Increasing Demand for Hydraulic Pumps in the Chemical Industry Globally is Driving the Hydraulic Gear Pumps Market
Globally, the hydraulic gear pumps market is expected to grow with a CAGR of 4.2% during the forecast period from 2019 to 2027, starting in 2018. A hydraulic gear pump is defined as a pump that has two or more impellers that are in the form of toothed wheels that work together. In these types of pumps, flow is produced by moving the fluid in between the two meshing gear teeth. The pumps have a very narrow clearance space between the gears, through which the hydraulic liquid is pumped out.
Presently, various industries are adopting hydraulic gear pumps due to their ability to handle fluids that are too viscous for a centrifugal pump. These pumps are useful in a variety of industries, including the petrochemical and chemical industries. Moreover, the ability of these pumps to be controlled easily makes them a useful system for industrial purposes. Additionally, the increasing demand for hydraulic gear pumps from the agriculture, industrial, and construction sectors is a major factor that is driving the market.
Hydraulic Gear Pumps with the Construction Industry in Their End User Segment Continue Dominating the Market
In 2018, the overall hydraulic gear pumps market was led by the construction industry in its end-user segment, which accounted for more than 28.0% of the market share of the total revenue generated globally. The continuous development of the infrastructure, which includes the construction of malls, commercial and residential buildings, offices, and others, is a major contributor to the segment's growth. Additionally, the growing demand for construction equipment for various operations, which include excavation, earthmoving, and material handling and lifting, increases the growth of the market.
North America Dominates the Market by Region
The hydraulic gear pump market is led by North America, with more than 30% of the market share, based on economic and technological developments in countries such as the US and Canada. The growing construction, agricultural, and other industrial activities in this region also fuel the growth of the market. As per the US Census Bureau, from 2011 to 2017, construction spending rose from US$ 788 billion to US$ 1,231 billion. However, the Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for automobiles and consumer electronics in the region.
Some of the prominent players operating in the hydraulic gear pumps market include Bosch Rexroth AG, Linde Hydraulics GmbH & Co. KG, Eaton Corporation Plc, Bucher Hydraulics GmbH, Kawasaki Heavy Industries, Ltd., Dynamatic Technologies Limited, Parker Hannifin Corp., HYDAC, Gemma Automotive, Sapricon Hydraulic Industries, Marzocchi Pompe S.p.A., and Daikin Industries, Ltd.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The hydraulic gear pumps market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global hydraulic gear pump market based on vehicle type, end-user type, operating pressure, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report
What was the market size of hydraulic gear pumps in 2018, and what is the forecast up to 2027?
Which is the largest regional market for the end user of the construction industry?
What are the major trends followed in the hydraulic gear pump market across different regions?
Who are the key hydraulic gear pump companies leading the market?
What are the key strategies adopted by the leading hydraulic gear pump companies on the market?
Unique data points of this report
Statistics on hydraulic gear pump penetration and spending worldwide
Recent trends across different regions in terms of the adoption of hydraulic gear pumps by various industries
Notable developments are going on in the hydraulic gear pump market.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Hydraulic Gear Pumps Market is expected to reach US$ XX Bn by 2027.
The Hydraulic Gear Pumps Market is expected to see significant CAGR growth over the coming years, at 4.2%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Bosch Rexroth AG, Linde Hydraulics GmbH & Co. KG, Eaton Corporation Plc, Bucher Hydraulics GmbH, Kawasaki Heavy Industries, Ltd., Dynamatic Technologies Limited, Parker Hannifin Corp. are some of the major players in the global market.
