Hydraulic Gear Pump Market to Grow With an Exceptional CAGR Through 2028F Period
Rapid industrialization and urbanization is a significant factor driving the growth of the Global Hydraulic Gear Pump Market in the forecast period of 2024-2028.
According to the TechSci Research report, “Global Hydraulic Gear Pump Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F,“ The Global Hydraulic Gear Pump Market is anticipated to expand in the coming years.
A hydraulic gear pump is a positive displacement (PD) pump. It transfers fluid mechanically by repeatedly enclosing a fixed volume with interlocking cogs or gears. It produces a smooth, pulse-free flow that is proportional to the rotational speed of its gears.
Rapid urbanisation and industrialization in key emerging countries such as China and India is one of the major factors influencing the growth of the hydraulic gear pumps market. Due to the growing urban population, these countries are currently going through a phase of rapid industrialization whichhas resulted in rise of consumer needs and products, affecting the growth of end-use industries. The expansion of end-use industries has had a direct impact on the demand for hydraulic gear pumps. With a significant number of manufacturing industries being established and planned expansions across industries, demand for hydraulic pumps is expected to grow rapidly during the forecast period.
Lower replacement rates and equipment lifecycle extension such as repair and maintenance, are likely to halt the growth of the hydraulic gear pump market. Moreover, new technologies and innovations in hydraulic gear pumps provide enormous opportunity for repairs but it also poses challenges in terms of maintaining hydraulic gear pumps.
With the growing need to use water efficiently, there has been an increase in technological innovations in the water industry over the last decade, and pumps are one of the essential in industrial and commercial spaces. Industrial processes consume a significant amount of groundwater, accounting for 13% of total freshwater consumption. Thus, there is an urge to address the issues related to the waste water management and therefore, industries are developing new technologies.
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Global Hydraulic Gear Pump Market is segmented into Product, End-Use, Operating Pressure, Application, By Region, and By Competition.
The agricultural industry is a significant end user driving the hydraulic gear pump market. As demand for agricultural applications is expected to rise. Thus, the majority of global hydraulic gear pump manufacturers are following the trends of manufacturing and providing hydraulic gear pumps specifically for agricultural and farming equipment. However, when compared to mechanical and electrical systems, hydraulic gear pumps have fewer moving parts. Therefore, they become less complex and simpler to maintain. Moreover, farmers can easily speed up, slow down, or stop the flow of water by using straightforward controls which drives the market for hydraulic gear pumps.
According to regional analysis, Hydraulic Gear Pump Market is segmented into North America, Europe, South America, Asia-Pacific, and Middle east and Africa. North America is expected to grow during the forecast period. The demand for hydraulic pumps is anticipated to be primarily driven by economic growth, urbanisation, and industrialization in countries such as US, Canada, Mexico. Over the forecast period, the economy of North America are anticipated to offer hydraulic pump manufacturers significant growth prospects. The growing economy and the region’s rapid end-use industry growth are anticipated to be the main drivers of the hydraulic pumps market’s expansion, particularly in fast-growing economies.
Major market players operating in the Global Hydraulic Gear Pump Market are:
- Linde Hydraulics GmbH & Co. Kg
- Bosch Rexroth AG
- Eaton Corporation Plc
- Kawasaki Heavy Industries Ltd.
- Bucher Hydraulics GmbH
- Parker Hannifin Corp
- Dynamatic Technologies Limited
- HYDAC
- Sapricon Hydraulic Industries
- Gemma Automotive
- Marzocchi Pompe S.p.A.
- Daikin Industries Ltd.
Players in the hydraulic gear pumps market are focusing on expanding their market footprint in key developing regions, as well as strategic collaborations with domestic players, in order to maintain their market leadership. Some of the recent developments by key players are:
In October 2022, Hydreco, a Duplomatic Group company, has doubled its production plants in the Emilia region of Italy, with a new range of external gear pumps.
In March 2018, Kawasaki Precision Machinery highlighted electro-hydraulic hybrid system, for industrial applications at Hannover Messe. This new system provide efficient controllability in applications such as press machines, injection moulding machines, and steel manufacturing.
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“The global hydraulic gear pump market is expected to thrive as the market for hydraulic gear pumps focuses on developing current pump models to improve energy efficiency. Pumps are critical pieces of equipment. It is essential in everything from irrigation to sewage treatment, and as new technologies and designs emerge, the pumps industry is constantly evolving and improving..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Hydraulic Gear Pump Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product (External Gear and Internal Gear), By End-Use (Construction, Mining & Metallurgy, Automotive, Transportation, Architecture, Chemicals & Petrochemicals and Others), By Operating Pressure, (Less than 100 Bar, 100–300 Bar, and Above 300 Bar), By Application (Hybrid Propulsion, Transmission/Clutches, Electrohydraulic Powered Steering, and Lifting Application), By Region, By Competition “, has evaluated the future growth potential of Global Hydraulic Gear Pump market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hydraulic Gear Pump Market.
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