New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Hydraulic pumps Market Research Report Information by Region, Application, and Type - Forecast Till 2030”, the global Hydraulic pumps market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 6.25%. The reports further project the market to attain a valuation of around USD 14.83 billion by the end of 2030.
Hydraulic pumps Market Overview:
The global market for Hydraulic pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in population across the globe. Furthermore, the increase in the number of patients who have type-1 diabetes is also considered a vital aspect supporting the expansion of the market.
Competitive Analysis
The listing of the prominent leaders across the global market for Hydraulic pumps includes players such as:
- Eaton Corporation PLC
- Actutant Corporation
- Danfoss Power Solutions
- Bailey International LLC
Hydraulic Pumps Market USP Covered
Market Drivers
The global market for Hydraulic pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rise in population across the globe. Furthermore, the increase in the number of patients who have type-1 diabetes is also considered a vital aspect supporting the expansion of the market.
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Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the lack of awareness related to hydraulic pumps. Furthermore, the low spending power or the price not matching their budget is also considered one of the crucial parameters impeding the market performance. In addition, the availability of cheaper yet qualitative alternatives is also likely to restrict the market's growth over the assessment period.
Hydraulic Pumps Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Hydraulic pumps market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Hydraulic Pumps Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 70.33 billion |
| CAGR during 2022-2030 | 12.65% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Application |
| Key Market Opportunities | Growing demand from the food & beverage industry |
| Key Market Drivers | Rising need for water and wastewater infrastructure |
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Hydraulic Pumps Market Segment Analysis
Among all the application areas, the oil & gas segment is anticipated to ensure the top spot across the global market for hydraulic pumps over the assessment period. The main aspect causing a rise in the segment's performance is the rising production levels across major economies such as the U.S., China, Russia, and Saudi Arabia, followed by mining and architecture. On the other hand, the automotive application segment is anticipated to showcase the maximum growth rate over the assessment timeframe, given mainly the growing number of electric vehicles being launched in the global market. Hydraulic pumps are highly utilized for transferring liquids or slurries from one vessel to another as well as for pumping out water from tanks or vessels at a desired rate. They are also utilized where high flow rates with low head loss are needed, such as in oil & gas exploration activities and mining sites.
Hydraulic Pumps Market Regional Analysis
The global Hydraulic pumps market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
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The research reports by MRFR suggest that the Asia-Pacific region is predicted to hold the top position across the global Hydraulic pumps market over the assessment years. The main parameter supporting the development of the regional market is the massive expansion in the agriculture sector. Agriculture is placing the most substantial demands on water in Asia and the Pacific, mainly due to rising populations. Furthermore, the rapid urbanization across the region is another crucial parameter enhancing the performance of the regional market. Moreover, factors such as growing domestic use, rising industrial & energy applications, and groundwater for farming are also anticipated to positively influence the performance of the regional market over the coming years. Approximately 80% of Asia's freshwater is utilized to irrigate crops, much of which is used ineffectively. Hydraulic pumps use lesser moving parts through the mechanical and electrical systems. Therefore, they become more straightforward to maintain. The water flow can be sped up, stopped, or slowed down using simple controls, which becomes easy for farmers.
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