Hydraulic gear pump sales continue to grow strong with the construction industry’s growth, sustained automobile sales, and adoption by mining industry operators. A recent Future Market Insights (FMI) study projects a steady growth outlook for the global hydraulic gear pumps market, reaching the valuation of US$ 2.5 Bn at the end of the forecast period (2010 – 2030).
Greater emphasis on upgrading existing pump models to enhance their energy efficiency quotient will mark an important trend in the hydraulic gear pumps market. High manufacturing costs however remain a longstanding challenge limiting the rapid growth of the hydraulic gear pumps market, says the FMI study.
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However, due to the COVID-19 crisis, several production facilities are shuttered and workforce shortages prevail. This scenario is further complicated by undersupply of raw materials and supply chain disruptions. Moreover, the direct impact of the halted progress of all end-use industries is negatively impacting the growth of the hydraulic gear pumps market.
Hydraulic Gear Pumps Market Outlook & Key Findings
The 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 are 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 solutions from various end-users, as hydraulic gear pumps are having relatively high maintenance costs that lead to increased 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 the global marketKey Takeaways of Hydraulic Gear Pumps Study
External gear pumps will be the top-selling category through 2030 Sales remain concentrated in East Asia and Europe A third of total sales will be accounted by hydraulic gear pumps with an operating pressure of 150 – 250 towards the end of 2030 End users are inclined towards specialist distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet specific demands of customersRequest a Complete TOC of this Report with figures:
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Material handling equipment plays a vital role in lean supply chain management and it is gaining traction owing to the evolving outlook of transportation and logistics across the globe. Manufacturers of hydraulic gear pumps thus need to align their product offerings with the changing material handling equipment requisites.
Increasing Adoption in Agriculture and Forestry Equipment
The agriculture sector is also a significant end-user shaping up the market for hydraulic gear pumps. The demand is expected to increase for 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.
Hydraulic Gear Pumps Market: Taxonomy
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 PumpsOperating Pressure
Up to 15 bar 15 – 50 bar 50 – 150 bar 150 – 250 bar 250 – 300 bar More than 300 barEnd-Use
Construction Equipment Mining Equipment Automotive Material Handling Equipment Off-Highway Vehicles Processing Industry Chemicals Petrochemicals Oil & Gas Refineries Others Other Industrial Machinery and EquipmentRegion
North America Latin America Europe South Asia & Pacific East Asia Middle East & AfricaCompetitive 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 a medium to a 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 the 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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Know More About the Report Coverage
The research report analyzes the total sales of Hydraulic Gear Pumps based on volume (Th. units) and value (US$ Mn). The market is projected based on factors such as Rising Construction Spending, Growth in Material Handling Equipment Industry, Increasing Automotive Production and Fleet Scenario, Swelling Demand for Oil & Gas, Consumption of Chemicals, COVID-19 Crisis Impact and Automation in Agricultural Activities. The scope of the research report includes the sales of Hydraulic Gear Pumps used in Construction Equipment, Mining Equipment, Automotive, Material Handling Equipment, Off-Highway Vehicles, Processing Industry and Other Industrial Machinery and Equipment. As per our research scope, we have considered the External Gear Pumps and Internal Gear Pumps.
For detailed insights on how the market growth will unfold over the following years, write to press@futuremarketinsights.com