MarketOverview:
The globalhydraulic gear pump market is growing rapidly. The market growth attributes tothe burgeoning automotive industry, creating a vast demand for the pumps.Besides, increasing automotive production, alongside the stringent emissionnorms, and the adoption of advanced technologies, drive market growth.Moreover, the wide-spread usages of gear pumps in LDV, HDV, and materialhandling vehicles escalate market growth.
According toMarket Research Future (MRFR), the global hydraulic gear pump market isprojected to reach exponential heights by 2023, growing at approximately 4%CAGR during the anticipated period (2018 – 2023). Augmenting demand for environment-friendlypropulsion systems creates significant market demand. Also, rising usages ofhydraulic gear pump in earth moving equipment, material handling equipment,agricultural machinery, and construction equipment drive the market sales.
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Additionally,advantages of hydraulic gear pumps, such as improved engine fuel efficiency,accurate temperature stabilization, and reduced emissions & noise comparedto mechanical pumps, define the growing landscape of the market. Also,construction equipment for operations such as excavation, earthmoving, andmaterial handling increases the demand for hydraulic gear pumps. Risingproductions of cars, trucks, and vehicles with power generating mechanismincrease the market size.
Furthermore,infrastructural improvements and the increasing renewable energy sector anddemand for energy-efficient solutions complying stringent governmentregulations for environmental protection worldwide drive the market growth.Conversely, the high costs of these pumps are a major factor forecasted tohamper market growth. Nevertheless, technological upgrades expected in therecent future would support market growth throughout the assessment period,offering cost-competitive manufacturing techniques.
Global HydraulicGear Pump Market – Segments
The report issegmented into six dynamics;
By Product Type : Internal Gear Pump and ExternalGear Pump.
By OperatingPressure: < 100 Bar, 100–300 Bar and Above 300 Bar.
By Vehicle Type : Light DutyVehicle (LDV), Heavy Duty Vehicles (HDV), and Material Handling Vehicles.
By Application : Transmission/Clutches, ElectrohydraulicPowered Steering, Hybrid Propulsion, Lifting Application, and others.
By DistributionChannel: OEM and Aftermarket.
By Region :North America, Europe, APAC, and the Rest-of-the-World.
Global HydraulicGear Pump Market – Regional Analysis
North Americaleads the global hydraulic gear pump market. The largest market shareattributes to the spurring demand from the automotive sector in the region.Besides, the growing agricultural and construction activities in the regionincrease the hydraulicgear pump market size. Moreover, increased construction spending acrossvarious countries fuels market sales. The North American hydraulic gear pump market is projected to retain itsdominance throughout the estimated period.
The Asia Pacificregion stands second in the global hydraulic gear pump market. Market growth isdriven by the burgeoning automotive industry and the availability of innovativetechnologies. Additionally, the presence of several notable players andincreased production capacity in terms of volume and new facilities boost theregional market growth. Countries like India and China hold significant sharesin the regional market. The APAC hydraulic gear pump market is anticipated tocreate a substantial revenue pocket during the predicted period.
Europe alsoholds a substantial share in the global hydraulic gear pump market. Factorssuch as the well-established agriculture and automotive industry in the regionboost market growth. Moreover, significant R & D investments made by theexisting major industry players for product and technology developments fuelthe hydraulic gear pump market demand. The European hydraulic gear pump marketis estimated to increase at a significant pace during the assessment period.
Global HydraulicGear Pump Market – Competitive Analysis
Highlycompetitive, the hydraulic gear pump market appears fragmented due to thepresence of several well-established players. To gain a larger competitiveshare, industry players initiate strategic approaches such as mergers &acquisitions, innovation, brand reinforcement, and expansion. Due to theexpected innovations and improvements in product, service, and product innovations,the market will soon witness an intensified competition.
MajorPlayers:
Players leadingthe global hydraulic gear pump market include Bosch Rexroth AG (Germany), EatonCorporation Plc (Republic of Ireland), Linde Hydraulics GmbH & Co. Kg(Germany), Bucher Hydraulics GmbH (Switzerland), Kawasaki Heavy Industries,Ltd(Japan), Parker Hannifin Corp (US), HYDAC(Germany), Dynamatic TechnologiesLimited (India), Sapricon Hydraulic Industries(India), MarzocchiPompe S.p.A.(Italy), Gemma Automotive (Turkey), and Daikin Industries, Ltd. (Japan), amongothers.
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