Hydraulic gear pump sales continue to grow strongly 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 a valuation of US$ 2.5 Bn at the end of the forecast period.
Greater emphasis on upgrading existing pump models to enhance their energy efficiency quotient will mark an important trend in the hydraulic gear pump market. High manufacturing costs, however, remain a longstanding challenge, limiting the rapid growth of the hydraulic gear pump market, says the FMI study.
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However, due to the COVID-19 crisis, several production facilities are shuttered and workforce shortages prevail. This scenario is further complicated by an undersupply of raw materials and supply chain disruptions. Moreover, the direct impact of the halted progress of all end-use industries is negatively impacting the growth of the hydraulic gear pump market.
Key Takeaways of the Hydraulic Gear Pumps Study
- External gear pumps will be the top-selling category through 2030.
- Sales remain concentrated in East Asia and Europe.
- A third of total sales will be accounted for by hydraulic gear pumps with an operating pressure of 150–250 towards the end of 2030.
- End users are inclined toward specialist distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet the specific demands of customers.
Material handling equipment plays a vital role in lean supply chain management and it is gaining traction owing to the evolving 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.
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Increasing Adoption of Agriculture and Forestry Equipment
The agricultural sector is also a significant end-user, shaping the market for hydraulic gear pumps. The demand is expected to increase for agricultural applications. A majority of manufacturers in the global hydraulic gear pump market are following the trends of manufacturing and providing hydraulic gear pumps specifically for agricultural and farming equipment.
Competitive Landscape Analysis:
The hydraulic gear pump 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. The top 10 market participants in the hydraulic gear pump landscape currently account for more than 30% of the revenue share and prefer to concentrate on strategic collaboration agreements with regional leaders in the distribution space. New regional distributorships will enable them to gain a competitive advantage while introducing new offerings to newer regional markets.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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