Global Gear Pump Market is Expected to Reach USD 2.32 Billion by 2025
Posted by Marsh William on October 26th, 2018
26 October 2018, The global Gear Pump Market size is projected to reach USD 2.32 billion by 2025. The growth is driven by increasing scope of application in construction, automotive, and agriculture industries. In addition, growth of oil and gas industry is expected to be a key factor driving the market, especially in U.S. and the Middle Eastern countries. Gear pump is predominantly used for displacement, transfer, and extraction of fluids in the oil and gas industry.
Technological advancements play a strategic role in fostering demand for gear pumps in different industries. Various innovations, such as development of double gear pumps with minimal number of parts and axial gauge, are reducing the production cost while increasing the process reliability.
The integrated adaptive systems use computer assisted manufacturing, which increases the production quality and reduces the production time. For instance, Sumitomo Electric Industries, Ltd. designed Parachoid and Megafloid motors for improving efficiency of gear pumps. The advent of high-efficiency internal rotors has increased the efficiency and reliability of industrial operations.
External gear pump held 80.09% of the total market share in 2017. These are widely used as oil pumps in engines and as lubrication pumps in machine tools and fluid power transfer units. Favorable government policies in India and China to encourage investments in petrochemical and agrochemical production are expected to open new growth avenue over the forecast period.
Oil and gas segment led the global market in 2017 and is projected to expand at the highest CAGR of 4.4% during the forecast period. To meet the growing demand for oil, many companies are adopting techniques, such as microbial Enhanced Oil Recovery (EOR), CO2 injection, and thermal injection among others to increase oil production. This trend is expected to boost demand for technological advanced gear pump over the forecast period.
Browse Details of Report @ https://www.hexaresearch.com/research-report/gear-pump-market
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About the AuthorMarsh William
Joined: August 11th, 2017
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