Market Segments Analysis and Opportunities 2024
Posted by Marvila022 on March 26th, 2020
Hydraulic pumps convert mechanical motion and force into hydraulic fluid power. These pumps are mostly powered by electricity or gas, although air-and hand-driven pumps are also used. Hydraulic pumps form an important component of any machining equipment and are responsible for precision of machine and its efficiency. Any small defects can hamper the performance of the entire system. Hence, a wide range of materials are used to manufacture hydraulic pumps to minimize wear and provide optimum performance. Various plastics, steel alloys, and synthetic rubbers are used in the fabrication of hydraulic pumps. Polymers and high-strength alloys are used in high-pressure systems. The rising use of hydraulic pumps in excavators, loaders, vacuum trucks, dump trucks, cranes, tractors, and other vehicles in industrial and construction sectors will be an opportunity in the global Hydraulic Pumps Market.
On the basis of application, the market is segmented as mobile and industrial. The mobile segment is estimated to dominate the market during the forecast period due to the large-scale use of hydraulic pumps in agriculture, mining, and construction activities. Moreover, the growing agricultural and construction activities in Asia-Pacific and the Middle East & Africa regions have boosted the demand of hydraulic pumps for mobile applications.
The global hydraulic pumps market is expected to grow at ~ 6.01% CAGR during the forecast period.
The key players of the global hydraulic pumps market are 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), and Nachi-Fujikoshi (Japan).
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This report provides an in-depth analysis of the global hydraulic pumps market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the hydraulic pumps market by its type, application, and by region.
The hydraulic pumps market has been segmented based on type into gear pump, axial piston pump, and others (radial piston pump, vane pump, and screw pump). Among these types, axial piston pump segment is the fastest growing segment in the hydraulic pumps market due to the high efficiency of the axial piston pumps and the rising use in high pressure applications in industries, such as construction, oil & gas, and mining, globally. Moreover, a large number of market players are investing in the development of axial pump product because of their huge demand. Such factors are likely to raise the demand of axial piston pumps, globally.
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