Hydraulic Pumps Market Overview
The Hydraulics Pumps Market is estimated to surpass $8.7 billion by 2023, growing at a CAGR of 3.6% during the forecast period 2018–2023. The growth of the market will be driven by the increasing adaption of automation as well as the demand for power savings in industrial applications.
Hydraulic Pumps Market Outlook
Hydraulic Pumps are energy absorbing machines designed to convert mechanical power into hydraulic energy, thus creating a pressure gradient between the outlet and inlet. This mechanical energy source can be converted using an electrical motor, compressed air, engine drive, or any other prime mover. Hydraulic pumps are primarily utilized in hydraulic drive systems. Hydraulic Pumps are basically of two types: hydrostatic and hydrodynamic. Globally, the rise in the number of construction activities, growing demand for automobiles, and increasing applications of hydraulic pumps in the mining industry are the major factors that are expected to fuel the growth of the hydraulic pumps market. China’s aim to promote shale gas and oil usage to 10 percent of the country’s annual energy usage will represent a huge rise in demand for hydraulic pumps used in the region.
Hydraulic Pumps Market Growth Drivers
- Increase in the usage of hydraulic pumps in truck andcar engines
- Increase in demand for new fuel efficient, and technological advanced cars
- Rise in the number of construction activities
- Increased shale gas production in the U.S.
Hydraulic Pumps Market Challenges
The manufacture of hydraulic pumps is complex and expensive. It requires several equipment and machinery, which acts as a major constraint for the market.
Hydraulic Pumps Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Hydraulic Pumps market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Hydraulic Pumps , and their specific applications in different industries.
Hydraulic Pumps Market Report: Industry Coverage
Types of Hydraulic Pumps: Gear pumps, Vane pumps, Piston pumps, others
Applications of Plastics in Electric Vehicle: Mobile Application, Oil and Gas, Pharmaceutical, Construction, Chemical, Agriculture & Fertilizer, Power Generation, Food & Beverages, Industrial Applications
The Hydraulic Pumps market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Hydraulic Pumps Market Key Players Perspective
Bosch Rexroth Ltd. and Eaton Vickers Company are analyzed to be the dominant players in the Hydraulic Pumps market. The hydraulic pumps market is a highly fragmented market, with a significant number of domestic manufacturers present in the marketplace. The other manufacturers contributed to majority of the share in 2017 owing to the competitiveness of the market.
Some of the other key players mentioned in this report are Eaton Corporation Plc., Danfoss Power Solutions, Parker Hannifin Corporation, Actutant Corporation, Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd, Hydac International, and Toshiba Machine Co Ltd.
Hydraulic Pumps Market Trends
- Automobiles are one of the major utilizers of hydraulic pumps. Flexible loan rates and financial flexibility are encouraging consumers to purchase more automobiles in developing and developed countries; hence rising the demand for hydraulic pumps.
- Hydraulic pumps that operate in extreme regions often wear out quite quickly compared to other hydraulic pumps. Manufacturers are experimenting with the idea of using fire-resistant hydraulic fluids in their products. Fire-resistant fluids are used in new electric hydraulic pumps, which have a high water content of 45% to provide effective lubrication while also ensuring wear and corrosion resistance.
- The demand for power in North America is expected to increase the price of hydraulic pumps in the market. With the rise in shale oil extractions in the region, higher priced oil and gas hydraulic pumps will be utilized to a larger extent, hence, reducing the prices of pumps overtime.