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Internal Gear Pump Global Market Report 2024 Market Opportunities and Strategies: Market Research Report 2024-2033
Internal Gear Pump Global Market Demand
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According to The Business Research Company's, The internal gear pump market size has grown strongly in recent years. It will grow from $0.59 billion in 2023 to $0.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing environmental awareness, the development of the energy sector, the widespread adoption of hydraulic systems, the global expansion of the oil and gas industry and the rapid growth of the automotive industry.
The internal gear pump market size is expected to see strong growth in the next few years. It will grow to $0.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rapid industrialization, increased infrastructure projects, the need for hygienic and precise pumping solutions, the focus on reducing operational costs and maintenance downtime in various industries, and stringent regulations and standards for fluid handling systems. Major trends in the forecast period include the growing trend towards offering customizable internal gear pumps, the integration of digital technologies, the need to upgrade and retrofit existing systems, the development and advancement of compact internal gear pumps, and technological advancement in materials.
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Market Drivers and Trends:
The growing demand in the oil and gas sector is expected to propel the growth of the internal gear pump market going forward. The oil and gas industry is a crucial industry that includes the activities of exploring, extracting, and refining petroleum products from underground or underwater resources. The oil and gas sector is rising due to factors, such as energy demand, geopolitical tensions, and innovations. Internal gear pumps are essential in the oil and gas sector for their ability to handle diverse fluid viscosities and temperatures efficiently. Their robust performance and low maintenance needs are crucial for continuous operation in remote and challenging environments, supporting reliable fluid transfer across exploration, production, and processing operations. For instance, in 2024, according to the Department for Business and Trade, a UK-based governmental department, global demand for gas is expected to rise from approximately 4.5 trillion cubic meters in 2020 to a peak of around 5.5 trillion cubic meters in 2041. By 2045, the global demand for oil is projected to rise to 108.2 million barrels per day (bpd), a significant jump from the 90.6 million bpd recorded in 2020. Therefore, the growing demand in the oil and gas sector is driving the growth of the internal gear pump market.
Major companies operating in the internal gear pump market are focused on developing advanced internal gear hydraulic pumps to provide cost-sensitive applications with high performance. Internal gear hydraulic pumps are designed for injection molding machines and speed-regulated stationary hydraulic systems running at up to 250 bar. This pump offers a good price/performance ratio, a long service life, minimal noise, and may be integrated into several pumps. For instance, in May 2021, Eckerle Technologies GmbH, a Germany-based industrial machinery manufacturing company, launched the EIPH and EIPS2-S111 series. These pumps are designed to operate quietly, even at high pressures. The series has high efficiency levels, making it ideal for energy-efficient applications such as servo drives. The pumps are simply coupled to form several pumps with individual or common intakes, allowing for greater design flexibility.
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Major Key Players of the Market:
Dover Corporation, Bosch Rexroth AG, Ingersoll Rand, Voith GmbH & Co. KGaA, HYDAC International GmbH, CIRCOR International Inc., SUMITOMO PRECISION PRODUCTS Co. Ltd., DESMI A/S, Viking Pump Inc., Hayward Gordon, Tuthill Corporation, IDEX India, Eckerle GmbH, Varisco, Bucher Hydraulics, Applied Pumps Limited, Daido Machinery Corporation, Haight Pump, Delta PD Pumps, Pulsafeeder, Camel Precision Co. Ltd.
Internal Gear Pump Market 2024 Key Insights:
• The internal gear pump market size is expected to see strong growth in the next few years. It will grow to $0.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• The Internal Gear Pumps Meet Rising Demands In Oil & Gas Sector
• Advancements In Internal Gear Hydraulic Pumps For High Performance And Cost Efficiency
• North America was the largest region in the internal gear pump market in 2023
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