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Hydraulic pumps are the mechanical devices that convert mechanical power into hydraulic energy or hydrostatic energy. Such pumps generate strong flow with enough power to overcome the pressure induced by load at the pump outlet. By this, it creates a vacuum at the pump inlet, which forces liquid from the reservoir into the pump’s inlet line, and thereby mechanical action of pump delivers this liquid to the pump outlet and forces it into the hydraulic system. They are used in hydraulic power transmission systems for industrial and mobile applications. Also, they are used in injection molding machines, material handling, conveyors, forklifts, lifts, mixers, steel mills, and others. They are mainly used in water and water infrastructure; thereby, the hydraulic pump market is gaining pace in recent years.
Based on type, the market is classified as a piston pump, gear pump, vane pumps, and others. Gear pumps are likely to dominate the global hydraulic pump market during the forecast period. The major factor leading to its domination is its lower cost and compatibility of these pumps to work with a large number of fluids as compared to other pumps. Also, it has a simple operation mechanism, requires less maintenance, and is most commonly preferred by end-users.
Based on the application, the market is segmented into construction, mining, agriculture, automotive, oil and gas, and others. The construction and mining segment is expected to hold the highest market owing to the large requirement of these pumps in these industries for various applications ranging from water capture to removal of logged water.
The key market driver for the hydraulic pump market is the growth in the automotive, construction, and mining industry in which these pumps are used extensively while performing the various operations. The other factors driving the market include higher demand for the production of renewable energy, especially through upgrading the existing hydraulic equipment for hydropower, rising dependency of water supplying utilities on hydraulic pumps, rising need for water, and wastewater infrastructure and growing demand from food and beverage industries.
The key market restraint is the high cost of maintenance incurred for pumps after their installation. The replacement of small parts of pumps and steps to maintain efficiency incur high costs. Another factor that hinders market growth is its complex functionality of hydraulic pumps.
Key Market Driver -
Growth of application industries such as automotive, construction and mining.
Key Market Restraint -
High cost of maintainance and parts replacement.
Some of the major companies in the hydraulic pump market include Actuant Corporation, Bailey International LLC, Bosch Rexroth India Limited, Bondioli&Pavesi, Bucher Hydraulics, Casappa S.p.A., Toshiba Machine Pvt.Ltd.,Dynamatic Technologies Limited, Danfoss, Parker Hannifin, HAWE Hydarulik, Linde Hydraulics, and Hydac International GmbH.
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The global hydraulic pumps market is studied across the different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to lead the market due to the growth of the construction and mining industries. The specific operations performed include the building of infrastructure, mining of metals, and minerals where the hydraulic pumps are employed on a larger scale. Also, the shale gas production using hydraulic fracturing technique has been on higher demand in the region. Asia Pacific region is expected to hold a significant share of the global hydraulic pump market during the forecast period, owing to the increase in wastewater treatment on a large scale in countries like Japan, India, and China. Also, the growing investments in construction activities in the emerging nations, including Southeast Asian countries, is the other factor driving region growth. Europe is also expected to witness healthy growth in the near future due to the development in the automotive industries in Germany and other sectors like food and beverages. The shifting trend towards renewable energy also opens up further opportunities for the market fo these pumps in various countries in Europe. Latin America and Middle East & Africa are expected to witness a rise in the market share with increasing industrialization and a rise in the water-based activities used on an industrial and commercial level. The growth in the petroleum refining capacity of regions also will drive the hydraulic pump adoption.
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