NEWARK, Del, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Global Hydraulic Gear Pumps Market is projected to reach US$ 1.95 billion by the end of 2023. According to market analysts, US$ 3 billion is expected to be generated between 2023 and 2033.
Hydraulic Gear Pumps can be made more durable and longer-lasting by using advanced materials, such as composites and alloys. A higher emphasis on environmental sustainability may be placed on Hydraulic Gear Pumps in the future. Research and development could reduce the environmental impact of hydraulic systems by developing eco-friendly, biodegradable hydraulic fluids.
Along with regulations and emission standards, Combined Automotive Fleet Emissions Requirements (CAFE) also play an important role in driving the market for this equipment in the region. Various agreements have been entered into by manufacturers in order to meet the new standards. Technology plays a critical role in supporting gear pump demand in numerous industries. Increasing construction industries and new developments will lead to an increase in demand over the next few years.
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Hydraulic Gear Pumps could be designed and manufactured using additive manufacturing techniques. Performance and efficiency could be improved with intricate geometries and optimized internal structures. The design of Hydraulic Gear Pumps may evolve in the future to add flexibility and efficiency to electrical or pneumatic systems. Increasing interest in hybrid and alternative power sources is driving this trend.
Adding smart technologies, sensors, and data analytics to Hydraulic Gear Pumps could improve their performance and reliability. Optimizing pump operation and preventing failures could be made easier with predictive maintenance and real-time monitoring. Hydraulic systems face the constant challenge of reducing noise. Among the advanced noise-reduction techniques that may be incorporated into future Hydraulic Gear Pumps is the enhancement of internal flow dynamics and the implementation of dampening technologies.
Key Takeaways from this Market Report:
- Hydraulic Gear Pumps are estimated to reach a market size of US$ 2.54 billion by 2032.
- Based on type, external gear pumps are expected to dominate the market through 2033.
- By 2030, Hydraulic Gear Pumps with 150 - 250 psi will account for a third of total sales.
- From 2023 to 2033, the market for the construction industry is anticipated to grow at a steady pace.
- A significant portion of hydraulic gear pump sales will be generated in the United States.
“Compact designs and technologically advanced equipment are expected to drive hydraulic gear pump demand in the near future. Growth in the construction industry and investments in the oil and gas industry are likely to boost demand,” - says an analyst at FMI.
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Competitive Landscape:
Strategic partnerships, new products, and product launches are the keys to success in the hydraulic gear pump market. As part of the manufacturer's efforts to launch new products and increase market share, it invests heavily in the development of new materials.
- In February 2023, Kobelco unveiled the SK350LC-11 excavator. As with the previous models of the -11 series, this new machine follows Kobelco Performance by Design to deliver superior performance, greater efficiency, and more productivity.
Know More about What the Hydraulic Gear Pumps Market Report:
Future Market Insights offers an unbiased analysis of the global hydraulic gear pump market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Hydraulic Gear Pumps market, the market is segmented based on type, operating pressure, and end-use industry type across six major regions.
Global Report Coverage:
| Attribute | Details |
| Market Size Value in 2023 | US$ 1.95 billion |
| Market Forecast Value in 2033 | US$ 3 billion |
| Global Growth Rate | 4.4% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | MT for Volume and US$ million for Value |
| Key Regions Covered |
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| Key Countries Covered |
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| Kay Segments Covered |
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| Key Companies Profiles |
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Global Market Segmentation:
By Type:
- External Gear Pumps
- Internal Gear Pumps
By Operating Pressure:
- Upto 15 bar
- 15-50 bar
- 50-150 bar
- 150-250 bar
- 250-300 bar
- More than 300 bar
By End Use:
- Construction Equipment
- Mining Equipment
- Automotive
- Material Handling Equipment
- Off Highway Vehicles
- Processing Industry
- Chemicals
- Petrochemicals
- Oil & Gas Refineries
- Others
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient Market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the Market. It discloses opportunities that will favor the Market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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