The Hydraulic Pumps Market registered a CAGR of 3.7% over the forecast period 2022 – 2030. The infrastructural developments, automation across industries, such as manufacturing and automotive and increase in construction activities globally will drive the growth prospects for hydraulic pumps until the forecast period.
- Government regulations focused towards the reduction of CO2 emission and increased awareness about energy saving has led to the expansion of this market. With the costs of energy steadily rising, energy consumption is playing a more significant role than ever in the total cost of machine operation. As a result, the hydraulics industry is demanding energy efficient solutions.
- Although the intital cost of assembling the pump is low, cost of maintenance over the entire lifespan is high, which is a challenging factor. The salvage value of the parts decreases over time too which restrains the companies to buy new pumps.
Hydraulic gear pump sales continue to grow strong with the construction industry’s growth, sustained automobile sales, and adoption by mining industry operators. A recent Future Market Insights (FMI) study projects a steady growth outlook for the global hydraulic gear pumps market, reaching the valuation of US$2.5 Bn at the end of forecast period (2022 – 2030). Greater emphasis on upgrading existing pump models to enhance their energy efficiency quotient will mark an important trend in the hydraulic gear pumps market. High manufacturing costs however remain a longstanding challenge limiting the rapid growth of hydraulic gear pumps market, says the FMI study.
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Material handling equipment plays a vital role in lean supply chain management and it is gaining traction owing to the growing outlook of transportation and logistics across the globe. Manufacturers of hydraulic gear pumps thus need to align their product offerings with the changing material handling equipment requisites.
Hydraulic Gear Pumps Market Outlook & Key Findings
- Hydraulic gear pumps market will witness a growth rate of just about 3% in 2021 over that projected for 2020
- In the following decade, these is expected rise in demand for material handling equipment and construction equipment will primarily drive the sales of hydraulic gear pumps
- Increasing demand for low maintenance pump solution from various end users, as hydraulic gear pumps are having relatively high maintenance costs that lead to increasing operating expenses
- Despite high maintenance costs, controllable output and ability to tackle a wide range of viscosities continue to drive preference for hydraulic gear pumps over other pump types
- A majority of market participants are developing long-term agreements and collaborations with OEMs for long-term business opportunities and a competitive advantage in global market.
Hydraulic Gear Pumps Market: Taxonomy
The global hydraulic gear pumps market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
Type
- External Gear Pumps
- Internal Gear Pumps
Operating Pressure
- Upto 15 bar
- 15 – 50 bar
- 50 – 150 bar
- 150 – 250 bar
- 250 – 300 bar
- More than 300 bar
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End Use
- Construction Equipment
- Mining Equipment
- Automotive
- Material Handling Equipment
- Off Highway Vehicles
- Processing Industry
- Chemicals
- Petrochemicals
- Oil & Gas Refineries
- Others
- Other Industrial Machinery and Equipment
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
Increasing Adoption in Agriculture and Forestry Equipment
Agriculture sector is also a significant end user shaping up the market for hydraulic gear pumps. The demand is expected to increase for the agricultural applications. A majority of manufacturers in the global hydraulic gear pumps market are following the trends of manufacturing and providing hydraulic gear pumps specifically for agricultural and farming equipment.
Competitive Landscape Analysis
The hydraulic gear pumps market represents a fairly fragmented market structure, owing to the presence of a large number of hydraulic gear pump suppliers across the globe. Eaton Corporation, Parker-Hannifin Corporation, and Bucher Hydraulics GmbH remain some of the market leaders, operating with medium to high level global presence. Top 10 market participants in the hydraulic gear pumps landscape currently account for more than 30% revenue share and prefer to concentrate on strategic collaboration agreements with regional leaders in distribution space. New regional distributorships will enable them to gain a competitive advantage while introducing new offerings to newer regional markets.
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Know More About the Report Coverage
The research report analyzes the total sales of Hydraulic Gear Pumps on the basis of volume (Th. units) and value (US$ Mn). The market is projected on the basis of factors such as Rising Construction Spending, Growth in Material Handling Equipment Industry, Increasing Automotive Production and Fleet Scenario, Swelling Demand for Oil & Gas, Consumption of Chemicals, COVID-19 Crisis Impact and Automation in Agricultural Activities. The scope of the research report includes the sales of Hydraulic Gear Pumps used in Construction Equipment, Mining Equipment, Automotive, Material Handling Equipment, Off Highway Vehicles, Processing Industry and Other Industrial Machinery and Equipment. As per our research scope, we have considered the External Gear Pumps and Internal Gear Pumps.
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