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.
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Hydraulic pumps industry has been extensively studied by MRFR analysts, and in order to provide the best possible insight have segmented it into type and application.
The main types of hydraulic pumps are axial piston pump, gear pump, and others. The segments on the basis of ‘others’ are vane pumps, screw pumps and radial piston pumps. In 2018, in the lead was the market for gear pumps as these types are quite easy to operate, affordable and require less maintenance.
Application-wise, the hydraulic pump market caters to industrial and mobile. Between these two segments, the highest advancement rate will be observed by the mobile segment during the evaluation period.
APAC/Asia Pacific, Europe/EU, North America and MEA/the Middle East and Africa along with the RoW/Rest of the world are the primary markets for hydraulic pumps.
The APAC market can continue being the global leader throughout the conjectured period, mainly since the region attracts massive investments from prominent vendors. The increased spending has also meant a rising number of construction activities in emerging countries like China and India. The APAC market growth is also warranted by the escalating sales of automobiles coupled with the rising use of hydraulic pumps in the mining industry. On top of this, governments across the region impose regulations aiming to bring down the CO2 emission level while various countries are gradually becoming more aware about energy saving, which is leading to further market expansion.
The North American market is thriving at present and can continue to do so throughout the review period, as a result of the increasing uptake of hydraulic pumps in the automotive and manufacturing industries. The flourishing housing industry along with the rapid growth of the agriculture sector in the United States can translate to higher revenue generation in the regional market.
In the EU market, the rampant demand for processed minerals in the industrial sector has resulted in a higher need for advanced hydraulic pumps. These pumps are being increasingly deployed in construction, agriculture and manufacturing industries, thereby benefitting the market. Interestingly, the MEA market for hydraulic pumps can gain steady impetus in the following years, on account of the rising technical innovations in the energy and power industry.
Some of the top contenders highlighted in the market study are Casappa (Italy), HAWE (Germany), Hydac (Germany), Daikin (Japan), Nachi-Fujikoshi (Japan), Bucker Hydraulics (Germany), Bosch Rexroth (Germany), Moog, Inc. (US), Concentric (Sweden), Parker Hannifin (US), Eaton Corporation Plc (Ireland), Kawasaki (Japan), to name a few.
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