Market Research Future (MRFR), in its latest “Hydraulic Gear Pump Market” report, details growth boosters and limitations of the market. MRFR analysis states that the growing application of hydraulic gear pumps and control valves in the construction industry is expected to propel the global hydraulic gear pump industry growth. The worldwide market of hydraulic gear pumps is expected to expand at 4% CAGR in the assessment period (2018 to 2023). Hydraulic pumps are experiencing traction for agriculture and engineering applications, which is anticipated to add momentum to the market. Inclination of people towards modern décor are creating the need for refurbishment. Thus, surge in construction activities can impel the hydraulic gear pump market 2020 growth.
The segmental analysis of the global hydraulic gear pump market is based on product type, vehicle type, application, operating pressure, and distribution channel. The indispensable segmental insights of the market aid investors in the identification of the hydraulic gear pump market growth opportunities.
The vehicle type-based segments of the hydraulic gear pump market are heavy duty vehicles, light-duty vehicles, and material handling vehicles. The increase in transportation activities can gain considerable traction for hydraulic gear pumps, which can impel the market growth.
The product type-based segments of the hydraulic gear pump market are internal gear pump and external gear pump. The need for sturdy pumps in the construction industry can expedite the market expansion in the assessment period.
The operating pressure-based segments of the market are 100–300 Bar, less than 100 Bar, and above 300 Bar. The increased application of above 300 bar hydraulics can contribute to the market expansion.
The application-based segments of the market are transmission or clutches, hybrid propulsion, lifting application, and electro-hydraulic powered steering. The lift application segment is expected to generate considerable revenue as hydraulic gear lifts are extensively used for constructional activities.
The distribution channel-based segments are aftermarket and original equipment manufacturer (OEM). The presence of several OEMs and effective aftermarket services can thrust the hydraulic gear pump market.
In 2017, MRFR recorded the North America hydraulic gear pump to hold the largest portion of the global market. Over the years, the demand for sturdy and fail-safe automobiles has increased, which has resulted in the growing sales of hydraulic gear pumps. Hence, the regional market is expected to maintain its hegemony through the study period. The presence of a substantial number of construction machinery producers are likely to contribute to the expansion of the regional market.
The existence of numerous key players in Europe and their effective innovations are expected to contribute significantly to the hydraulic gear pump market upsurge. The high-quality product offered by EU vendors at affordable price range due to ease of raw material availability can drive the regional market. The rapid expansion of the hydraulic gear pump market in the Asia Pacific can be attributed to the increased number of construction activities. The rise in oil exploration activities can propel the market in the MEA region.
The prominent players functioning in the global hydraulic gear pump market are Bosch Rexroth AG (Germany), Linde Hydraulics GmbH & Co. Kg (Germany), Kawasaki Heavy Industries, Ltd(Japan), Eaton Corporation Plc (Republic of Ireland), Parker Hannifin Corp (US), Bucher Hydraulics GmbH (Switzerland), HYDAC(Germany), Dynamatic Technologies Limited (India), Gemma Automotive (Turkey), Sapricon Hydraulic Industries(India), Daikin Industries, Ltd. (Japan), Marzocchi Pompe S.p.A. (Italy), and others. The expansion of the global hydraulic gear pump market is likely to be caused due to the introduction of high-value innovations by players in the market. Strategies adopted by them are dedicated to server long-term goals and generate revenue that can aid them to stay ahead of the market growth curve.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.