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 an increase in construction activities globally will drive the growth prospects for hydraulic pumps until the forecast period.
- Government regulations focused on 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 initial cost of assembling the pump is low, the 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
- The hydraulic gear pumps market will witness a growth rate of just about 3% in 2021 over that projected for 2020
- In the following decade, there 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 solutions from various end-users, as hydraulic gear pumps are having relatively high maintenance costs that lead to increased 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 the global market.
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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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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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