"Increasing Demand for Hydraulic Pumps in Chemical Industry Globally is Driving the Hydraulic Gear Pumps Market"

Globally, the hydraulic gear pumps market is expected to grow with a CAGR of 4.2% during the forecast period from 2021 to 2029, starting from 2020. A hydraulic gear pump is defined as a pump, which has two or more than two impellers that are in a form of toothed wheels that work together. In these types of pumps, flow is produced by moving the fluid in between the two meshing gears teeth. The pumps have very narrow clearance space between the gears, through which the hydraulic liquid is pumped out.

Presently, various industries are adopting hydraulic gear pumps due to their ability to handle fluids that are too viscous for a centrifugal pump. These pumps are useful in industries including petrochemical and chemical industries. Moreover, the ability of these pumps to be controlled easily makes them a useful system for the industrial purpose. Additionally, the increasing demand for hydraulic gear pump from agriculture, industrial and construction sector is a major factor, which is driving the market.  

"Hydraulic Gear Pumps with Construction Industry in Its End User Segment Continue Dominating the Market"

In 2020, the overall hydraulic gear pumps market is led by the construction industry in its end-user segment has more than 28.0% of the market share of the total revenue generated globally. The continuous development in the infrastructure, which includes construction of mall, commercial and residential buildings, offices, and others are a major contributor for the growth of the segment. Additionally, the growing demand of construction equipment for various operations, which includes excavation, earthmoving and material handling & lifting increases the growth of the market.

"North America Dominates the Market by Region"

Hydraulic gear pumps market is led by North America with more than 30% of the market share, based on economic and technological developments in countries such as the US and Canada. The growing construction, agricultural and other industrial activities in this region also fuels the growth of the market. As per US Census Bureau from the year 2011 to 2019, the construction spending rose from US$ 788 Bn to US$ 1,231 Bn. However, Asia-Pacific region is expected to be the fastest-growing market due to increasing demand for automobiles and consumer electronics in the region.

Some of the prominent players operating in the hydraulic gear pumps market include Bosch Rexroth AG, Linde Hydraulics GmbH & Co. Kg, Eaton Corporation Plc, Bucher Hydraulics GmbH, Kawasaki Heavy Industries, Ltd. Dynamatic Technologies Limited, Parker Hannifin Corp , HYDAC, Gemma Automotive, Sapricon Hydraulic Industries, Marzocchi Pompe S.p.A., and Daikin Industries, Ltd.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hydraulic Gear Pumps market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Hydraulic Gear Pumps market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Hydraulic Gear Pumps market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Hydraulic Gear Pumps market?
• Which is the largest regional market for Hydraulic Gear Pumps market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Hydraulic Gear Pumps market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Hydraulic Gear Pumps market worldwide?