Crane Pumps Market size and Key Trends in terms of volume and value 2018-2028

Crane Pumps Market: Introduction

Hydraulic cranes, unlike normal cranes, can lift, carry and transport heavy equipment with the help of hydraulic systems, which are powered by crane pumps. These crane pumps or hydraulic pumps convert mechanical power into hydraulic energy by compressing the hydraulic fluid, generally oil, which transfers the applied force on to the telescopic boom of the crane.

The force provided by the crane pumps can lift heavy equipment such as shipping containers, tractors, cargo containers and other heavy machinery. Given their heavy lifting capacities, crane pumps form an integral part across various industries such as shipping, automobile, construction, metal manufacturing, oil & gas and others where everyday activities require the lifting and transportation of heavy equipment to be performed by hydraulic cranes.

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Crane Pumps Market: Dynamics

The demand for crane pumps is directly proportional to the demand for hydraulic cranes. Hydraulic cranes are the most commonly used cranes across industries that involve day-to-day heavy lifting, hoisting and transportation activities. Mining, metallurgy, shipping, construction, oil & gas and various other industries require heavy lifting operations on a daily basis, which is supported by the use of hydraulic cranes.

With recent trends in construction, owing to the rapid growth in urbanization and industrialization, the demand for hydraulic cranes is set to increase, which in turn is expected to surge the demand for crane pumps. Oil & gas activities, especially offshore and refinery sectors, have a constant need for heavy lifting and transportation of equipment. With recovery in global oil prices, there has been an increase in exploration and production activities, which is expected to create significant demand for crane pumps.

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Overhead cranes used in shipping, warehousing and steel manufacturing industries have also been witnessing significant growth over the past few years and are expected to register significant growth in the crane pumps market over the forecast period. The mobile cranes segment is expected to register major growth in the crane pumps market, owing to their wide usage across industries. On the basis of type, gear type crane pumps are expected to dominate the market share due to their compatibility with various hydraulic fluids and low cost, while rotary vane crane pumps are expected to witness significant growth over the forecast period.

However, the high cost associated with the manufacturing of hydraulic pumps and lack of innovation may restrict the growth of hydraulic cranes and crane pumps. But given its reliability in heavy lifting operations and industry wide application, crane pumps are expected to register significant growth over the forecast period.

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Crane Pumps Market: Regional Overview

Asia-Pacific is expected to hold a major market share and witness a high growth rate in the crane pumps market over the forecast period, owing to the presence of growing economies such as China and India. North America and Europe, despite being matured markets, are pegged to witness slower growth in the crane pumps market over the forecast period, due to the upgradation and replacement of older cranes and crane pumps. Africa is estimated to exhibit moderate growth in the crane pumps market, owing to the growing urbanization in some parts of Africa. The Middle East has been witnessing increased construction activities in the tourism sector, which is expected to drive the crane pumps market.

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This release was published on openPR.