Overall Demand for Hydraulic Filtration Products Market across Latin America is Estimated to Rise at CAGR of 4.9%
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.
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 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.
