Press release
Variable Displacement Pumps Market Outlook 2020- Insights, Growth Analysis, Future Trends, Forecasts To 2023
The variable displacement pumps market was valued at $3,322 million in 2016, and is expected to reach at $4,478 million by 2023, growing at a CAGR of 4.4% during the forecast period. Asia-Pacific accounted for approx. 36% of market share in 2016, and is expected to witness significant growth during the forecast period.A variable displacement pump, a type of positive displacement pump, which is used to convert mechanical power into hydraulic energy, that is, flow or pressure. The demand for variable displacement pumps has increased, owing to increase in construction activities globally, rise in sales of automobiles, and growth in application areas in the mining industry.
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In addition, government regulations and legislations for reducing carbon dioxide and nitrogen oxide emissions and increased awareness about energy savings are expected to propel the market growth. However, high cost of maintenance and continuous monitoring of these pumps to detect and rectify any failure in the equipment pose a threat to market growth.
The key market players profiled are Bosch Rexroth Ltd., Eaton Corporation Plc, Danfoss Power Solutions, Parker Hannifin Corporation, Actutant Corporation, Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd., Hydac International and Toshiba Machine Co. Ltd. Manufacturers have launched innovative displacement pumps to strengthen their foothold in the market. For instance, Eaton Corporation Plc introduced a new series of piston pumps for various mobile applications, called X 20 open system piston pumps to strengthen its position in the market.
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In 2016, Asia-Pacific dominated the global market, owing to robust growth of construction and automotive industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 4.2% in terms of revenue.
Key Findings of the Variable Displacement Pumps Market:
• The variable displacement piston pumps segment dominated the market, in terms of revenue, in type segment, and is projected to grow at a CAGR of 3.7% during the forecast period.
• Construction segment generated the highest revenue in 2016, and is estimated to grow at the highest growth rate of 6.1%.
• In 2016, Asia-Pacific was the dominant region and is anticipated to grow at the highest CAGR, while China is the major contributor in the market.
• U.S. was the revenue generating country in North America variable displacement pumps market, accounting for around 65% of the market share in the region in the year 2016.
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