Fluid Transfer System Market Size to Reach USD 28.48 Billion in 2028 | Implementation Of More Strigent Fuel Efficiency Regulations is Key Factor which will Drive Industry Growth, says Emergen Research
VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — The global fluid transfer system market size is expected to reach USD 28.48 Billion at a steady CAGR of 6.2% in 2028, according to latest analysis by Emergen Research.
Rising demand for premium vehicles and growing adoption of after-treatment devices in diesel engines is propelling growth of the market. Fluid transfer systems offer safe and efficient loading and offloading of oil in onshore as well as offshore applications. Moreover, the ability of metal used in fuel transfer to be recycled is further propelling market growth.
Increasing popularity of electric vehicles is expected to positively impact growth of the fluid transfer systems market going ahead. Increasing focus on manufacturing more fuel-efficient vehicles and reduced emission levels are factors positively impacting growth of the market. For instance, Plug-in Hybrid Electric Vehicles (PHEVs) are luxury cars with high-end features and high price range. Fluid transfer systems in these vehicles include air suspension lines, engine cooling lines, battery cooling lines, and brake lines. Increasing demand for PHEVs is expected to continue to drive the growth of the global fluid transfer system market going ahead.
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The COVID-19 pandemic affected the automotive industry adversely as well as others during the lockdown and subsequent supply chain disruption and reduced availability of workforce and raw materials etc. Shutting down of manufacturing units also resulted in short supply of vehicle parts and components. However, vehicle production momentum has been picking up and demand for fluid transfer systems continues to improve in parallel.
Some Key Highlights in the Report
- In January 2020, Trelleborg announced the acquisition of Signum Technology Limited and its subsidiary firms Gall Thomson, Vee Bee Filtration, KLAW Products, and KLAW LNG. The acquisition is intended to offer flow control safety solutions such as safety solutions for LNG transfer systems and marine breakaway couplings, and provide new functionality level to the product portfolio of Trelleborg and expand the offering of its services across its business units.
- Demand for AC lines has been increasing significantly in the recent past as almost all vehicle manufacturers are offering vehicles equipped with air conditioning systems. Increase in demand for premium vehicles and rising competition among automotive Original Equipment Manufacturers (OEMs) to provide enhanced comfort and luxury to customers is expected to fuel revenue growth of the AC line segment.
- Battery electric vehicles segment accounted for largest revenue share in 2020 due to implementation of government initiatives to encourage sales of BEVs. Rise in demand for BEVs in Asia Pacific is expected to propel revenue growth of this segment going ahead.
- Asia Pacific accounted for fastest revenue CAGR in 2020 due to increase in sales of luxury vehicles. Government initiatives to drive adoption of electric vehicles in developing countries in the region are also expected to positively impact growth of the market in future. Moreover, implementation of stringent emission standards such as Bharat Stage (BS) VI in India will further drive growth of the market. BS-VI is the sixth stage of the Bharat Stage Emission norms, which came into effect on 1 April 2020. BS-VI compliant vehicles will only release 10 parts per million (ppm) sulfur as per the regulations.
- Key players in the market include Contitech, Cooper Standard, Lander Automotive, Akwel, Gates Corporation, Hutchinson, Tristone, TI Fluid Systems, Castello Italio, and Kongsberg Automotive.
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Emergen Research has segmented the global fluid transfer system market on the basis of equipment type, type, application, material, and region:
- Equipment Type Outlook (Revenue, USD Billion; 2018–2028)
- AC Lines
- Air Suspension Lines
- SCR Lines
- Brake Lines
- DPF Lines
- Fuel Lines
- Turbo Coolant Lines
- Transmission Oil Cooling Lines
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Mild Hybrid Vehicles
- Material Outlook (Revenue, USD Billion; 2018–2028)
- Stainless Steel
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
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