Press release
Hydraulic Gear Pumps Market to Reach USD 2,932.5 million by 2034, with a CAGR of 3.7%
Hydraulic Gear Pumps Market
The global sales of hydraulic gear pumps are expected to be worth USD 2 billion in 2024 and USD 2.9 billion by 2034. Sales are expected to grow at a 3.7% CAGR from 2024 to 2034. The revenue earned by hydraulic gear pumps in 2023 was USD 1.9 billion. The sector is expected to increase by 3.9% year on year in 2024.
Hydraulic gear pumps are widely recognized for their exceptional versatility across various industrial sectors, including hydraulic power units, material handling equipment, hydraulic presses, and agricultural machinery. They are expected to play a pivotal role in enhancing operational efficiency within these industries.
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Driving Forces and Key Trends:
1. Enduring Performance and Reliability: Hydraulic gear pumps are highly esteemed for their durable performance and reliability, making them a preferred choice across diverse industries.
2. Efficiency in Fluid Handling: These pumps exhibit remarkable efficiency in handling large fluid volumes at significant velocities, thereby playing a crucial role in fluid transfer applications.
3. Cost-Effectiveness: Hydraulic gear pumps are frequently selected for their cost-effectiveness relative to alternative pump types, providing an economically viable solution for various applications.
4. Demand in Industrial and Construction Equipment: The projected increase in demand for industrial and construction equipment over the coming decade is expected to propel the adoption of hydraulic gear pumps.
Challenges and Constraints:
1. Maintenance Costs: The comparatively elevated maintenance costs associated with hydraulic gear pumps could hinder market growth, potentially leading to increased operational expenses.
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Competitive Landscape
The competitive landscape of the global hydraulic gear pumps market is marked by collaborations, agreements, and innovations among players striving to gain a competitive edge. Manufacturers are focusing on designing more energy-efficient pumps to align with the growing demand for sustainability. Some market participants are intensively collaborating with original equipment manufacturers (OEMs) for long-term business opportunities.
Innovations and Partnerships Powering the Market
Market leaders are spearheading advancements in hydraulic gear pump technology:
Airbus Defence and Space and Liebherr-Aerospace Collaboration: In April 2023, a significant partnership between Airbus Defence and Space and Liebherr-Aerospace was announced. This collaboration aims to develop and manufacture the landing gear and hydraulic system for the Eurodrone remote piloted air system (RPAS).
Concentric AB's CAD Download Tool: In August 2023, Concentric AB, renowned for its fluid power and flow control systems, introduced a CAD download tool in partnership with CADENAS PARTsolutions. This tool enhances custom hydraulic solutions, expediting design engineers' speed to market, and ensuring an unparalleled customer experience.
List of Key Players Covered in Hydraulic Gear Pumps Market are:
• Eaton Corporation Plc
• PARKER HANNIFIN CORP
• Bucher Hydraulics Gmbh
• KYB Corporation
• CASAPPA S.p.A.
• Bosch Rexroth AG
• Dynamatic Technologies Ltd.
• Linde Hydraulics GmbH & Co. KG
• Roper Pump Company
• Kawasaki Heavy Industries, Ltd.
• Concentric AB.
• Viking Pump Inc.
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Hydraulic Gear Pumps Market by Category
By Type:
• External Gear Pumps
• Internal Gear Pumps
By Operating Pressure:
• Upto 15 bar
• 15-50 bar
• 50-150 bar
• 150-250 bar
• 250-300 bar
• More than 300 bar
By End Use:
• Construction Equipment
• Mining Equipment
• Automotive
• Material Handling Equipment
• Off Highway Vehicles
• Processing Industry
o Chemicals
o Petrochemicals
o Oil & Gas Refineries
o Others
• Others
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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