Market Overview:
The global hydraulic gear pump market is growing rapidly. The market growth attributes to the burgeoning automotive industry, creating a vast demand for the pumps. Besides, increasing automotive production, alongside the stringent emission norms, and the adoption of advanced technologies, drive market growth. Moreover, the wide-spread usages of gear pumps in LDV, HDV, and material handling vehicles escalate market growth.
According to Market Research Future (MRFR), the global hydraulic gear pump market is projected to reach exponential heights by 2023, growing at approximately 4% CAGR during the anticipated period (2018 – 2023). Augmenting demand for environment-friendly propulsion systems creates significant market demand. Also, rising usages of hydraulic gear pump in earth moving equipment, material handling equipment, agricultural machinery, and construction equipment drive the market sales.
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Additionally, advantages of hydraulic gear pumps, such as improved engine fuel efficiency, accurate temperature stabilization, and reduced emissions & noise compared to mechanical pumps, define the growing landscape of the market. Also, construction equipment for operations such as excavation, earthmoving, and material handling increases the demand for hydraulic gear pumps. Rising productions of cars, trucks, and vehicles with power generating mechanism increase the market size.
Furthermore, infrastructural improvements and the increasing renewable energy sector and demand for energy-efficient solutions complying stringent government regulations for environmental protection worldwide drive the market growth. Conversely, the high costs of these pumps are a major factor forecasted to hamper market growth. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.
Global Hydraulic Gear Pump Market – Segments
The report is segmented into six dynamics;
By Product Type : Internal Gear Pump and External Gear Pump.
By Operating Pressure: < 100 Bar, 100–300 Bar and Above 300 Bar.
By Vehicle Type : Light Duty Vehicle (LDV), Heavy Duty Vehicles (HDV), and Material Handling Vehicles.
By Application : Transmission/Clutches, Electrohydraulic Powered Steering, Hybrid Propulsion, Lifting Application, and others.
By Distribution Channel: OEM and Aftermarket.
By Region : North America, Europe, APAC, and the Rest-of-the-World.
Global Hydraulic Gear Pump Market – Regional Analysis
North America leads the global hydraulic gear pump market. The largest market share attributes to the spurring demand from the automotive sector in the region. Besides, the growing agricultural and construction activities in the region increase the hydraulic gear pump market size. Moreover, increased construction spending across various countries fuels market sales. The North American hydraulic gear pump market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global hydraulic gear pump market. Market growth is driven by the burgeoning automotive industry and the availability of innovative technologies. Additionally, the presence of several notable players and increased production capacity in terms of volume and new facilities boost the regional market growth. Countries like India and China hold significant shares in the regional market. The APAC hydraulic gear pump market is anticipated to create a substantial revenue pocket during the predicted period.
Europe also holds a substantial share in the global hydraulic gear pump market. Factors such as the well-established agriculture and automotive industry in the region boost market growth. Moreover, significant R & D investments made by the existing major industry players for product and technology developments fuel the hydraulic gear pump market demand. The European hydraulic gear pump market is estimated to increase at a significant pace during the assessment period.
Global Hydraulic Gear Pump Market – Competitive Analysis
Highly competitive, the hydraulic gear pump market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness an intensified competition.
Major Players:
Players leading the global hydraulic gear pump market include Bosch Rexroth AG (Germany), Eaton Corporation Plc (Republic of Ireland), Linde Hydraulics GmbH & Co. Kg (Germany), Bucher Hydraulics GmbH (Switzerland), Kawasaki Heavy Industries, Ltd(Japan), Parker Hannifin Corp (US), HYDAC(Germany), Dynamatic Technologies Limited (India), Sapricon Hydraulic Industries(India), MarzocchiPompe S.p.A. (Italy), Gemma Automotive (Turkey), and Daikin Industries, Ltd. (Japan), among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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Market Research Future (MRFR) in the new report on the Global Hydraulic gear pump Market 2020, states determiners and restrains on the market.
Besides, increasing automotive production, alongside the stringent emission norms, and the adoption of advanced technologies, drive market growth.
Augmenting demand for environment-friendly propulsion systems creates significant market demand.Additionally, advantages of hydraulic gear pumps, such as improved engine fuel efficiency, accurate temperature stabilization, and reduced emissions & noise compared to mechanical pumps, define the growing landscape of the market.
Also, construction equipment for operations such as excavation, earthmoving, and material handling increases the demand for hydraulic gear pumps.
Global Hydraulic Gear Pump Market – Competitive Analysis Highly competitive, the hydraulic gear pump market appears fragmented due to the presence of several well-established players.
Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness an intensified competition.
APAC Hydraulic Gear Pump Market to Register Highest Growth in FutureHydraulic gear pumps provide more accurate temperature stabilization, improved fuel economy, and reduced noise as compared to conventional mechanical pumps.
They are mainly used in civil engineering and construction, agriculture, industrial vehicles, and other equipment and systems.
Market Research Future (MRFR) has published a research report on the global hydraulic gear pumps market and has predicted a CAGR of 4% over the forecast period of 2018 to 2023.The demand for construction equipment is rising at a torrid pace against the backdrop of the expanding construction industry.
Additionally, reconstruction of existing building structures has further resulted in the expansion of the construction industry and in turn, expansion of the hydraulic gear pump market.
The growing emphasis on infrastructural development, especially in developing countries, has further broadened the scope of the market.The increasing level of automation and the use of machinery in the agriculture sector has set a positive tone for the growth of the market.
This too remains a hindrance to the growth of the market.SegmentationThe global hydraulic gear pump market has been segmented based on vehicle type, product type, operating pressure, application, and distribution channel.By vehicle type, the hydraulic gear pump market has been segmented into light-duty vehicles, heavy duty vehicles, and material handling vehicles.By product type, the hydraulic gear pump market has been segmented into external gear pump and internal gear pump.By operating pressure, the hydraulic gear pump market has been segmented into less than 100 Bar, 100–300 Bar, and above 300 Bar.By application, the hydraulic gear pump market has been segmented into hybrid propulsion, transmission/clutches, electrohydraulic powered steering, and lifting application.By distribution channel, the hydraulic gear pump market has been segmented into original equipment manufacturer (OEM) and aftermarket.Regional AnalysisBy region, the hydraulic gear pump market has been segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).The global market was led by North America in 2017, and its dominance is expected to continue a similar growth pattern throughout the forecast period.
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