Industry insights
The global hydraulic pump market size was estimated to be USD 7,894 million in 2016 and is expected to grow over the forecast period driven primarily by the growth in mobility and industrial market. In addition, growing demand for environment friendly products with minimum emission of CO2 and minimum energy consumption is projected to provide further growth impetus.
Global hydraulic pump market revenue, by application, 2014 - 2025 (USD Million)
Growth in the automobile industry that uses the hydraulic pump in cars, trucks and other vehicles as a power generating mechanism shall propel the demand over the next few years. Usage of hydraulic pumps in excavators, cranes, loaders, tractors, vacuum trucks, dump trucks, and other such vehicles that are extensively used in construction and industrial sector will also present growth opportunities.
Buoyed by properties such as fire resistance and corrosion free,and coupled withflourishing industrial and construction segment, hydraulic pump market is expected to grow over the forecast period. However, resilient competition fromlow-cost manufacturersis expected to be among the growth restraints over the forecast period.
Segmentation by Types
• Gear
• Vane
• Piston
Gear pump accounted the maximum revenue share of over 50% in the year 2016 followed by vane and piston pump. Gear pumps are less expensive owing to simple design and ease of construction moreover, maintenance cost and breakdowns vis-à-vis other types of hydraulic pumps is much lesser.
Piston pumps are expected to be the fastest growing segment owing to high efficiency, reliability and high pressure. Piston pumps are also used as Oil recovery pump in some parts of UAE, Kuwait and Iraq which is further expected to grow the market of hydraulic piston pumps.
Segmentation by Application
• Mobility
• Industrial
Mobility was the highest revenue generating segment of the total market accounting for 56.46% of revenue share in the year 2016. The mobility segment is expected to show promising growth as compared to industrial segment owing to thelarge-scale use of hydraulic pumps in mining, agriculture, and constructionactivities.
The industrialsegment accounted forthe remaining market share and is expected to surgeover the forecast period owing to increasing use of hydraulic pumps in industries that involveheavy and repetitive work.
Segmentation by region
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Central & South America
• Middle East and Africa
North America, Europe, and Asia Pacific are the primary market by region for this Industry. North America is the leading market for hydraulic pumps, followed by Asia-Pacific and Europe as second and third largest revenue generating regions accountingfor over one-third andone-fifth of market revenue share in the year 2016.
Growing agriculture and construction sector in India and China is expected to boost the market for hydraulic pumps over the forecast period 2017-2024.High demand for quality products and cost-effective solution is expected to propel market growth in Central and South America.
The Middle East region accounted nearly 30% of world oil production in 2014 and adding further, increase in use of artificial pumping system in countries like Saudi Arabia, UAE, and Iran to extract more oil from the reservoir will add to the growth of the hydraulic pumps industryover the coming years.
Competitive landscape
The global hydraulic pump market is highly competitive and is expected to grow over the forecast period. With technological advancement, product innovation, and product extensions the competition is further expected to get intensified.
The leading vendors in the market are Bosch Rexroth AG, Daikin, Eaton, Kawasaki Heavy Industries, Parker Hannifin Other prominent vendors in the industry include Bailey International, Donyang Mechatronics, Feintool International, KYB, Moog and Toshiba Machine.
