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Expansion in the construction industry, growth of automotive industry, and rise in demand for mining equipment drive the growth of the global hydraulic pump market. Largest Injection Molded Part
WILMINGTON, Del. , Dec. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydraulic Pump market by Product Type (Gear Pump, Van Pump , Piston Pump, Centrifugal Pump and Other), Displacement Type (Positive Displacement and Non-Positive Displacement), and Application (Mobile Application and Industrial Application): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global hydraulic pump industry generated revenue of $9.3 million in 2020 and is estimated to reach $14.1 million by 2032, exhibiting a CAGR of 3.4% from 2023 to 2032.
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Growth of construction industry, growth of automotive industry and rise in demand for mining equipment drive the growth of the global hydraulic pump market. However, the High maintenance cost restricts the market growth. Moreover, Rise in demand for hydraulic systems from emerging economies presents new opportunities in the coming years.
No. of Pages in Report
Product Type, Displacement Type, Application, and Region.
Rise in demand for mining equipment
Rise in demand for hydraulic systems from emerging economies
The gear pump segment to maintain its leadership status throughout the forecast period
By product type, the gear pump segment held the highest market share in 2020, accounting for nearly half of the global hydraulic pump market revenue, and is estimated to maintain its leadership status throughout the forecast period. Gear pumps are also deployed in plastic and metallurgical machines where it requires minimum noise. Rise in infrastructure development and increase in industrial operations & mining activities has led to increase in machine tools, earth moving equipment, and material handling equipment. Therefore, is expected to positively impact on the gear pump market during the forecast period. However, the piston pump segment is projected to manifest the highest CAGR of 4.0% from 2023 to 2032. Piston pumps are used in mining, agricultural, automotive, construction, and oil & gas industries. Growth in mining and automotive industries drive the piston pumps market.
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The positive displacement segment to maintain its leadership status throughout the forecast period
By displacement type, the positive displacement segment held the highest market share in 2020, accounting for more than four-fifths of the global hydraulic pump market, and is estimated to maintain its leadership status throughout the forecast period. Positive displacement pumps are known for providing a consistent and measurable flow rate regardless of the system pressure. Thus, the accuracy and reliability of positive displacement pumps propels the growth of the market. However, the non-positive displacement segment is projected to manifest the highest CAGR of 3.7% from 2023 to 2032. Piston pumps are used in mining, agricultural, automotive, construction, and oil & gas industries. Growth in mining and automotive industries drive the piston pumps market. Non-displacement pumps have lower manufacturing costs and easier maintenance. Thus, the low maintenance cost and high adaptability positively influences the growth of the market.
The mobile application segment to maintain its lead position during the forecast period
By application, the mobile application segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global hydraulic pump market revenue, and is projected to maintain its lead position during the forecast period. Rise in global population has substantially increased food demand, thereby putting pressure on the agricultural industry to produce more yield. Machines play a key role in efficient farming, increasing the output of farms. Agriculture involves the use of machines such as tractors, trailers, and harvesters. Thus, extensive use of hydraulic pumps is expected to fuel the agricultural sector in the coming years, thereby increasing the use of machines and positively influencing the hydraulic pump market.
Asia-Pacific to maintain its dominance by 2020
By region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global hydraulic pump market revenue, and is likely to dominate the market during the forecast period. Agriculture is a major revenue generating industry in Asia-Pacific . Furthermore, many governments in the region are implementing strategies to fuel the manufacturing industry. In addition, as infrastructural development is a major driver in the overall growth of a country, many governments have significantly increased their spending on infrastructural projects. Such increased spending on infrastructural development is anticipated to fuel demand for construction machines, thereby positively influencing the hydraulic pump market in the region. Inquire Before Buying @ https://www.alliedmarketresearch.com/purchase-enquiry/1410
The report provides a detailed analysis of these key players in the global hydraulic pump market. These players have adopted different strategies such as new product launches, collaborations, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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