ID: MRFR/E&P/6267-HCR | February 2021 | Region: Global | 111 pages
Hydraulic pumps market is projected to reach ~USD 11.6 billion by 2024 and is expected to grow at ~6.01 % CAGR during the period, 2019 to 2024.
Hydraulic pumps form a mechanical source of power, which converts mechanical power into hydraulic energy or hydrostatic energy. Such pumps maintain the flow with enough power in order to overcome pressure induced by load at pump outlet. During hydraulic pump operations, the vacuum created at the pump inlet forces the liquid from the reservoir into the pump’s inlet line. The mechanical force enables the delivery of this liquid to pumps outlet and forces it into hydraulic system thereafter. Hydraulic pumps are used in hydraulic power transmission systems for industrial and mobile applications. In the industrial environment, such pumps are used in injection molding machines, material handling, conveyors, forklifts, foundries, slitters, presses (shear, stamping, or bending), lifts, mixers, pallet jacks, steel mills, and others.
The key factors driving the hydraulic pumps market are the rising need for water and waste water infrastructure in Asia-Pacific and the growing demand from the food & beverage industry, globally. According to the Government of India, in December 2018, a sewage treatment plant was inaugurated in the Indian city of Cuttack, Odisha, in collaboration with Japan International Cooperation Agency, Tokyo. This plant requires the use of hydraulic pumps for fluid transfer, driving the global hydraulic pumps market. However, the factors such as high cost and complex functionality of these pumps can act as a restraint for the global hydraulic pumps market.
Global Hydraulic pumps market has been segmented based on type, application, and region. On the basis of type, the market is segmented as gear pump, axial piston pump, and others. The others segment includes radial piston pumps, vane pumps, and screw pumps. The gear pump segment led the market and held the largest market share in 2018. Gear pumps are easy to operate, and economical as well as they involve less maintenance. The global hydraulic pump market is further segmented on the basis of application as mobile and industrial. Mobile segment of the global hydraulic pumps market is estimated to register the highest growth rate during the forecast period.
The key players of global Hydraulic pumps market are Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Parker Hannifin (US), Kawasaki (Japan), HAWE (Germany), Hydac (Germany), Moog, Inc. (US), Bucker Hydraulics (Germany), Daikin (Japan), Concentric (Sweden), Casappa (Italy), and Nachi-Fujikoshi (Japan).
Global Hydraulic Pumps Market
Global hydraulic pumps market is expected to witness substantial growth during the forecast period owing to the growing use of these pumps in manufacturing and automotive industries with benefits including, high efficiency, and their compatibility with varied fluid types. Asia-Pacific held the largest share in the hydraulic pumps market due to the growing investments in construction activities in the emerging nations, including India and China. For instance, according to the National Mining Association, in the year 2017, the processed minerals used in the industries, including construction, manufacturing and agriculture were worth USD 630 billion. The primary application area of the hydraulic pumps in such sectors is fluid transfer. Such factors are likely to drive the hydraulic pumps market in the Asia-Pacific.
|Market Size||2024:USD 11.6 Billion|
|CAGR||6.01 %CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Parker Hannifin (US), Kawasaki (Japan), HAWE (Germany), Hydac (Germany), Moog, Inc. (US), Bucker Hydraulics (Germany), Daikin (Japan), Concentric (Sweden), Casappa (Italy), and Nachi-Fujikoshi (Japan).|
|Key Market Opportunities||Growing demand from the food & beverage industry|
|Key Market Drivers||Rising need for water and waste water infrastructure|
Frequently Asked Questions (FAQ) :
The market has the potential to obtain a growth rate of more than 6% in the years ahead.
The market value by 2024 is estimated to be USD 11.6 billion.
Parker Hannifin (US), Daikin (Japan), Moog, Inc. (US), Nachi-Fujikoshi (Japan), Kawasaki (Japan), Hydac (Germany), Bosch Rexroth (Germany), Concentric (Sweden), Casappa (Italy), Eaton Corporation Plc (Ireland), Bucker Hydraulics (Germany), HAWE (Germany), are the most notable companies listed in the report.
APAC is expected to lead in the near future, thanks to the rising construction activities in the emerging countries like India and China.
Gear pumps are quite easy to operate, affordable and they require less maintenance compared to other types of pumps.