Hydraulic Manifold Market in the UK 2016-2020
About Hydraulic Manifold
Hydraulic manifolds are essential components of all hydraulic machinery and equipment and are used across a wide range of end-user segments such as the aerospace, construction, agriculture, marine, material handling, oil and gas, railway, and subsea for flow control of fluids in hydraulic systems. However, this report covers hydraulic manifolds that are used in earthmoving equipment like excavators, loaders, and construction tractors.
Technavio’s analysts forecast the hydraulic manifold market in the UK to grow at a CAGR of 10.42% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the hydraulic manifold market in the UK for 2016-2020. To calculate the market size, the report considers the revenue generated from unit shipments of hydraulic manifolds for earthmoving equipment in the UK.Technavio's report, Hydraulic Manifold Market in the UK 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Hydraulic Manifold Market in the UK 2016-2020
Technavio recognizes the following companies as the key players in the hydraulic manifold market in the UK: Advanced Technologies, Carson Helicopters, Erickson, GKN Aerospace, and Kaman.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is increasing focus on quality. Construction companies in the UK are largely focusing on the quality of construction and consecutively, the focus on the quality of equipment procured has become one of the key factors for selection of vendors for equipment procurement. This rise in demand for high-quality construction and earthmoving equipment is forcing equipment manufacturers to implement high-quality components in their equipment so as to satisfy the quality needs of their clients. Equipment manufacturers such as Caterpillar and Volvo are continuously developing new technologies to enhance the quality and technology of their equipment. Consecutively, the demand for high-quality components for earthmoving and construction equipment such as hydraulic manifolds is continuously increasing. Hydraulic manifold manufacturers such as HydraForce Hydraulics and Savery are some of the manufacturers that have received International Organization for Standardization (ISO) certifications to substantiate their focus on high-quality manufacturing. HydraForce is an ISO 9001 and Quality System (QS) 9000 certified manufacturer, whereas Savery is an ISO 9000 and ISO 14001 certified manufacturer.”
According to the report, one of the primary drivers in the market is growth of equipment rental business. Ownership of earthmoving equipment involves substantial investments from the construction companies. Construction companies, especially SMEs, face budget constraints, in the procurement of earthmoving equipment based on ownership, as it involves high initial investment. Moreover, the ownership of these equipment generates further challenges for the construction companies regarding maintenance and high machine idle times. With the constant use, wear, and tear, the valuation of earthmoving equipment decreases throughout their life cycle, which affects the profit margins of the construction companies.
Further, the report states that one major challenge in the market is changing customer needs. With technological advances in the end-user industries of hydraulic manifolds, manufacturers have to cater to the changing demands of their customers. For instance, in the construction industry, construction companies in the UK are working toward being cost-effective by investing in better technology and implementing cost-cutting measures for construction, earthmoving, and material handling equipment. Companies prefer customized equipment that suits their work profile in order to minimize machine idle time. To cater to this demand, hydraulic manifold manufacturers need to further invest in R&D to provide their customers with customized and high-quality solutions, thereby posing a threat to their profit margins.
Advanced Technologies, Carson Helicopters, Erickson, GKN Aerospace, Kaman.