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Hydraulic Pumps Market Size, Trends, Share Analysis, Size And Forecast To 2033
Hydraulic Pumps Market Size
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According to The Business Research Company's, The hydraulic pumps market size has grown strongly in recent years. It will grow from $9.96 billion in 2023 to $10.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to automotive industry demand, construction and infrastructure development, agricultural machinery, oil and gas exploration, mining industry dynamics.
The hydraulic pumps market size is expected to see strong growth in the next few years. It will grow to $13.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rise in renewable energy projects, electrification trends, smart hydraulic systems, infrastructure modernization, focus on energy efficiency. Major trends in the forecast period include rise of electric hydraulic pumps, integration of IoT and data analytics, focus on industry 4.0 integration, growing demand for variable displacement pumps, increased emphasis on sustainability.
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Market Drivers and Trends:
The increase in construction activities is driving the hydraulic pumps market. Hydraulic pumps are widely used in construction equipment such as excavators, cranes, loaders, and other machinery to pull, push or lift heavy loads in day-to-day operational activities. An increase in construction activities across the globe is expected to boost increased demand for hydraulic pumps, as they are primary components in heavy lifting equipment. According to the U.S. Census Bureau report on monthly construction spending in March 2022, the construction investment reached $376.6 billion in the first three months of 2022, which showed a 12.0% increase from $336.3 billion at the same time in 2021. Therefore, the rising construction activities are expected to boost demand for hydraulic pumps during the forecast period.
Product innovation is a key trend gaining popularity in the hydraulic pump market. Many companies operating in the hydraulic pump market are developing innovative products with advanced technologies to strengthen their position in the hydraulic pump market. For instance, in April 2021, REHOBOT Hydraulics, a Sweden-based high-pressure hydraulic products manufacturer launched an electric-powered hydraulic pump PME70-2500MRV/VR70, operated according to the hold-to-run principle. PME70-2030ADV and PME70-2030MRV are equipped with foot-actuated pedals for on and off control, unlike others.
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Major Key Players of the Market:
Daikin Industries Ltd., Toshiba Machine Co. Ltd., Dynamatic Technologies Limited, Eaton Corporation PLC, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Danfoss A/S, Atos Spa, Bosch Rexroth AG, Bucher Industries AG, KYB Corporation, Shimadzu Corporation, Haldex Hydraulics Corporation, CIRCOR Pumps North America LLC, Actuant Corporation, HAWE Hydraulik GmbH, Enerpac Tool Group LLC, Linde Hydraulics GmbH & Co. KG, Webster Instruments Inc., Cessna Fluid Power LLC, CASAPPA S.p.A., Hydraulic Supply Company, Permco Inc., Oilgear Company, Perfection Hydraulics Inc., Cross Manufacturing Inc., Bailey International LLC, Bondioli & Pavesi S.p.A., HYDAC International GmbH, Vickers Hydraulics LLC, Brevini Fluid Power S.p.A.
Hydraulic Pumps Market 2024 Key Insights:
• The hydraulic pumps market size is expected to see strong growth in the next few years. It will grow to $13.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Construction Boom Fuels Growth In Hydraulic Pumps Market
• Hydraulic Pump Market Rides The Wave Of Product Advancements
• North America was the largest region in the hydraulic pumps market in 2023
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