Hydraulic Pump Market to Witness Exponential Growth by 2026
Rapid
industrial and infrastructure development across the globe has led to
an increase in demand for hydraulic systems and equipment for various
applications. Hydraulics are an essential element of any modern day
sector ranging from industries to utilities and the residential
sector. Hydraulic pumps are one of the heavily used hydraulic
equipment across the globe. These pumps can be either hydrodynamic or
hydrostatic. They are used as components of hydraulic drive systems.
Hydraulic pumps are mechanical equipment that convert mechanical
power of the pump into hydraulic energy of the pumped fluid. These
pumps generate enough power so that the hydraulic flow can easily
overcome the pressure created by the load at the outlet of the pump.
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Hydraulic
Pump Market: Drivers & Restraints
Hydraulic
pumps perform two functions when they operate. Firstly, they create a
vacuum at the inlet through their mechanical action, which results in
the flow of fluid from the reservoir or storage to the pump inlet
under the force from the atmospheric pressure. Secondly, their
mechanical process forces the fluid to the pump outlet, through which
it is connected to the hydraulic system. However, a hydraulic pump
only produces flow or fluid movement and does not generate pressure.
The flow or the movement generated is necessary for pressure
development, which is a function of the resistance faced by the fluid
flow or movement in the hydraulic system.
Hydraulic
Pump Market: Key Segments
Based
on type, the global hydraulic pump market can be classified into gear
pumps, vane pumps, piston pumps, and others. The gear hydraulic pumps
generally have two gears. One is driven by the main drive shaft,
while the second gear is the ideal gear that is turned by the driven
gear. The pump generates flow or movement by carrying the fluid in
between the teeth of its meshing gears. The gear pump segment is
likely to dominate the global hydraulic pump market during the
forecast period, mainly due to the lower cost and compatibility of
these pumps with a large number of fluids. The vane hydraulic pump
comprises a number of vanes that are mounted on the rotor, which
rotates the vanes in a housing. The shape of housing can be eccentric
or oval. The piston pump works on the principle of reciprocating pump
in order to produce fluid movement or flow. However, instead of a
single piston, these pumps have several combinations of
piston-cylinder. The others segment includes hydraulic pumps such as
screw pumps and other pumps used in hydraulic systems. Based on
end-user industry, the global hydraulic pump market can be segmented
into construction, automotive, oil & gas, agriculture, mining,
and others.
Hydraulic
Pump Market: Regional Outlook
In
terms of region, the global hydraulic pump market can be divided into
North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa. Asia Pacific is expected to dominate the global hydraulic
pump market during the forecast period, owing to the use of a large
number hydraulic pumps in the region. Moreover, the hydraulic pump
market in the region is estimated to expand at a significant rate
during the forecast period, primarily due to growth in end-user
industries in the region, especially the oil & gas, construction,
automotive, and mining industries. Developing countries such as
China and India are likely to boost the hydraulic pump market in the
region, due to expansion in the automotive, construction, oil &
gas, and mining industries in these countries. North America is
anticipated to follow the lead of Asia Pacific in terms of hydraulic
pump market share.
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Hydraulic
Pump Market: Key Players
Key
players operating in the global hydraulic pump market include
Danfoss, Eaton, Bosch Rexroth Limited, PARKER HANNIFIN CORP, Actuant
Corporation, Linde Hydraulics GmbH & Co. KG, PERMCO, INC.,
Dynamatic Technologies Limited, JTEKT HPI, and Peerless Engineering.
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