LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global hydraulic hose and fittings market to grow at a CAGR of approximately 5% during the period 2018-2022, according to their latest market research report.
Technological enhancements is one of the major trends being witnessed in the global hydraulic hose and fittings market. Conventionally, a material handling equipment was defined as a combination of mechanical and control devices that were used to convey objects or materials from the source to the destination confined within the boundaries of a manufacturing or distribution facility.
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In this report, Technavio analysts highlight the increased construction of green buildings as a key factor contributing to the growth of the global hydraulic hose and fittings market:
Global hydraulic hose and fittings market: Increased construction of green buildings
The construction, establishment, and subsequent services of a building consume substantial amounts of energy. Buildings account for approximately 40% of the global energy consumption. It is expensive to generate its quantity of energy for regular operations in a building. Moreover, buildings emit the maximum greenhouse gases, which exceed those emitted from the transportation sector.
According to a senior analyst at Technavio for research on engineering tools, “The need for appropriate energy-efficient green buildings is increasing as they are ergonomically designed to consume minimal amounts of energy. Green buildings minimize the energy consumption and efficiently utilize the available energy to meet all their requirements. They consume approximately 40-45 quadrillion Btu energy per year. In addition, the by-products released into the environment from the buildings are recycled.”
Global hydraulic hose and fittings market: Construction machinery segment leads the market
This market research report segments the global hydraulic hose and fittings market into the following end-users (construction machinery, agricultural machinery, and material handling equipment) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the construction machinery segment held the largest market share in 2017, contributing to around 32% of the market. This segment is expected to witness significant growth during the forecast period.
APAC was the leading region for the global hydraulic hose and fittings market in 2017. It accounted for a market share of more than 41%. It was followed by the Americas and EMEA. APAC is expected to project the fastest growth during the period 2018-2022.
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