Market Introduction
The MEA region has abundant natural and human resources, and it contributes a substantial share to the world's oil & gas industry. The countries in this region vary substantially in living standards, natural resources, economic growth, population, technology landscape, and country size. Despite some hindering factors, such as increasing unemployment rate and uncertain oil prices, countries, such as the UAE, Saudi Arabia, and South Africa, are at the forefront of adopting various electronic equipment, such as hydraulic filters. Moreover, the rising number of smart city projects in Saudi Arabia, South Africa, and Dubai is considered the key driver for the hydraulic filters market growth across the MEA region over the next five to seven years. Also, the MEA region is attracting a lot of foreign investments in its infrastructure and construction sector. Moreover, Africa faces a housing crisis attributed to the rapidly growing population and the increasing migration of people to urban areas. Due to the continually increasing population of the region, there would be an increase in housing and other necessary infrastructure. Thus, the Availability of superior products for high filtering capacity is expected to create a significant demand for hydraulic filters in the coming years, which is further anticipated to drive the hydraulic filters market in MEA.
Also, the ongoing COVID-19 is having terrible effect on MEA economy. In the MEA region, Iran, Saudi Arabia, Qatar, South Africa, and UAE are some of the countries with high number of COVID-19 confirmed cases and deaths. The economic and industrial growth of these countries has been affected negatively in the past few months. The region comprises many growing economies such as UAE, among others, which are prospective markets for hydraulic filters providers, owing to the huge presence of diverse customer base as well as infrastructural development to build smart cities. The majority of the business in these countries have come to a halt and is expected to continue slower than usual pace. The countries are taking significant containment measures to reduce the number of infected patients. COVID-19 pandemic outbreak has severely affected the automotive industry and has resulted in the shutting down of various automotive manufacturing facilities in the MEA. Thus, leading to reduction in demand for hydraulic filters. Additionally, the adverse effect on the tourism and hospitality industry has affected the sales of new cars in the region. Therefore, the COVID-19 pandemic outbreak has suppressed the hydraulic filters market in the MEA region.
Market Overview and Dynamics
The hydraulic filters market in MEA is expected to grow from US$ 165.38 million in 2019 to US$ 245.82 million by 2027; it is estimated to grow at a CAGR of 5.2% from 2020 to 2027. Digitization has increased the efficiency of existing machines and is expected to boost the demand for hydraulic filters, in MEA hydraulic filters market in 2019 because of reliable and high quality offerings. The emergence of new market players from the MEA is a new challenge for established leaders in the market. The idea of digital machinery has transformed manufacturers from 'hardware-only' providers into 'providers of' hardware, software, and services, which in turn has led to the development of new business models. These new models are used by hydraulic filter manufacturers to generate a steady stream of revenues and build a loyal client base. Digitization has paved the way for manufacturers of hydraulic filters to introduce new business models based on equipment utilization or performance. Also, integrating digital electronics with hydraulic systems provides one of the best solutions in modern control architectures in terms of high power density and hydraulic system flexibility. Moreover, with just few modifications, such electro-hydraulic components can be easily integrated with conventional systems. Similarly, hydraulic hose failure or connector leakage of hydraulic systems can be predicted using IoT technology. Thus, growing digitization is one of the major factors driving the growth of MEA hydraulic filters market during the forecast period.
Key Market Segments
In terms of product, the return line filter segment accounted for the largest share of the MEA hydraulic filters market in 2019. In terms of end-user, the chemical and petrochemical segment held a larger market share of the MEA hydraulic filters market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the hydraulic filters market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Donaldson Company, Inc.; Eaton Corporation Plc.; Filtration Group Industrial; HYDAC Technology Ltd.; MANN+HUMMEL Group; MP Filtri S.p.A.; Pall Corporation; Parker-Hannifin Corporation; YAMASHIN-FILTER CORP.
Reasons to buy report
- To understand the MEA hydraulic filters market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA hydraulic filters market
- Efficiently plan M&A and partnership deals in MEA hydraulic filters market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA hydraulic filters market
- Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.
MEA Hydraulic filters Market Segmentation
MEA Hydraulic filters Market - By Product
- Suction Filter
- Pressure Filter
- Return Line Filter
- Off-Line Filter
- Breather Filter
- Others
MEA Hydraulic filters Market - By End-User
- Manufacturing
- Marine
- Automotive
- Chemical and Petrochemical
- Power Generation
- Agriculture
- Construction
- Metal and Mining
- Others
MEA Hydraulic filters Market - By Country
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
MEA Hydraulic filters Market - Company Profiles
- Donaldson Company, Inc.
- Eaton Corporation Plc.
- Filtration Group Industrial
- HYDAC Technology Ltd.
- MANN+HUMMEL Group
- MP Filtri S.p.A.
- Pall Corporation
- Parker-Hannifin Corporation
- YAMASHIN-FILTER CORP.