The hydraulic manifold market in the UK was valued at almost $64 million in 2015 and is expected to surpass $106 million by 2020, says Technavio.
Technavio has announced its latest market research report on hydraulic manifolds in the UK for the forecast period, 2016-2020. This market analysis, under the embedded systems vertical, discusses the major drivers and key emerging trends that will influence the growth of the hydraulic manifold market in the UK during the forecast period. Some of the top vendors listed in this industry analysis include Advanced Technologies, Carson Helicopters, Erickson, GKN Aerospace, and Kaman.
“Increased focus on the quality of construction among construction companies in the UK is leading to a rise in the demand for quality equipment. This rise in the demand for high-quality construction and earthmoving equipment is prompting equipment manufacturers to incorporate high-quality components in their equipment to meet the client’s requirements. Equipment manufacturers such as Caterpillar and Volvo are continuously developing new technologies to enhance the quality and technology of their equipment,” says Sunil Kumar Singh, a lead analyst at Technavio for embedded systems.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth of equipment rental business
Construction companies, especially SMEs, face budget constraints in the procurement of earthmoving equipment based on ownership as it involves high initial investment. Furthermore, the ownership of such equipment generates further challenges for the construction companies with respect to maintenance and high machine idle times. With constant use, wear, and tear, the valuation of earthmoving equipment decreases throughout their life cycle, which affects the profit margins of the construction companies. As a result, a large number of construction companies in the UK are transitioning towards renting earthmoving and other construction equipment.
Rise in investment in infrastructure development
The execution of mega infrastructure projects, such as the Aberdeen Western Peripheral Route from Balmedie to Tipperty, require hydraulic equipment to carry out specific tasks on construction sites. Rising investments in infrastructure development in the UK is expected to propel the growth of the hydraulic equipment market during the forecast period. The growth in the hydraulic equipment market in the country, in turn, is anticipated to create new opportunities for hydraulic manifold manufacturers, especially manufacturers of hydraulic manifolds for the construction, mining, and material handling markets.
Boom in high-rise construction
High-rise construction activities in the UK have been on an upsurge since 2015. As of 2015, around 270 buildings, having 20 stories or more, were planned for construction. Out of these projects, 70 are currently under construction, and 200 are in the planning phase. Eighty percent of these high-rise developments are residential buildings. The country is experiencing 1% annual rise in the price of land, which is pressurizing construction companies and developers to use their sites efficiently with optimum utilization. Apart from London, around 1,500 new residential towers will be constructed in other regions of the country such as Manchester, Bristol, Leeds, Liverpool, Edinburgh, and Glasgow during the forecast period. The rise in such construction activities across the UK is expected to propel the demand for earthmoving equipment, leading to the growth of the hydraulic manifold market in the UK.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Hydraulic Manifold Market in the UK 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
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