Market Overview
The global hydraulic pumps market is expected to reach $8.3 billion by 2032, registering a CAGR of 6.30% from 2023 to 2032. The market is driven by the growth of the construction, mining, agriculture, and automotive industries. Hydraulic pumps are used in a wide range of applications in these industries, including excavators, cranes, tractors, loaders, and forklifts.
The market is segmented by product type, application, and region. By product type, the market is divided into gear pump, vane pump, and piston pump. Gear pumps are the most widely used type of hydraulic pump due to their low cost and simple design. Vane pumps are also popular, as they are more efficient than gear pumps at high speeds. Piston pumps are the most expensive type of hydraulic pump, but they offer the highest performance and efficiency.
The increased global construction activity, rising automobile sales, and increased use in the mining industry are driving the demand for hydraulic pumps. During the forecast period, such factors are expected to drive profitable growth in the hydraulic pump market. Increased construction activity and rising construction spending in various countries drive the market. Furthermore, the industry is expected to grow by approximately 35% by 2030, reaching a total value of $5.8 trillion.
Government regulations aimed at lowering CO2 emissions and raising energy conservation awareness have led to this market's growth. With energy costs steadily rising, energy consumption now plays a larger role than ever in the total cost of machine operation. As a result, the hydraulics industry is looking for energy-saving solutions. The global population growth has increased in obese people linked to genetic factors associated with type 2 diabetes.
Market segmentation
Furthermore, the rise in the number of patients with type 1 diabetes is expected to provide the market with new growth opportunities, boosting the hydraulic pump market share during the forecast period of 2027. During the forecast period, research for aerosolised insulation that aids in inhalation or oral insulation, as well as the availability of hydraulic-producing pumps and stem cell explanations, are likely to aid the market with growth opportunities and positive attributes. As a result, the Medtronic hydraulic pump market share is expected to increase significantly and position itself as one of the dominant market players during the forecast period.
Regional analysis
The coronavirus pandemic halted the production of many items in the hydraulic pump industry due to the lockdown in key global countries. This resulted in the re-starting of hydraulic pump companies at full capacity, assisting the industrial hydraulic pumps market size to recover by the beginning of 2022. Moreover, major key players are implementing strategic moves such as acquisition and business expansion to strengthen their market position.
For instance, in January 2021, Danfoss acquired Artemis Intelligent Power Ltd., which is expected to increase its manufacturing of digital displacement pumps globally. Digital displacement is a low-carbon emission technology in the industrial and construction sectors.
Recent developments:
- Gardner Denver High-Pressure Solutions will launch its new, next-generation, cost-effective Hydraulic Fracturing Pump Fluid End in April 2020. (VX). The lightweight VX is intended for use with the larger and heavier Gardner Denver SGWS fluid end.
- HOMA PumpenfabrikGmbh, a submersible pump manufacturer, unveiled a new submersible hub in June 2019 to reduce dead flow zones and prevent clogging.
- In June 2019, one of the market's companies, Allegro Funds, agreed to invest in Questas Group, a company founded more than 20 years ago that provides hydraulic, irrigation, pump, and engineering solutions to the mining, construction, agricultural, and general industrial sectors.
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