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Hydraulic Pumps Market Expected to Achieve 6.1% CAGR by 2029: Growth Forecast Insights
Hydraulic Pumps Market
How Large Will the Hydraulic Pumps Market Size By 2025?
In the past few years, the hydraulic pumps market has seen a consistent expansion. The market is expected to rise from $10.47 billion in 2024 to $10.87 billion in 2025, with a compound annual growth rate (CAGR) of 3.9%. This growth during the historical period can be traced back to the demand from the automotive industry, the growth of construction and infrastructure, the need for agricultural machinery, oil and gas exploration, and dynamics of the mining industry.
How Big Is the Hydraulic Pumps Market Size Expected to Grow by 2029?
The market for hydraulic pumps is projected to experience robust expansion in the coming years, reaching $13.78 billion by 2029 with a compound annual growth rate (CAGR) of 6.1%. The factors fueling growth during this forecast period include an upsurge in renewable energy initiatives, the prevalence of electrification, the advent of intelligent hydraulic systems, modernization of infrastructure, and a focus on energy efficiency. Major trends shaping the period include the emergence of electric hydraulic pumps, the application of IoT and data analytics, attention towards industry 4.0 integration, rising demand for variable displacement pumps, and a heightened emphasis on sustainability.
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Which Key Market Drivers Powering Hydraulic Pumps Market Expansion and Growth?
The surge in construction-related operations is a major growth driver for the hydraulic pumps market. Hydraulic pumps, which are crucial for handling hefty loads in routine operational tasks, are widely employed in construction machinery such as excavators, cranes, loaders, among others. A growing trend of construction operations globally is anticipated to propel the demand for hydraulic pumps since they constitute an essential element of heavy load lifting equipment. In line with the U.S. Census Bureau's report on monthly construction expenditure in March 2022, investments in construction stood at $376.6 billion in the initial three months of 2022, reflecting a 12.0% rise from $336.3 billion during the corresponding period in 2021. Hence, the escalating construction tasks are predicted to fuel the demand for hydraulic pumps throughout the projected period.
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Which Fast-Growing Trends Are Poised to Disrupt the Hydraulic Pumps Market?
The emerging trend of product innovation is experiencing uptick momentum within the hydraulic pump industry. Various businesses within this market are introducing advanced, innovatively engineered products to solidify their standing. As an example, in October 2024, Grundfos, an American tech firm, launched the new SP 6-inch hydraulic pump, according to a report. This product enhances energy efficiency while diminishing operational expenses, targeted for applications like groundwater extraction and irrigation. The pump employs an upgraded hydraulic architecture accompanied by innovative motor technology to maximize energy efficiency via an intelligent control system, thereby facilitating significant financial savings. The robust build ensures endurance in challenging conditions, demonstrating Grundfos's dedication towards sustainable water management and ecological accountability.
What Are the Emerging Segments in the Hydraulic Pumps Market?
The hydraulic pumpsmarket covered in this report is segmented -
1) By Product Type: Gear Pump, Vane Pump, Piston Pump, Screw Pump
2) By Application: Mobile Application, Industrial Application
3) By End User Vertical: Construction, Mining, Agriculture, Machinery, Automotive
Subsegments:
1) By Gear Pump: External Gear Pumps, Internal Gear Pumps
2) By Vane Pump: Fixed Displacement Vane Pumps, Variable Displacement Vane Pumps
3) By Piston Pump: Axial Piston Pumps, Radial Piston Pumps
4) By Screw Pump: Single Screw Pumps, Twin Screw Pumps
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Who Are the Global Leaders in the Hydraulic Pumps Market?
Major companies operating in the hydraulic pumps market include Daikin Industries 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, Haldex Hydraulics Corporation, CIRCOR Pumps North America LLC, HAWE Hydraulik GmbH, Enerpac Tool Group LLC, Linde Hydraulics GmbH & Co. KG, 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, Brevini Fluid Power S.p.A.
Which are the Top Profitable Regional Markets for the Hydraulic Pumps Industry?
North America was the largest region in the hydraulic pumps market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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