Hydraulic Pump Market – Overview
The global hydraulic pump market is anticipated to witness massive growth during the forecast period (2021 to 2031). The pump technology has had a long association with the industrial development of the worldwide economy. Pumps are employed in a wide range of end sectors, including construction, mining, agriculture, pharmaceutical, and oil & gas.
The growth of the construction, automotive, and mining industries, where hydraulic pumps are widely employed in a variety of operations, is expected to drive the worldwide hydraulic pump market during the forecast period.
Moreover, the global hydraulic pump market is likely to gain from increased demand for renewable energy production, particularly through the upgrade of existing hydraulic equipment for hydropower, growing demand for water and wastewater infrastructure, and rising demand from the food and beverage industries.
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Hydraulic Pump Market – Competitive Landscape
Key players in the global hydraulic pump market report include Bosch Rexroth AG, Enerpac Tool Group Corp., Bucher Industries AG, Bailey International LLC, Danfoss AS, Eaton Corporation PLC, Oilgear, Parker Hannifin Corporation, Dynamatic Technologies Ltd, and Toshiba Machine Co., Ltd.
The global hydraulic pump market is competitive and diverse, owing to the existence of a significant number of regional and international vendors around the world. Numerous manufacturers are progressively working on improving the efficiency of hydraulic pumps in order to grow their services and consumer base. Moreover, these players are actively aiming to expand their market position through mergers and acquisitions and expansion activities. For example, Danfoss acquired Artemis Intelligent Power Ltd. in January 2021, which is expected to enhance its global manufacturing of digital displacement pumps. Digital displacement is a low-carbon technology that has applications in the industrial and construction sectors.
Hydraulic Pump Market – Trends and Opportunities
The global hydraulic pump market is projected to benefit from an increase in construction activity and growing construction spending in various countries. Hydraulic pumps, especially gear pumps, are widely employed in the construction industry. The extensive use of construction equipment in activities such as lifting, excavation, earth-moving, and material handling is likely to boost the use of construction equipment. Manufacturers in both developed and emerging nations are raising their spending on construction equipment to improve their manufacturing processes and systems. This is expected to benefit the construction industry and hydraulic systems in the coming years.
Moreover, high investments in water and wastewater treatment infrastructure are expected to provide growth opportunities in the global hydraulic pump market. Governments in developing countries in Africa and Asia, particularly in India, China, and South Africa, are stepping up efforts to enhance access to safe drinking water in urban and rural regions. With increased government investments and activities, the demand for hydraulic pumps is expected to skyrocket in the future years.
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Hydraulic Pump Market – Regional Landscape
Asia Pacific is likely to contribute significantly to the hydraulic pump market. Agriculture is putting the most pressure on water resources in Asia and the Pacific, as rising populations, rapid urbanization, and increased energy, industrial, and household usage have depleted water supplies. Many Asian countries heavily rely on groundwater for farming. About 80% of Asia's groundwater is used to irrigate crops, with the majority of it being squandered. This is expected to expand the growth of hydraulic pumps as they help boost productivity tremendously through ease of use and accuracy of control.
Hydraulic pumps have fewer moving parts than mechanical and electrical systems. As a result, they become easier and simpler to manage. Farmers can easily speed up, slow down, or halt the flow of water by using simple controls. Since outmoded system design is one of the causes restricting irrigation performance in APAC, it provides an opportunity for hydraulic pump expansion.
The hydraulic pump market in North America is expected to grow due to the expansion of the construction and mining industries. Hydraulic pumps are used on a larger scale in building infrastructure and mining metals and minerals. In addition, shale gas production via hydraulic fracturing technology has been in strong demand in the region.
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