Global Hydraulic Gear Pump Market Size, Growth, Trends, Analysis, Share by Product Type (External Gear Pump and Internal Gear Pump), Operating Pressure (Less than 100 Bar, 100–300 Bar, and Above 300 Bar), Vehicle Type, Application, Distribution Channel — Forecast Till 2023
Hydraulic Gear Pump Market Overview
Hydraulic gear pumps provide more accurate temperature stabilization, improved fuel economy, and reduced noise as compared to conventional mechanical pumps. Hydraulic gear pumps fully align with the energy efficiency initiatives and in high demand across various industry verticals. They are mainly used in civil engineering and construction, agriculture, industrial vehicles, and other equipment and systems. Market Research Future (MRFR) has published a research report on the global hydraulic gear pumps market and has predicted a CAGR of 4% over the forecast period of 2018 to 2023.
The demand for construction equipment is rising at a torrid pace against the backdrop of the expanding construction industry. The economic upturn in various regions has resulted in increased investment in real estate. Additionally, reconstruction of existing building structures has further resulted in the expansion of the construction industry and in turn, expansion of the hydraulic gear pump market. The growing emphasis on infrastructural development, especially in developing countries, has further broadened the scope of the market.
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The increasing level of automation and the use of machinery in the agriculture sector has set a positive tone for the growth of the market. Furthermore, technological advancements in hydraulic pumps market are likely to influence the market growth considerably.
Prime players include Dynamatic Technologies Limited, Eaton Corporation Plc, Bosch Rexroth AG, Kawasaki Heavy Industries, Ltd, Linde Hydraulics GmbH & Co. Kg, HYDAC, Parker Hannifin Corp, Marzocchi Pompe S.p.A., Sapricon Hydraulic Industries, Daikin Industries, Ltd., Bucher Hydraulics GmbH, Gemma Automotive, and others.
May 2019 – Veljan, fluid power pump, and motor manufacturing company has launched its new hydraulic gear pump series, the C-Series gear pumps. The pumps are built using high strength cast iron and the maximum speed, and flow rate of this C-series pump is 3000 rpm and 17 gpm respectively.
The global hydraulic gear pump market has been segmented based on vehicle type, product type, operating pressure, application, and distribution channel.
By vehicle type, the hydraulic gear pump market has been segmented into light-duty vehicles, heavy duty vehicles, and material handling vehicles.
By product type, the hydraulic gear pump market has been segmented into external gear pump and internal gear pump.
By operating pressure, the hydraulic gear pump market has been segmented into less than 100 Bar, 100–300 Bar, and above 300 Bar.
By application, the hydraulic gear pump market has been segmented into hybrid propulsion, transmission/clutches, electrohydraulic powered steering, and lifting application.
By distribution channel, the hydraulic gear pump market has been segmented into original equipment manufacturer (OEM) and aftermarket.
By region, the hydraulic gear pump market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global market was led by North America in 2017, and its dominance is expected to continue a similar growth pattern throughout the forecast period. The region has a substantial number of construction equipment manufacturers such as Zoom Lion, Caterpillar, and JCB which combined the expanding construction sector provides fuel for the growth of the market.
Europe is estimated to account for an advantageous share of the market over the forecast period. The region is concentrated with major market players such as HYDAC, Marzocchi Pompe S.p.A. Linde Hydraulics GmbH & Co. Kg, Bosch Rexroth AG, Eaton Corporation Plc, Bucher Hydraulics GmbH which acts as an advantage for the growth of the market. Moreover, revival in the construction industry in the region has provided an impetus for the growth of the hydraulic gear pump market.
The APAC hydraulic gear pump market is anticipated to capture the highest CAGR over the forecast period. The growth of the market can be credited to rapid industrialization in the region. Hydraulic gear pumps find application across diverse industry verticals. Expanding agriculture, automotive, and construction industry are favoring the growth of the market.
The RoW market is anticipated to be driven by increasing demand for hydraulic gear pumps from various countries such as Saudi Arabia, UAE, and Iran for oil exploration activities.
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This post was originally published on The Market Plan