Rockville, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global hydraulic gear pump market is valued at US$ 1.95 billion in 2023 and is projected to reach a valuation of US$ 3 billion by the end of 2033.
Hydraulic gear pumps are essential for converting mechanical power into hydraulic energy, powering the movement of heavy machinery and equipment. They play a central role in a wide range of applications across various sectors, including manufacturing, construction, agriculture, automotive, aerospace, and more.
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Ongoing and planned infrastructure development projects worldwide, including road construction, building, and utility upgrades, necessitate the use of heavy machinery powered by hydraulic gear pumps. This factor is significantly driving the hydraulic gear pump market growth. The resurgence of manufacturing sectors in several countries is also boosting the demand for hydraulic gear pumps. These pumps are crucial in various manufacturing processes, from metalworking to plastics production.
The agricultural sector is increasingly embracing advanced farming equipment. Modern hydraulic gear pumps in the agriculture sector are contributing to higher productivity. The growth of renewable energy projects, such as wind turbines and solar panel installations, relies on hydraulic systems powered by gear pumps. The growing shift towards cleaner energy sources is also boosting the sales of hydraulic gear pumps.
Hydraulic gear pumps are integral to the aerospace and defense sector, powering landing gears, control surfaces, weapon systems, and more. Advancements in these manufacturing units directly boost hydraulic gear pump sales.
| Report Attribute | Details |
| Value Projection (2033) | US$ 3 Billion |
| Growth Rate (2023-2033) | 4.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 67 Tables |
| No. of Figures | 251 Figures |
Key Takeaways from Market Study
- The global hydraulic gear pump market is forecasted to expand at a CAGR of 4.4% from 2023 to 2033.
- Hydraulic gear pump demand in North America is driven by growing infrastructural investments in planned projects, manufacturing resurgence, and the expanding renewable energy sector.
- Europe is a hub for hydraulic gear pump manufacturing, driven by strong industrial demand, green initiatives, and automotive manufacturing.
- Asia Pacific is experiencing rapid infrastructure development and industrial growth, fuelling hydraulic gear pump sales.
“Integration of digital control systems and the Internet of Things (IoT) in hydraulic gear pumps facilitating remote monitoring, predictive maintenance, and real-time data analysis”, says a Fact.MR analyst.
Winning Strategy
Leading manufacturers of hydraulic gear pumps are striving for innovation, product differentiation, and sustainability. Companies such as Parker Hannifin, Eaton Corporation Plc, Bucher Hydraulics Gmbh, and KYB Corporation are notable competitors, driving growth through technological advancements, global expansion, and strategic collaborations. Moreover, smaller and new manufacturers are also gaining prominence by offering niche solutions and addressing specific industry demands.
- In August 2023, Concentric AB, a major supplier of fluid power and flow control systems for various industries, introduced a CAD download tool developed in collaboration with CADENAS PARTsolutions. This tool aligns with Concentric's commitment to offering customized hydraulic solutions, expediting design engineers' time to market, and enhancing the customer experience.
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Country-wise Analysis:
The sales of hydraulic gear pumps in the United States, Germany, and Japan are primarily driven by expanding infrastructure development projects, manufacturing, and the adoption of automation and cutting-edge technologies, according to this thorough study by Fact.MR, a market research and competitive intelligence provider.
Why are manufacturers of hydraulic gear pumps thriving in the US?
"The Heart of America's Manufacturing Units: Hydraulic Gear Pumps"
The need to replace deteriorating infrastructure is motivating major investment in infrastructure projects in the United States. As a result, there is an increase in demand for hydraulic gear pumps, which are crucial components of machinery used in construction and maintenance.
Hydraulic gear pumps are essential to many production processes, and the manufacturing industry is growing again in the United States. The need for hydraulic gear pumps is anticipated to rise over the next ten years as industries develop and advance.
How are Hydraulic Gear Pump Sales Expanding in Germany?
"Research on Sustainable Hydraulic Gear Pumps"
Germany is renowned for having great engineering and manufacturing capacities. Because they are essential parts of production machinery, hydraulic gear pumps are in high demand due to the nation's industrial prowess.
The adoption of energy-efficient hydraulic gear pumps is also a result of Germany's dedication to sustainability and environmentally friendly technologies. These pumps efficiently support the nation's environmental objectives.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hydraulic gear pump market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (external, internal), operating pressure (up to 15 bar, 15 to 50 bar, 50 to 150 bar, 150 to 250 bar, 250 to 300 bar, more than 300 bar, and end use (construction equipment, mining equipment, automotive, material handling equipment, off-highway vehicles, processing industry), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
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Chemical Metering Pumps Market: One of the most important factors driving the growth of chemical metering pumps is it high preciseness in carrying out discharge work.
Double Suction Pump Market: The market is further expected to flourish and gain a size of USD 34.07 Billion by end of 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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