Market Overview
Hydraulic gear pumps provide more accurate temperature stabilization, improved fuel economy, and reduced noise as compared to conventional mechanical pumps. Hydraulic gear pumps fully align with the energy efficiency initiatives and in high demand across various industry verticals. They are mainly used in civil engineering and construction, agriculture, industrial vehicles, and other equipment and systems. Market Research Future (MRFR) has published a research report on the global hydraulic gear pumps market and has predicted a CAGR of 4% over the forecast period.
The demand for construction equipment is rising at a torrid pace against the backdrop of the expanding construction industry. The economic upturn in various regions has resulted in increased investment in real estate. Additionally, reconstruction of existing building structures has further resulted in the expansion of the construction industry and in turn, expansion of the hydraulic gear pump market. The growing emphasis on infrastructural development, especially in developing countries, has further broadened the scope of the market.
The increasing level of automation and the use of machinery in the agriculture sector has set a positive tone for the growth of the market. Furthermore, technological advancements in the hydraulic pumps market are likely to influence the market growth considerably.
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On the contrary, the growth of the hydraulic gear pump market might be dampened by various disadvantages associated with them. In spite of being low cost and being able to work with higher levels of contamination, they produce dirt which makes them unsuitable for a number of industrial systems. Moreover, they are not ideal for usage in high-performance systems. Hydraulic gear pump components can easily be replaced with a minimal investment which reduces the demand for new pumps. This too remains a hindrance to the growth of the market.
Global Hydraulic Gear Pump Market – Competitive Analysis
Highly competitive, the hydraulic gear pump market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness the intensified competition.
Major Players:
Players leading the global hydraulic gear pump market include Bosch Rexroth AG (Germany), Eaton Corporation Plc (Republic of Ireland), Linde Hydraulics GmbH & Co. Kg (Germany), Bucher Hydraulics GmbH (Switzerland), Kawasaki Heavy Industries, Ltd(Japan), Parker Hannifin Corp (US), HYDAC(Germany), Dynamatic Technologies Limited (India), Sapricon Hydraulic Industries(India), Marzocchi Pompe S.p.A. (Italy), Gemma Automotive (Turkey), and Daikin Industries, Ltd. (Japan), among others.
Global Hydraulic Gear Pump Market – Segments
The report is segmented into six dynamics;
By Product Type: Internal Gear Pump and External Gear Pump.
By Operating Pressure: < 100 Bar, 100–300 Bar, and Above 300 Bar.
By Vehicle Type: Light Duty Vehicle (LDV), Heavy-Duty Vehicles (HDV), and Material Handling Vehicles.
By Application: Transmission/Clutches, Electrohydraulic Powered Steering, Hybrid Propulsion, Lifting Application, and others.
By Distribution Channel: OEM and Aftermarket.
By Region: North America, Europe, APAC, and the Rest-of-the-World.
Global Hydraulic Gear Pump Market – Regional Analysis
North America leads the global hydraulic gear pump market. The largest market share attributes to the spurring demand from the automotive sector in the region. Besides, the growing agricultural and construction activities in the region increase the hydraulic gear pump market size. Moreover, increased construction spending across various countries fuels market sales. The North American hydraulic gear pump market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global hydraulic gear pump market. Market growth is driven by the burgeoning automotive industry and the availability of innovative technologies. Additionally, the presence of several notable players and increased production capacity in terms of volume and new facilities boost the regional market growth. Countries like India and China hold significant shares in the regional market. The APAC hydraulic gear pump market is anticipated to create a substantial revenue pocket during the predicted period.
Europe also holds a substantial share in the global hydraulic gear pump market. Factors such as the well-established agriculture and automotive industry in the region boost market growth. Moreover, significant R & D investments made by the existing major industry players for product and technology developments fuel the hydraulic gear pump market demand. The European hydraulic gear pump market is estimated to increase at a significant pace during the assessment period.
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