According to Fact.MR, a market research and competitive intelligence provider, the global hydraulic oil cooler market is currently valued at US$ 1.5 billion and is projected to expand at a healthy CAGR of 5.9% between 2022 and 2032. The market is thriving with increasing installation of hydraulic systems with integrated cooling components.
The usage of hydraulic machines, such as excavators, wheeled tractor scrapers, and shock absorbers is increasing rapidly. High usage of all these machines is augmenting the growth of the hydraulic oil coolers market. Stable cooling and filtration of the oil used in a machine is vital to maintain the quality (viscosity) of the oil.
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In a hydraulic system, there is overheating of the oil that is used in the system. The accumulation of the heat generated can degrade the oil quality. Hence, there emerges an extensive need to use a hydraulic oil cooler. This cooling component is placed in-line with the system. The applications of hydraulic oil coolers varies right from construction & mining, road construction machinery, agriculture & forestry, energy, oil & gas, etc. Owing to vivid end-use applications and increasing number of hydraulic systems, demand for hydraulic oil coolers is expected to grow significantly over the decade.
What Challenge Do Hydraulic Oil Cooler Manufacturers Face?
“Complications May Arise in Sizing of Off-axis Coolers”
The position of the cooler is to be chosen wisely under extreme operating conditions. There are two options – either it can be placed off-line or in the return line. The sizing of the cooler can be decided depending on two factors – maximum reservoir temperature or maximum system temperature.
The reservoir temperature is the temperature of the oil while exiting the system, whereas, the temperature of the oil while entering the system is the system temperature. Due to some complications in positioning the oil that exists the cooler appears to be cold than the desired temperature of the reservoir. This mixing of the locations and sources of oil relative to each other complicates the entire system and may a lead to drop in the sales of hydraulic oil coolers.
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Key Segments Covered in the Hydraulic Oil Coolers Industry Survey
Technological advancements such as extending operating temperature range, sizing of the device according to the heat load of the system, using automation techniques, and others have created a positive impact on the sales of hydraulic oil coolers. Manufacturers are constantly developing products through extensive research & development to cater to customised and dynamic demand in this highly competitive market.
Market participants have created integrated sales channels to streamline their supply chains. They have also entered into direct partnerships with end users to avoid margin leakage. As the number of hydraulic systems is increasing owing to increase in industrial manufacturing and construction, manufacturers have a lucrative opportunity to create additional revenue.
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Key players in the Hydraulic Oil Coolers Market
Key Takeaways from Hydraulic Oil Coolers Market Study
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