New Delhi, June 26, 2023 (GLOBE NEWSWIRE) -- Global fluid transfer system market is flourishing because of an increasing adoption of SCR (Selective Catalytic Reduction) technology in diesel engines and engine technologies, and engine downsizing.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global fluid transfer system market size at USD 19.28 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global fluid transfer system market size to grow at a significant CAGR of 6.04% reaching a value of USD 24.72 billion by 2029. Major growth drivers for the global fluid transfer system market include increasing demand for efficient and reliable fluid handling in industries, the growth of manufacturing activities worldwide, and the need for enhanced fluid transfer capabilities in various applications. The market for fluid transfer systems is further being influenced by the trend of vehicle light-weighting. This trend is gaining traction in the global automotive industry, with the increasing popularity of lightweight vehicles driving market growth. Lightweight materials are widely employed to enhance vehicle safety and performance simultaneously. SCR (Selective Catalytic Reduction) technology is gaining popularity in diesel engines as it effectively reduces emissions by introducing a urea-based reduction agent into the exhaust system via a catalyst. Also, the market is being driven by the rising demand for luxury vehicles in both developing and developed countries. The growing utilization and acceptance of electric vehicles are contributing to market growth. However, a low replacement rate of fluid transfer is anticipated to restrain the overall market growth.
Global Fluid Transfer System Market – Overview
The global fluid transfer system market refers to the worldwide industry involved in the production, distribution, and sale of systems, equipment, and components designed for the efficient and safe transfer of fluids, such as liquids and gases. These systems encompass a range of products, including hoses, pipes, valves, pumps, connectors, and fittings, which are utilized in various sectors, such as automotive, aerospace, oil and gas, pharmaceuticals, chemicals, and others. The market focuses on facilitating fluid transfer processes by ensuring proper flow, control, and containment, and is driven by factors such as industrialization, manufacturing growth, and the need for enhanced fluid handling capabilities in diverse applications. Key market players include manufacturers, suppliers, and service providers involved in fluid transfer systems and related maintenance and aftermarket support. The global fluid transfer system market is expected to continue expanding due to ongoing industrial advancements and the increasing demand for efficient fluid handling solutions across industries.
Sample Request @ https://www.blueweaveconsulting.com/report/fluid-transfer-system-market/report-sample
Impact of COVID-19 on Global Fluid Transfer System Market
COVID-19 pandemic adversely affected global fluid transfer system market. The disruptions caused in the supply chain due to factory closures, logistics challenges, and reduced workforce have led to delays and shortages in the production and distribution of fluid transfer system components. Moreover, the economic slowdown and decline in demand across various industries, such as automotive, aerospace, and oil and gas, have resulted in reduced investments and projects involving fluid transfer systems. The shift in priorities towards essential products and services during the pandemic has further contributed to the decrease in market demand. However, as economies gradually recovered and restrictions eased, there is potential for a market rebound. Industries resumed their projects and investments, leading to increased demand for fluid transfer systems. Additionally, the heightened focus on hygiene and safety measures drove the need for improved fluid transfer systems in healthcare and pharmaceutical sectors.
Please visit the Press Release: https://www.blueweaveconsulting.com/press-release/global-fluid-transfer-system-market-size-set-to-touch-usd-25-billion-by-2029
Global Fluid Transfer System Market – By System
By system, the global fluid transfer system market is divided into Air Suspension Lines, Fuel Lines, Brake Lines, AC Lines, Diesel Particulate Filter (DPF) Lines, and Selective Catalytic Reduction (SCR) Lines segments. The air suspension lines segment holds the highest share in the global fluid transfer system market. The air suspension systems are widely used in various industries, including automotive, aerospace, and commercial vehicles. These systems provide superior comfort, stability, and load-carrying capacity compared to traditional suspension systems. The demand for air suspension systems has been increasing due to the growing preference for smooth and comfortable rides, especially in luxury vehicles and commercial transport. Also, air suspension lines require specialized components and materials to handle the high-pressure air required for the suspension system. These components include hoses, connectors, and fittings that are specifically designed to withstand the pressure and ensure reliable performance. As a result, the air suspension lines segment is associated with higher value and demand for specialized fluid transfer system products.
Competitive Landscape
Major players operating in the global fluid transfer system market include Cooper Standard, Kongsberg Automotive, ContiTech AG, AKWE, Mgi Coutier, TI Fluid Systems, Lander Holdings, HUTCHINSON, Castello Italia, Gates Corporation, PIRTEK, AGS Company, Graco Inc., BALCRANK CORPORATION, INC., Sanoh Industrial Co., Ltd, and Yamada America, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fluid Transfer System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fluid Transfer System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In May 2020 - Puck Enterprises, a company specializing in liquid transfer equipment, successfully acquired Coupling & Accessories Inc., a manufacturer of line connections and fittings based in the United States. This strategic acquisition enables Puck Enterprises to expand its capabilities and offer a broader array of innovative solutions to its customers in the liquid transfer industry. The acquisition also provides BullDog Hose Company, a subsidiary of Puck Enterprises, with enhanced control over its product portfolio, further strengthening its position in the market.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
| Product/ Service Segmentation | System, Type, Material, Vehicle Type, Electric & Hybrid Vehicle, Off-Highway Vehicle, Region |
| Key Players | Cooper Standard, Kongsberg Automotive, ContiTech AG, AKWE, Mgi Coutier, TI Fluid Systems, Lander Holdings, HUTCHINSON, Castello Italia, Gates Corporation, PIRTEK, AGS Company, Graco Inc., BALCRANK CORPORATION, INC., Sanoh Industrial Co., Ltd, Yamada America, Inc |
By System
- Air Suspension Lines
- Fuel Lines
- Brake Lines
- AC Lines
- Diesel Particulate Filter (DPF) Lines
- Selective Catalytic Reduction (SCR) Lines
By Type
- Hoses
- Tubing
By Material
- Nylon
- Stainless Steel
- Aluminum
- Steel
- Rubber
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Trucks
- Buses
By Electric & Hybrid Vehicle
- Battery Electric Vehicles
- Plug-In Hybrid Vehicles
- Fuel Cell Electric Vehicles
By Off-Highway Vehicle
- Agriculture Tractors
- Construction Equipment
- Mining Equipment
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
Please Find Below Some Related Topics:
- Electric Vehicle Battery Management System Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Automotive Occupant Sensing Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Automotive LiDAR Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- OTR Tire Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Automotive Axial Flux Motors Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
info@blueweaveconsulting.com
https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/
