Market Research Future published a research report on “Hydraulic Pumps Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Market Synopsis
Market Research Future (MRFR) asserts that the hydraulic pumps market 2020 can expect to touch USD 11.6 billion by 2024. The market’s estimated growth rate can be 6.01% from 2019 to 2024 (considered to be the appraisal period). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Top Drivers and Main Deterrents
Businesses worldwide have been facing revenue loss and disruptions in supply chains since the COVID-19 outbreak, which gave way to global lockdown, quarantine, factory shutdowns, and more. With SARS-CoV-2 impacting various sectors such as construction works, project developments, travel and tourisms and manufacturing, raw materials like coal and oil have been witnessing a drop in demand worldwide, while the prices have fallen drastically. This has led to delays in new projects in the oil and gas, construction and various other industries, leaving a debilitating impact on the Hydraulic Pumps Market. With the demand for oil and gas going down following the pandemic, the demand for pumping equipment has also massively weakened among end-users. As the novel coronavirus hit the global economy, the number of development projects in gas, energy and oil segments reduced, which could only mean slower growth for the hydraulic pumps market.
However, hydraulic pumps continue to observe high demand in the industrial set up for applications in material handling, foundries, mixers, conveyors, steel mills, presses, lifts, forklifts, pallet jacks, injection molding machines, slitters, and more. Also, the rampant need for water along with the growing demand for better waste water infrastructure especially in Asia Pacific can be huge opportunities for prominent market firms worldwide. Besides, the accelerated demand for these pumps in the food & beverage sector could also benefit the global market.
The extensive application scope in automobiles, advancing construction industry and the rise in crude oil drilling are also acting in favor of the hydraulic pump market. The continuously rising demand for sustainable equipment and the fact that water supplying utilities are largely dependent on hydraulic pumps has an incredible impact on the market. MRFR has further focused on the major trends in the worldwide market, one of which includes the rising preference for robot operated hydraulic actuator, which consumes the energy supplied by the hydraulic pump that mostly helps the control systems to function on the basis of the situation. Sensing the potential of this trend, companies are increasingly launching advanced actuators with more features in a bid to gain a higher market position.
For instance, in July 2020, Cowan Dynamics launched an expanded E2H series of electro-hydraulic linear valve actuator. This actuator now features emergency shut-down/ESD; remote diagnostics as well as data logging and off/on or modulating service, among others.
Key Players
The key players of the global hydraulic pumps market are Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Parker Hannifin (US), Kawasaki (Japan), HAWE (Germany), Hydac (Germany), Moog, Inc. (US), Bucker Hydraulics (Germany), Daikin (Japan), Concentric (Sweden), Casappa (Italy), and Nachi-Fujikoshi (Japan).
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Market Segmentation
The hydraulic pumps market has been segmented based on type into gear pump, axial piston pump, and others (radial piston pump, vane pump, and screw pump). Among these types, axial piston pump segment is the fastest growing segment in the hydraulic pumps market due to the high efficiency of the axial piston pumps and the rising use in high pressure applications in industries, such as construction, oil & gas, and mining, globally. Moreover, a large number of market players are investing in the development of axial pump product because of their huge demand. Such factors are likely to raise the demand of axial piston pumps, globally.
Regional Overview
The hydraulic pumps market has been segmented based on type into gear pump, axial piston pump, and others (radial piston pump, vane pump, and screw pump). Among these types, axial piston pump segment is the fastest growing segment in the hydraulic pumps market due to the high efficiency of the axial piston pumps and the rising use in high pressure applications in industries, such as construction, oil & gas, and mining, globally. Moreover, a large number of market players are investing in the development of axial pump product because of their huge demand. Such factors are likely to raise the demand of axial piston pumps, globally.
Table of Content
- Global Hydraulic Pumps Market Overview
- Manufacturers Profiles
- Global Hydraulic Pumps Sales, Revenue, Market Share and Competition by Manufacturer
- Global Hydraulic Pumps Market Analysis by Regions
- Global Market Segment by Type
- Global Hydraulic Pumps Market Segment by Application
- Hydraulic Pumps Market Forecast (2020-2025)
- Sales Channel, Distributors, Traders and Dealers
- Appendix
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