Hydraulic Pumps Market Size (2024 - 2029)

Hydraulic Pumps Market Analysis

The Hydraulic Pumps Market is expected to grow at a CAGR of 3.87% over the forecast period. Hydraulic pumps have become widespread across industries that convert mechanical power into hydraulic energy. These pumps are used on excavators, cranes, tractors, loaders, vacuum trucks, forestry equipment, graders, dump trucks, mining machinery, etc.

• Investments in the oil and gas sector are being driven by a rise in global energy consumption, which is anticipated to have a favorable effect on the hydraulic pump market. Out of all the end-user details, the oil and gas business is expanding quickly. Additionally, the expansion of investments in the oil and gas sector in places like North America is anticipated to fuel future market growth due to the finding of shale deposits.
• Additionally, hydraulic pumps are used in automobiles to produce the energy needed to power them. Global auto sales are rising due to improving economic conditions, cheap auto loan rates, and a greater emphasis on technologically advanced and fuel-efficient vehicles. Automobile producers are investing in setting up factories in nations including South Korea, Thailand, Mexico, and India.
• Moreover, government laws aimed at reducing CO2 emissions and growing awareness of energy conservation have increased market demand for the equipment. The OEMs are increasing their R&D spending in response to the increase in market demand for wear- and corrosion-free pumps and appropriate lubrication.
• As the hydraulic gear pumps have relatively high maintenance costs that lead to increased operating expenses limiting the firm's ability to purchase the new pumps, hence can act as a restraining factor that hampers the market growth.
• Automotive is another sector where hydraulic pumps find massive applications, like energy generation, to run vehicles. With the recent trend of electric vehicles (EV) and the growing robot adoption in automotive manufacturing, the studied market scope is further expanding. Although China was one of the major manufacturers, the recent US-China trade war and COVID-19 outbreak forced many manufacturing companies, including automotive, to shift to other South Asian countries like India and Vietnam.

Hydraulic Pumps Industry Segmentation

Hydraulic pumps are devices that convert mechanical energy into hydraulic energy. These devices operate according to the displacement principle, which involves the existence of mechanically sealed chambers in the pump. These chambers transport fluid from the pump's inlet to the outlet.

The Hydraulic Pumps Market can be segmented by type (gear, vane, piston), end-user vertical (oil and gas, food and beverage, water and wastewater, power generation, construction, chemicals, and other end-user verticals (agriculture, automotive, mining, and others)), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa).

The market sizes and forecasts are in terms of value (USD million) for all the above segments.