Governments around the world have imposed nationwide lockdowns on non-essential industrial operations. This is anticipated to result in significant production down time and job losses in the hydraulic gear pumps industry. Small and medium scale enterprises participating in the market are facing a threat to their survival during the pandemic, owing to the uncertainty associated with the resolution of the pandemic.
The hydraulic gear pumps market is anticipated to expand at a sluggish 3% CAGR through 2021. Market growth will remain steady through the end of the projection period in 2030. According to FMI, the temporary closure of key international markets such as the UK, the United States, Germany, and Italy will have a substantial impact on the hydraulic gear pumps industry. Economies are likely to remain sluggish for a number of months after the pandemic subsides, hurting near-term market prospects.
“Simplified design, ease of use, flexibility, and versatility are key characteristics that bolster the adoption of hydraulic gear pumps in myriad industries. Also, the low cost of hydraulic gear pumps helps to sustain sales. Strong demand for accurate fitment, and ease of use will continue to bolster the demand for hydraulic gear pumps throughout the forecast period, 2020 – 2030,” says the FMI analyst.
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Hydraulics Gear Pumps Market – Important Takeaways
- Building and construction applications are anticipated to contribute a lion’s share of the revenue in the hydraulic gear pumps application.
- Internal gear pumps are highly sought after, driven by automotive and material handling applications.
- Hydraulic gear pumps with 150 -250 bar will account for most sales, with wide-spread use in the automotive sector.
- Western Europe remains a dominant market, driven by heavy duty applications, including agriculture and construction.
Hydraulic Gear Pumps Market – Driving Factors
- Extensive demand from multiple end-user industries with myriad applications of handling reactive and corrosive liquids is a key growth factor.
- Strong activity in the building and construction sector, particularly in developing economies will generate demand for hydraulic gear pumps.
- Modernization and automation initiatives in the mining industry provide key growth opportunities.
- Strict government regulations associated with energy conservation and carbon dioxide reduction will help in market expansion.
Hydraulic Gear Pumps Market – Leading Constraints
- Higher component lifecycles through repairs, and low replacement rates hinder the hydraulic gear pumps market.
- High capital costs for the development of new technology in comparison to returns hampers the market.
Anticipated Market Impact by COVID-19 Outbreak
The novel coronavirus outbreak has spread across the globe and is having an impact on multiple industries including manufacturing, construction, and automotive. Hydraulic gear pump suppliers have been struggling to keep assembly lines operational, owing to social-distancing and stay-at-home orders imposed by the government. Many players are pushing production facilities to India and ASEAN countries as a long-term strategy.
The outbreak has resulted in unprecedented global disruption. Recovery of the market is largely dependent on how well countries manage to control the outbreak. Material handling and warehousing applications will regain growth strongly post the pandemic and aid in a steady rise following the end of the pandemic.
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