The hydraulic pump market is expected to grow at a CAGR of more than 5.0% during the forecast period 2022-2028. A hydraulic pump is used to convert mechanical energy into fluid power energy. The hydraulic pumps are available into different types are per their designs which include gear pump, piston pump, screw pump, vane pump, and other pumps. Every pump has its advantage and disadvantages according to which they are used in various applications such as lift, lowering, open, close, or rotate to a component in mobile or industrial applications.
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The construction equipment industry is expected to provide a significant market to the hydraulic pump market during the forecast period. Construction equipment includes excavators, backhoe, bulldozers, graders, loaders and so others. Hydraulic pumps are used in these construction equipment to move the attachments fitted to the equipment. Increasing adoption of construction equipment in building and construction activities especially in the emerging economies such as India, China, and Brazil are also motivating the market growth.
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Moreover, the continuous increasing demand for metal and other natural resources is also augmenting the demand for construction equipment all across the globe. For instance, steel production is growing at a modest growth rate each year. Steel production has increased to 1,816 million tons in 2018 as compared to 1,560 million tons in 2012. Even the coal thermal power plants are decreasing in Europe and North America, global coal production is increasing with a modest growth rate. As per BP plc, the global coal production has increased to 8,012 million tons in 2018 as compared to 7,491 million tons in 2016.
Other than the construction equipment hydraulic pumps find applications in various sectors. For instance, the Electro-Hydraulic Pump (EHP) is finding significant new applications. These are designed for hybrid electric and all other electric mobile applications. EHP has electric motors that are directly coupled to a hydraulic pump controlled by a high performance mobile hardened drive.
Some of the major companies operating in the hydraulic pump industry include Bosch Rexroth AG, Eaton Corporation Plc, Danfoss A/S, Parker Hannifin Corp., Daikin Industries Ltd, Kawasaki Heavy Industries Ltd, TOKYO KEIKI Inc., and Bucher Hydraulics GmbH. These companies are adopting various growth strategies including mergers & acquisitions, product launches, and partnerships & collaborations to gain a competitive edge in the global market. An impact of the COVID-19 has been registered on the hydraulic pump market which is also covered in the report.
Global Hydraulic Pump Market- Segmentation
By Type
- Gear Pump
- Piston Pump
- Screw Pump
- Vane Pump
- Other Pump
By Application
- Construction Equipment
- Industrial Machinery
- Oil & Gas
- Automotive
- Other
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