Hydraulic Pump Market is expected to garner US$ 14.9 billion by 2028 and is expected to grow at a CAGR of 6.1 % from 2021 to 2028. Hydraulic pump works on the principle of displacement. It converts mechanical energy into hydraulic power or hydrostatic pressure. During hydraulic pump operations, the vacuum created at the pump inlet forces the liquid from the reservoir into the pump’s inlet line. The mechanical force enables the delivery of liquid towards pumps outlet and forces it into hydraulic system thereafter. Hydraulic pumps are used in hydraulic power transmission systems for industrial and mobile applications. In industrial applications, such pumps are used in injection molding machines, material handling, conveyors, forklifts, foundries, slitters, presses (shear, stamping, or bending), lifts, mixers, pallet jacks, steel mills, and others.
Global Hydraulic Pumps Market Dynamics
Increasing industrial and infrastructure activities in construction, increasing sales of automobiles and mining industry around the world raises the demand of hydraulic structures and devices for different executions. Furthermore, the government regulations for the reduction of CO2 emission and awareness towards energy saving led to the expansion of global hydraulic market. Hydraulic pumps basically execute two tasks. First, they generate vacuum at the entrance which results in circulation of fluid from reservoir to pump exit under power from atmospheric force. Second, the fluid pump is forced to exit through pump automatically which is attached to the hydraulic structure. The major challenges faced by the players in the market is due to high cost of manufacturing. Increasing infrastructural development and demand for more renewable energy offers rising opportunity for the hydraulic pump market players. Furthermore, upgrading the existing machinery will provide worthwhile business opportunity for the market players.
Global hydraulic pump market is segmented based on product, type, application and geography. On the basis of type. Based on product type, it is categorized into gear pump, vane pump and piston pump. Gear pumps dominated the market throughout however piston market would expect fast growth market due to increasing demand of high-pressure areas applications like mining. Market by application comprised of mobile and industrial applications. Industrial applications will grow at faster pace due to hydraulic pumps demand in manufacturing industry. Mobile application segment include construction, agriculture, mining, others. The pump used in various application areas differ in terms of material, operating pressure, temperature and frequency. On the basis of geography, Hydraulic pump market is divided into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia pacific estimated as a dominant market for the growth of hydraulic pump market due to huge utilization of hydraulic pumps in this region. Moreover, the hydraulic pump market is expected to increase in oil & gas, construction, and mining industries such as China, India, Africa.
The major key players involved in the hydraulic pump market are Bosch Rexroth Ltd., 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 among others.
Hydraulic pump market is segmented into product, type, application, and geography.
The major key players involved in the hydraulic pump market are;