Industry Insights
The global gear pump market size was valued at USD 1.67 billion in 2017. It is estimated to expand at a CAGR of 4.2% over the forecast period. The market will witness high demand from oil and gas, automotive, chemical, and construction among other end-use sectors.
Global gear pump market, by application, 2015 - 2025 (USD Billion)
Demand from oil and gas sector is a key growth contributor given the scale of deployment. Gear pumps are widely used in extraction, transfer, and displacement of fluids in oil and gas industry. Moreover, growth in production and new rig establishments will spur the demand over the next few years.
For instance, world’s production of oil was estimated to be more than 4.0 billion metric tons in 2017 and Middle East accounted for approximately one-third of it. U.S. and Saudi Arabia are world’s leading oil-producing countries and each of them contributed around 12.0% of the global oil production in 2017. While, Russia accounted for 13% of total oil production. Growth of the sector and extensive usage of gear pumps are projected to boost the market in near future.
Segmentation by Product Type
• Internal
• External
External accounted for 80.09% of the global gear pumps market share in 2017. These are widely used as lubrication pumps in machine tools and in fluid power transfer units. They are also used as oil pumps in engines. Favorable government policies in India and China to increase investment in petrochemical and agrochemical production are expected to open new avenue for the segment over the forecast period.
Internal gear pumps are mostly used for transferring thin liquid, such alcohol, solvent, resins and polymers, and fuels. They are also used for transferring asphalt, tar, and bitumen. Growing paints, pigments, and ink industries in South Korea, India, and China can further fuel the demand in the forthcoming years.
Segmentation by Application
• Construction
• Automotive
• Chemicals
• Agriculture
• Oil & Gas
• Pulp & Paper
• Food & Beverages
• Others
Oil and gas segment led the global gear pump market accounting for 19.5% of the overall share in 2017. The product is widely used for hot water injection, transfer of oil to storage tank, and for diluent injection process to introduce a thinning agent used to improve the flow of crudes through the pipelines.
Increasing tight oil production in U.S., Canada, and Saudi Arabia is expected to fuel the demand over the forecast period. To extract tight oil, various Enhanced Oil Recovery (EOR) techniques are used. Increasing adoption of EOR extraction techniques is expected to provide growth opportunity for the market in near future.
Construction sector is expected to experience a significant growth in foreseeable future. Hydraulic gear pumps are widely used in construction equipment. In construction industry, they are used in material handling, earth moving, excavation, and lifting equipment. Increasing adoption of technologically advanced material handling equipment, such as excavator, earth mover, and hydraulic lifts, to reduce lead time and enhance productivity is expected to augment the product demand.
Segmentation by Region
• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Central and South America
• Middle East and Africa
Asia Pacific accounted for a higher revenue share in 2017 and is expected to witness high investment in construction sector on account of increasing spending capacity. Furthermore, growing automotive manufacturing is expected to propel the product demand.
North America market is anticipated to expand at a considerable CAGR during the forecast years. The growth can be attributed to the factors, such as an upsurge in industrial and mobility market. Furthermore, rising demand for eco-friendly products with minimal energy consumption and harmful emissions is expected to further propel regional market.
Competitive Landscape
Companies focus on technological advancements, new product developments, and market expansion to increase product sales and to sustain the competition. For instance, Parker Hannifin Corp. is offering precision-engineering solutions for industrial and mobile applications. In addition, the company announced the launch of PGP130 series of fixed displacement external gear pumps, which are suitable for low space areas and for transferring high-pressure fluid in segments, such as mining, oil and gas, and construction.
Major companies operating in the global gear pumps market include Eaton Corp.; Bosch Rexroth AG; Kawasaki Heavy Industries, Ltd.; Haight Pumps; Viking Pump, Inc.; Parker Hannifin Corp.; Tuthill; Albany Pumps; Roper Pump Company, Inc.; Pompe Cucchi S.r.l; DESMI; PSG; SPX FLOW; Daido Machinery Corporation; and VARISCO S.r.l.
Most of these companies are engaged in designing and manufacturing positive displacement pumps for various industries. For instance, Eaton started manufacturing gear pumps for aerospace industry in 1960s. The company today supplies its product to a broad range of industrial and mobile applications, which need a quiet operation, higher pressure, and others features.
