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Hydraulic Pump Market Detailed Analysis of Current and Future Industry Reach $14.2 Bn by 2032

06-05-2024 12:17 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Hydraulic Pump Market

Hydraulic Pump Market

Market Dynamics:
Hydraulic pumps encompass gear pumps, vane pumps, and piston pumps. Gear pumps, in particular, are widely utilized in agricultural machinery, mining equipment, automotive applications, and construction equipment due to their high dirt tolerance and low cost.

The construction equipment market is expected to grow, driven by the extensive use of machinery for excavation, earthmoving, and material handling. Additionally, hydraulic pumps are used in plastic machines and metallurgical equipment where low noise levels are crucial.

Global Hydraulic Pump Market Size was valued at $9.3 billion in 2020, and is projected to reach $14.2 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.

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Driving Impacts:

The rising global population and rapid urbanization have significantly increased the demand for residential and commercial buildings. Moreover, the swift expansion of global trade has underscored the need for efficient infrastructure. These trends have led to a substantial increase in construction activities worldwide, positively impacting the demand for hydraulic pumps.

Modern construction relies heavily on machines and equipment to ensure speed and quality in various operations. Construction machinery employs hydraulic systems for tasks such as excavating, lifting, and demolishing. Therefore, hydraulic pumps are essential components in construction machines like excavators, loaders, bulldozers, and dump trucks. Consequently, the surge in construction activities is a major driver of growth in the hydraulic pump market.

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Hydraulic pumps operate under high pressure to give the required output. Repeated operation under high pressure creates a need for periodic maintenance for smooth and efficient functioning of the system. Hydraulic systems are more complex than pneumatic systems and are easily prone to damage, owing to impurities present in the oil.

Furthermore, hydraulic fluid is a major component of hydraulic pumps and leakage of these hydraulic fluids can affect efficiency of systems and create safety hazards in the working environment.

Sudden leaks in hydraulic pumps can negatively affect the hydraulic system and result in operational delays. Thus, periodic maintenance is required to maintain workability and efficiency of hydraulic pumps. Furthermore, repairing hydraulic pumps is a time consuming and expensive process. Hence, high costs associated with maintenance of hydraulic pumps is a major restraint in the hydraulic pump market growth.

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Top Players:
BUCHER INDUSTRIES AG, Bosch Rexroth AG, Linde Hydraulics GmbH & Co. KG, OILGEAR, Bailey International, LLC, PARKER HANNIFIN CORP, Enerpac Tool Group Corp., Dynamitic Technologies LTD, Eaton, Danfoss AS

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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