Hydraulic Gear Pumps Market Value to Grow by Almost $2.5 Billion During 2020-2030
Hydraulic gear pumps find their fitment in the various construction equipment. In developing economies, such as India, Brazil, China, Argentina, urbanization is taking place at a faster rate, which in turn is expected to boost the growth of the construction industry.
Rampant expansion of the residential sector to cater to
surging demand for urban housing spaces, especially across fast developing
economies, is also supporting the growth of construction industry, and thereby
pushing sales a broad range of construction equipment, including hydraulic gear
pumps.
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Hydraulic Gear Pumps Market Outlook & Key Findings
- Hydraulic
gear pumps market will witness a growth rate of just about 3% in
2021 over that projected for 2020
- In the
following decade, these is expected rise in demand for material
handling equipment and construction equipment will primarily
drive the sales of hydraulic gear pumps
- Increasing
demand for low maintenance pump solution from various end users, as
hydraulic gear pumps are having relatively high maintenance costs that
lead to increasing operating expenses
- Despite
high maintenance costs, controllable output and ability to tackle a wide
range of viscosities continue to drive preference for hydraulic gear pumps
over other pump types
- A
majority of market participants are developing long-term agreements and
collaborations with OEMs for long-term business opportunities and a
competitive advantage in global market.
Increasing Adoption in Agriculture and Forestry Equipment
Agriculture sector is also a significant end user shaping up
the market for hydraulic gear pumps. The demand is expected to increase for the
agricultural applications. A majority of manufacturers in the global hydraulic
gear pumps market are following the trends of manufacturing and providing
hydraulic gear pumps specifically for agricultural and farming equipment.
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By Segmentation:
The global hydraulic gear pumps market is segmented in
detail to cover every aspect of the market and present complete market
intelligence to the reader.
Type
- External
Gear Pumps
- Internal
Gear Pumps
Operating Pressure
- Upto
15 bar
- 15 –
50 bar
- 50 –
150 bar
- 150
– 250 bar
- 250
– 300 bar
- More
than 300 bar
End Use
- Construction
Equipment
- Mining
Equipment
- Automotive
- Material
Handling Equipment
- Off
Highway Vehicles
- Processing
Industry
- Chemicals
- Petrochemicals
- Oil
& Gas Refineries
- Others
- Other
Industrial Machinery and Equipment
Region
- North
America
- Latin
America
- Europe
- South
Asia & Pacific
- East
Asia
- Middle
East & Africa
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Competitive Landscape Analysis
The hydraulic gear pumps 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. Top 10
market participants in the hydraulic gear pumps landscape currently account for
more than 30% revenue share and prefer to concentrate on strategic
collaboration agreements with regional leaders in distribution space. New
regional distributorships will enable them to gain a competitive advantage
while introducing new offerings to newer regional markets.
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