According to the Market Statsville Group (MSG), the global hydraulic pump market size is expected to grow from USD 8,465.9 million in 2021 to USD 13,190.4 million by 2030, at a CAGR of 4.7% during the study period 2022 to 2030. The need for hydraulic pumps is driven by the increased construction activities worldwide, rising automobile sales, and increased use in the mining industry. Furthermore, government regulations focus toward the reduction of CO2 emissions and increase public awareness regarding energy conservation. Such factors are expected to provide growth opportunities in the hydraulic pump market during the forecast period. Further, the growing investment in R&D by major players coupled with advancing technologies will create lucrative opportunities for the market's growth over the forecasting period.
Global Hydraulic Pump Market Definition
Hydraulic pumps form a mechanical power source that converts mechanical power into hydrostatic energy or hydraulic energy. Such pumps maintain the flow with enough power to overcome pressure induced by load at the pump outlet.
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The key factor impacting the growth of the hydraulic pump market is the growth of the application industries. Hydraulic pumps have a huge application in the construction, mining, and automotive industries. Additionally, there is an increase in industrialization and urbanization in developing countries such as India and China. These countries are in a phase of rapid industrialization due to increasing population. This has led to a surge in consumer needs for products accelerating the growth of end-use industries.
The mining industry plays a vital role in the economic growth and development of a country. Numerous reserves are waiting to be discovered, but there are insufficient tools and equipment to complete the task properly. Some of the tools employed are ineffective. Hydraulic mining, on the other hand, is not a new concept. Hydraulic jacks, for example, have played an important role in modern underground mining. Similarly, the mining rotary breaker has shown to be quite helpful in breaking up large chunks of earth that could otherwise obstruct underground mining. In both on-surface and underground mining processes, such pieces of equipment break down impediments to enable easier access to the working area.
A hydraulic pump is a complicated mix of science, technology, engineering, and chemistry. There are two different kinds of hydraulic pumps; the rotary vane pump and the radial siston pump. There is a multitude of difficulties to be aware of when it comes to valve pumps and radial siston pumps.
Some of them are:
All these problems usually arise with the use of a hydraulic pump and thus it ends up in high maintenance costs. There may be different reasons for these problems to arise.
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The study categorizes the hydraulic pump market based on component, waste type, method, and application at the regional and global levels.
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Based on type, the global hydraulic pump market is divided into gear pump, vane pump, piston pump, and others. In 2021, The gear pump segment is expected to hold the largest share in the global market during the forecast period. Hydraulic gear pumps have been utilized in various applications due to their adaptability, simple design, ease of operation, and diversity.
Hydraulic gear pumps are directly tied to rising demand for industrial equipment from a wide range of industries. Throughout the projection period, the market for hydraulic gear pumps will be fueled by rising need for user-friendly pump solutions coupled with proper fitment. Moreover, it has huge application in the building and construction industries. Building and construction operations that are flourishing in both developed and developing economies are expected to generate significant demand for high-quality equipment.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global hydraulic pump market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is estimated to hold the highest CAGR in the global hydraulic pump market during the forecast period.
Rising industrialization and strict laws by government bodies to restrict carbon emissions will fuel the growth of the Asia pacific hydraulic pumps market. Asia-Pacific consists of China, India, South Korea, Australia, Japan, and the rest of Asia-pacific. The growth of Asia-Pacific hydraulic market owes to high growing construction industry. With the increase in population and urbanization, industrialization is taking fast pace. Hydraulic pumps are used in various construction equipment which are cost effective and saves a lot of time as compared to traditional equipment. They help reduce fuel consumption, hence reducing CO2 emissions. Additionally, governments are taking initiatives for both construction and CO2 emission reduction.
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The global hydraulic pump market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
Major players in the global hydraulic pump market are: