Global Hydraulic Pumps Market - Segmented by Type (Gear, Vane, Piston, Screw), End-user Vertical (Construction, Mining, Agriculture Machinery, Oil and Gas, Chemicals and Petrochemicals, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)
The Hydraulic Pumps Market has been valued at USD 9.79 billion in 2017 and is expected to register a CAGR of 3.7% during the forecast period (2018 - 2023) to reach USD 12.29 billion by 2023. The scope of the report covers the various types of motors used in hydraulic applications offered by various vendors in the market.
Pump technology has had a long history associated with the industrial development of the worldwide economy. Today, pumps are used in a very wide variety of end markets such as mining, agriculture, construction and industries, such as food, pharmaceutical, and oil & gas. The infrastructural developments, automation across industries, such as manufacturing and automotive and increase in construction activities globally will drive the growth prospects for hydraulic pumps until the forecast period.
In addition to this, government regulations focused towards reduction of CO2 emission and increased awareness about energy saving has led to the expansion of this market. With the costs of energy steadily rising, energy consumption is playing a more significant role than ever in the total cost of machine operation. As a result, the hydraulics industry is demanding energy efficient solutions that also meet stringent government regulations for environmental protection. The advent of technically advanced Variable Frequency Drive (VFDs) and pump systems has helped in cutting energy usage by up to 70% depending on the machine duty cycle. This can help significantly reduce operating costs.
However, high cost of manufacturing is a major challenge faced by the players operating in the market. Nevertheless, increasing pace of infrastructural improvement and increasing demand for renewable energy offers promising opportunity for players in the hydraulic pump market. Moreover, up-gradation of existing machinery would also provide lucrative business opportunity to the players. Moreover, technological developments have led to traditional mechanical pumps, both oil pumps and water pumps, evolving into infinitely variable flow versions, via hydraulic or electronic control, thereby, offering power savings, improved engine fuel efficiency, more accurate temperature stabilization, and overall reduced emissions and noise.
Construction Sector to significantly drive the use of Hydraulic Pumps
Hydraulic pumps, particularly gear pumps are largely used in the construction industry. Extensive application of construction equipment in operations, such as excavation, earth-moving, and lifting and material handling is expected to drive the market for construction equipment. In both developed, as well as developing countries, manufacturers are increasing their investments in machine tools to enhance their production processes and systems. The maturity of both of these markets will help the construction sector and hydraulic systems throughout the next few years. Rise in construction activities coupled with increased construction spending across various countries is contributing in advancing the market. For instance, in the United States, according to the US Census Bureau, the construction spending rose from USD 788 billion in 2011 to USD 1231 billion in 2017.
With this rise in construction spending in the country, the construction equipment market also propelled which includes equipment, such as hauling, hosting, earth moving, conveying, pumping, and dewatering equipment.
Key Developments in the Market
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