
By Technology Type:
- With Sensor
- Without Sensor
By Sales Channel:
- OEM
- Aftermarket
By End Use:
- Industry
- Food & Beverage
- Industrial Machine
- Marine
- Oil & Gas
- Paper & Pulp
- Pharmaceutical & Medical
- Plastic & Polymer
- Energy & Power
- Others
- Mobile Equipment
- Construction
- Agriculture
- Mining
- Forestry
- Material Handling/Lifting
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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