At 3.50% CAGR, Global Hydraulic Gear Pumps Market Size & Share Will Hit US$ 2246.34 Million by 2028 | Industry Trends, Demand, Growth, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, July 28, 2022 /PRNewswire/ -- As per Zion Market Research study, The global hydraulic gear pumps market was worth USD 1827.4 million in 2021 and is estimated to grow to USD 2246.34 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.50% over the forecast period.
Hydraulic Gear Pumps Market: Overview
Hydraulic gear pumps convert mechanical energy into hydraulic energy in a fluid. The pump moves fluid due to the spinning of the gear, which creates a vacuum at the inlet. The liquid is pushed via the gears. The mechanical energy generated by the gears' revolution raises the fluid pressure at the discharge. Hydraulic gear pumps work with a wide range of construction machinery. Hydraulic gear pumps are used to move fluids throughout a system because the mechanical clearances between the gears are so minimal. The hydraulic fluid is driven toward the discharge point as the gears revolve. Hydraulic gear pumps are commonly used in earth moving equipment, agricultural machinery, material handling equipment, and construction equipment. The construction business is expected to rise as urbanization accelerates in developing economies such as India, China, Brazil, and Argentina. Rapid residential sector expansion to satisfy the rising demand for urban living spaces, particularly in fast-growing economies, is also strengthening the construction industry, driving sales of a variety of construction equipment, including hydraulic gear pumps. Because hydraulic pumps are used to generate power in automobiles, trucks, and other vehicles, the growth of the automobile industry increases the demand for hydraulic gear pumps. Furthermore, the hydraulic gear pump market is likely to be driven by infrastructure upgrades, a rising renewable energy sector, and an increasing demand for energy-efficient solutions to meet rigorous government laws for environmental protection all over the world. However, the high cost of producing hydraulic gear pumps is likely to stifle market expansion throughout the projection period.
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Key Industry Insights & Findings of the Hydraulic Gear Pumps Market Reports:
- As per the analysis shared by our research analyst, the Hydraulic Gear Pumps Market is expected to grow annually at a CAGR of around 3.50 % (2022-2028).
- Through the primary research, it was established that the Hydraulic Gear Pumps Market was valued at approximately USD 1827.4 million in 2021 and is projected to reach roughly USD 2246.34 million by 2028.
- North America dominated the global hydraulic gear pumps market in 2021 due to increasing agricultural & construction activity and increased investment in construction.
- Asia Pacific regional market is expected to grow significantly in hydraulic gear pumps market because wastewater treatment has expanded significantly in countries like China, India, and Japan.
- operational inefficiency compared to more sophisticated competitors on the market, end users are switching to alternative pump solutions like hydraulic gear pumps to meet changing customer demands worldwide.
Zion Market Research published the latest report titled "Hydraulic Gear Pumps Market By Product Type (External Gear Pump and Internal Gear Pump), By Operating Pressure (Less Than 100 Bar, 100–300 Bar and Above 300 Bar) By Application (Transmission/Clutches, Electrohydraulic Powered Steering, Hybrid Propulsion and Lifting Application), By Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Hydraulic Gear Pumps Market: Growth Drivers
- Rising urbanization in emerging economies is likely to pave the way for global market growth.
The rapid urbanization and development of significant developing nations like China and India is propelling the growth of the hydraulic pumps sector. Many nations are experiencing rapid industrialization as a result of the growing urban population. As a result, consumer demands and product availability have increased, which has had an impact on the growth of end-use sectors. The overall expansion of end-use industries has directly impacted the demand for hydraulic pumps.
Hydraulic Gear Pumps Market: Restraints
- Increased automation in industries may hamper the global market growth.
In recent years, factory automation has steadily gained popularity. The construction equipment business uses intelligent machines to boost industrial output and make it more economical and energy-efficient. However, due to its operational inefficiency compared to more sophisticated competitors on the market, end users are switching to alternative pump solutions like hydraulic gear pumps to meet changing customer demands worldwide. Because of this, it is anticipated that the demand for hydraulic gear pumps would be constrained as more alternative pumping technologies, such as piston pumps, are used.
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Global Hydraulic Gear Pumps Market: Segmentation
- The global hydraulic gear pumps market is segregated on the basis of product type, operating pressure, application, distribution channel, and region.
By product type, the market is bifurcated into external gear pump and internal gear pump. Among these, the external gear pump segment dominated the market in 2021. An external gear pump makes use of two identical gears that are mesh-meshed side by side. One of the gears is driven by a motor, and it then drives the other gear, which drives the idle (driven) gear. A shaft with bearings on both sides of the gear supports each gear individually. Consequently, the construction industry finds it more valuable.
Based on operating pressure, the market is divided into less than 100 bar, 100–300 bar, and above 300 bar. Among these, the 100–300 bar segment dominated the market in 2021.
Based on application, the market is divided into transmission/clutches, electrohydraulic powered steering, hybrid propulsion and lifting applications. Over the forecast period, the lifting application is expected to develop fastest.
The distribution channel bifurcates the market into aftermarket and original equipment manufacturer (OEM). Over the forecast period, the original equipment manufacturer (OEM) segment is expected to develop at the fastest rate during the forecast timeline. A company that manufactures parts and equipment that another manufacturer might sell is known as an original equipment manufacturer (OEM). Original equipment manufacturers (OEMs), sometimes known as value-added resellers, supply the parts for another company's final goods (VAR). For example, engineering technology services offers original equipment manufacturer (OEM) hydraulic gear pumps and motors for machinery used in industrial applications.
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List of Key Players in Hydraulic Gear Pumps Market:
- Linde Hydraulics GmbH & Co. Kg
- Bosch Rexroth AG
- Sapricon Hydraulic Industries
- Eaton Corporation Plc
- Kawasaki Heavy Industries Ltd
- Dynamatic Technologies Limited
- Bucher Hydraulics GmbH
- Parker Hannifin Corp
- Marzocchi Pompe S.p.A.
- HYDAC
- Daikin Industries Ltd.
- Gemma Automotive.
Key questions answered in this report:
- What are the growth rate forecast and market size for Hydraulic Gear Pumps Market?
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- What are the most important companies in the Hydraulic Gear Pumps Market Industry?
- What segments does the Hydraulic Gear Pumps Market cover?
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Recent Developments
- In June 2019, Questas Group, a business created more than 20 years ago that offers hydraulic, irrigation, pump, and engine solutions to the mining, construction, agricultural, and general industrial sectors, reached an investment agreement with Allegro Funds.
- In April 2020, the Gardner Denver VX Hydraulic Fracturing Pump Fluid End was a new, cost-effective, next-generation fluid end from Gardner Denver High-Pressure Solutions (VX). For use with GD-2500Q hydraulic fracturing pumps, the lightweight VX has been developed to replace the Gardner Denver SGWS fluid end, which is bigger and heavier.
Regional Dominance:
- Increasing agricultural and construction activity likely to help North America dominate the global market.
North America dominated the global hydraulic gear pumps market in 2021 due to increasing agricultural & construction activity and increased investment in construction. The specific activities included building infrastructure and extensively using hydraulic pumps to extract metals and minerals. Additionally, there has been a rise in demand for the shale gas production technique known as hydraulic fracturing. Supporting government actions by these governments may also draw international players to these nations, thus affecting the opportunities for the region above.
Over the forecast period, Asia Pacific regional market is expected to grow significantly in hydraulic gear pumps market because wastewater treatment has expanded significantly in countries like China, India, and Japan. The increased investments in construction projects in emerging nations, particularly those in Southeast Asia, is another factor driving the region's growth. In addition, the market for these pumps has new opportunities thanks to the rising popularity of renewable energy in various Asia-Pacific countries.
Global Hydraulic Gear Pumps Market is segmented as follows:
Hydraulic Gear Pumps Market: By Product Type Outlook (2022-2028)
- External Gear Pump
- Internal Gear Pump
Operating Pressure
- Less Than 100 Bar
- 100–300 Bar
- Above 300 Bar
Hydraulic Gear Pumps Market: By Application Outlook (2022-2028)
- Transmission/Clutches
- Electrohydraulic Powered Steering
- Hybrid Propulsion
- Lifting Application
Hydraulic Gear Pumps Market: By Distribution Channel Outlook (2022-2028)
- Original Equipment Manufacturer (OEM)
- Aftermarket
Hydraulic Gear Pumps Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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