Hydraulic Gear Pumps Market Size - By Product Type, By Operating Pressure, By Technology, By Price Range, By End Use, By Sales Channel Analysis, Share, Growth Forecast, 2024 - 2032
Report ID: GMI12499
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Published Date: December 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 180
Countries covered: 22
Pages: 220
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Hydraulic Gear Pumps Market
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Hydraulic Gear Pumps Market Size
The global hydraulic gear pumps market size was valued at USD 2.2 billion in 2023 and is estimated to grow at a CAGR of over 5.9% from 2024 to 2032. The demand for hydraulic gear pumps forms a part of the machinery and equipment industry and is predominantly catered to the construction, agriculture, oil and gas, chemicals and petrochemicals among others industry. This market’s consumers are more focused on their performance reliability, durability, and efficiency and such factors as operating pressure, technology used, and eventually cost of ownership are taken into account during purchases’ making.
The market for hydraulic gear pumps began to gain pace during the second half of the twentieth century with the introduction of advanced hydraulic systems that transformed the performance of machines and productivity levels. In the last few decades, the market has experienced acceleration because of the escalating infrastructure development and industrialization which fostered the need for automation and heavy-duty equipment. Modern material science, energy efficient systems, IoT-enabled predictive maintenance are in constant innovation, and the performance indicators set in this development assure the focus on sustainability is present.
Hydraulic Gear Pumps Market Trends
The hydraulic gear pump sector is in the midst of a change where internet technologies and smart applications redefine their products for improved system performance and reliability. With the integration of tools that enhance connectivity, real-time monitoring, diagnostics and data on the performance can be carried out, subsequently easing maintenance and minimizing high costs associated with downtime. This is of great value in sectors such as logistics and manufacturing which operate around the clock.
Energy efficiency is now at the center of innovations in the hydraulic gear pumps market. With stringent environmental parameters set to be adhered to and the need to minimize the operational expenditure, manufacturers are creating energy efficient pumps that can be used without compromising the output. One example is Eaton’s variable displacement pump, which only puts out what is actually needed, minimizing wastage and overall consumption. Also highlighting the industry’s ability to minimize their impact are the increasing use of sustainable materials and biologically degradable hydraulic parts.
Hydraulic Gear Pumps Market Analysis
The market for hydraulic gear pumps is growing steadily due to increasing levels of activity across the oil and gas, chemicals, construction, agriculture and logistics industries. Furthermore, the performance of hydraulic systems needed for infrastructure facilities especially in emerging markets operated have dramatically increased. Hydraulic Pumps have also become indispensable in present automated machines used for agriculture, material handling etc.
However, difficulties relating to the supply side such as increased cost of raw materials, issues with global supply chains and the high cost of adopting new technologies have impacted negatively upon the expansion of the market. These challenges are being countered by manufacturers who are creating more intelligent designs that use less energy, and utilizing the Internet of Things to make equipment more reliable and reduce downtime which helps to alleviate some of the pressures.
Faced with pressure, countries are delivering measures that strengthen local production and innovation support. Moreover, workforce training programs are especially being implemented to address the skills gap affecting precision manufacturing. Such measures are enabling a conducive environment to be created for the future supply of the global hydraulic gear pump ecosystem. These investments will help meet the increasing global demand for shocks and assist in the construction of a robust and resilient system.
Based on product type, the hydraulic gear pumps market from internal gear pump segment surpassed USD 1.2 billion in 2023 and is estimated to grow at a CAGR of around 6.3% from 2024 to 2032, due to their performance qualities and adaptability to various industrial applications. Comparing internal gear pumps to external gear pumps, it can be observed that manufacturers of the latter tend to offer a much rougher and noisier performance. As such, these components are not suitable for various industries such as the manufacturing, automotive, and chemical processing industries which place great emphasis on the need for quiet and accurate operations. What is more, their use as specialization in lubrication systems and food processing equipment can be enhanced by their capacity to work with highly viscous fluids.
Based on the operating pressure, the below 150 bar segment held around 26% share of the hydraulic gear pumps market in 2023 and is anticipated to reach USD 900 by 2032. The below 150 bar segment serves various light-duty applications in the agricultural, material handling, and small industrial machinery verticals. Presently, this segment is gaining growth primarily due to its low cost and the reasonable pressure and flow rate requirements. Particularly in developing countries where price sensitivity is high and sophisticated hydraulic systems are not a prerequisite, this segment has considerable penetration.
Furthermore, this segment will continue to have consistent demand with the emerging development of Small and Medium Size Enterprises in the developing countries. However, competition from efficient, compact designs of pumps in the medium pressure range would also continue to prevail.
In terms of the country, the U.S. hydraulic gear pumps market reached USD 400 million in 2023 and is estimated to grow at a CAGR of over 5.9% from 2024 to 2032. Hydraulic gear pumps are mostly assembled in the United States as a result of enduring industrial infrastructure, frequent application of heavy machinery and a strong pipeline across the construction, agriculture and multifarious sectors, making the country the largest economy in the region spearheading infrastructure investments. This is made easily achievable by the Infrastructure Investment and Jobs Act that seeks to repair and redefine public and private infrastructure for billions of dollar.
North America: Canadian market for hydraulic gear pumps grew a rate of around 5% through 2032.
Canadian has dominating market growth, compared to USA, of CAGR in hydraulic gear pumps due to improved investments in infrastructure along with adaption of natural resources and more advancement in agriculture practices Forward-looking on Federal policy Canada aims to boost investment in infrastructure facilities by multi billion dollars plan known as “Investing in Canada Plan”, this plan requires increased in demand for construction equipment that utilizes hydraulic systems. Moreover, During Canada’s resource boom aging population pushed durable as well as energy-efficient hydraulic pumps for high-tech applications despite harsh conditions during mechanical construction. In other machinery ventures, agricultural policies are also targeting at mechanization and forming strong demand for hydraulic gear pumps in farm machinery high.
Europe: In 2023, the Europe hydraulic gear pumps market accounted for approximately 19% revenue share and is expected to grow at a CAGR of around 4% during the forecast period.
In terms of structure which is a large focus of Canada and Australia, Europe is also set to become a market ready to strengthen the demand for industrial automation, renewable energy projects, and advanced manufacturing technologies, all of which will come with a significant growth in construction and farming, lower energy rates, and new sustainable manufacturing. As a result, Europe will become the next main consumer of hydraulic gear pumps providers as always, thanks to the EU green deal economic and other frameworks measures offered by the European commission in a form for example for Research and Development.
Furthermore, the strong automaker and airplane industries in the area have started using hydraulic gear pumps for both their engineering machinery and high-performance use cases. The combination of investment in infrastructure in both Western and Eastern Europe, together with the need for intelligent automation manufacturing systems means the market is going to take advantage of a boost in technology and policy growth.
Asia Pacific: The Asia Pacific hydraulic gear pumps market accounted for over 40% revenue share in 2023 and is expected to increase with an 4.5% CAGR in the forecast period.
This trend is especially prominent in the Asia Pacific region, which accounts for a considerable portion of the hydraulic gear pump market with a robust share, due to its swift industrial development, large construction works and the increased use of mechanical equipment in agricultural and industrial practices. Major contributors to this trend include countries such as China and India, because they are heavily investing in building infrastructure. As an illustration, China’s ‘Belt and Road’ initiative encourages various construction works over different countries, therefore, construction equipment hydraulics systems have high demand. So too India’s Smart Cities Mission and rural electrification projects require high lift pumps. The use of hydraulic systems is also essential to the cultivation sector as it encourage the mechanization of agriculture increasing yields with the use of modern equipment like tractors and harvesters.
Furthermore, the region’s robust competitive manufacturing structure aids it in retaining its market position. There are several manufacturers based in the Asia Pacific which make cheap hydraulic gear pumps for the domestic and export markets. In the context of South Korea and Japan, who have sophisticated manufacturing processes, they manufacture energy-efficient and long-lasting hydraulic systems that meet international standards. There are more construction projects in Southeast Asia and an increase in mining projects in Australia and Indonesia, so there is a greater need for powerful hydraulic solutions.
Hydraulic Gear Pumps Market Share
In 2023, key companies like Bosch Rexroth, Bucher Hydraulics, Concentric AB, Daikin Industries, Kawasaki Heavy Industries, and others, held a combined market share of 15-20%.
Companies are making substantial investments in research and development to create advanced hydraulic gear pumps that meet the evolving demands of industry.
Hydraulic Gear Pumps Market Companies
Major players operating in the hydraulic gear pumps industry are:
Hydraulic Gear Pumps Industry News
This hydraulic gear pumps market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, By Operating Pressure
Market, By Technology
Market, By Price Range
Market, By End Use
Market, By Sales Channel
The above information is provided for the following regions and countries: