Hydraulic Pumps Market Analysis:
Hydraulic Pumps Market is expected to grow at a global CAGR of 6.25% and reach a final market value worth USD 14.83 billion by the end of the forecast period in 2028.
Top Drivers and Main Deterrents
Businesses worldwide have been facing revenue loss and disruptions in supply chains since the COVID-19 outbreak, which gave way to global lockdown, quarantine, factory shutdowns, and more. With SARS-CoV-2 impacting various sectors such as construction works, project developments, travel and tourisms and manufacturing, raw materials like coal and oil have been witnessing a drop in demand worldwide, while the prices have fallen drastically. This has led to delays in new projects in the oil and gas, construction and various other industries, leaving a debilitating impact on the hydraulic pumps market. With the demand for oil and gas going down following the pandemic, the demand for pumping equipment has also massively weakened among end-users. As the novel coronavirus hit the global economy, the number of development projects in gas, energy and oil segments reduced, which could only mean slower growth for the hydraulic pumps market.
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KEY COMPANIES PROFILED
- Bosch Rexroth (Germany)
- Eaton Corporation Plc (Ireland)
- Parker Hannifin (US)
- Kawasaki (Japan)
- HAWE (Germany)
- Hydac (Germany)
- Moog, Inc. (US)
- Bucker Hydraulics (Germany)
- Daikin (Japan)
- Concentric (Sweden)
- Casappa (Italy)
- Nachi-Fujikoshi (Japan).
Growing Demand from the Food Beverage Industry
Hydraulic pumps are mechanical power sources that convert mechanical power into hydraulic or hydrostatic energy. Such pumps keep the flow going with enough power to overcome the pressure caused by the load at the pump outlet. The vacuum formed at the pump inlet drives the liquid from the reservoir into the pump's inlet line during hydraulic pump operation. The mechanical force allows the liquid to be delivered to the pump's outlet and then forced into the hydraulic system. Hydraulic pumps are utilized in industrial and mobile hydraulic power transmission systems.
The rising demand for water and wastewater infrastructure in the Asia Pacific, as well as the expanding demand from the food and beverage industry internationally, are the primary factors driving the hydraulic pumps market. According to the Indian government, a sewage treatment facility was inaugurated in December 2018 in the Indian city of Cuttack, Odisha, in conjunction with the Japan International Cooperation Agency, Tokyo. This plant necessitates the usage of hydraulic pumps for fluid transfer, hence propelling the worldwide hydraulic pumps market.
Regional Analysis
APAC to Lead the Global Market
Due to increased investments in construction activities in emerging nations such as India and China, Asia Pacific held the highest share of the hydraulic pumps market. According to the National Mining Association, processed minerals utilized in industries such as construction, manufacturing, and agriculture were valued at USD 630 billion in 2017. The fluid transfer is the principal application area of hydraulic pumps in such industries. Such factors are projected to drive the Asia Pacific hydraulic pumps market. Agriculture is putting the most strain on water resources in Asia and the Pacific, as expanding populations, fast urbanization, and energy, industrial, and domestic consumption have depleted water supplies. The majority of Asian countries rely heavily on groundwater for agriculture. Around 80% of Asia's freshwater is utilized to irrigate crops, with much of it being wasted. It is projected to boost the expansion of hydraulic pumps since they help to increase productivity tremendously through convenience and accuracy of control. Hydraulic pumps have fewer moving components than mechanical and electrical systems. They become simpler and easier to manage as a result. Water flow can be sped up, slowed down, or halted using simple controls, making it simple for farmers. Since outdated system design is one of the problems limiting irrigation performance in APAC, it presents an opportunity for the growth of hydraulic pumps.
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Market Segmentation
The global hydraulic pumps market has been segmented based on type and application.
On the basis of type, the global hydraulic pumps market has been segmented into gear pumps, axial piston pumps, and others. The others segment contains radial piston pumps, vane pumps, and screw pumps. The gear pump segment ruled the market and held the largest market share in 2018. Gear pumps are easy to operate and economical as well as they involve less maintenance.
On the basis of application, the global hydraulic pumps market has been segmented into mobile and industrial. The mobile segment of the global hydraulic pumps market is projected to register the highest growth rate during the forecast period.
