Global Hydraulic Gear Pump Market: Industry Analysis and forecast 2020 – 2027
Posted on 11 February, 2021 by rahulmmr
Global Hydraulic Gear Pump Market size was valued US$ XXMn. in 2019 and the total revenue is expected to grow about CAGR4.1% from 2020 to 2027, reaching nearly US$ XXMn.
Global Hydraulic Gear Pump Market: Overview
Hydraulic Gear Pump Works by creating oil pressure using two gears meshing. This is done by creating extremely narrow mechanical clearance between two gears. This is a positive discharge type pump, so the oil gets pressurized at discharge side. Global Hydraulic Gear Pump Market is forecasted to grow at CAGR 4.1% for 2019-2027 year. By application, hydraulic gear pump is used in mining, Construction, Metallurgy, Automotive, Transportation, Architecture, Chemicals &Petrochemicals, and other industries.
Global Hydraulic Gear Pump Market: Drivers
It is observed from the past few years that demand for material handling equipment and construction equipment is increasing primary driver for sales of Global Hydraulic Gear Pump.Ability to control wide range of viscosities will drive the Global Hydraulic Gear Pump Market.
Key market participants are developing agreements and collaborations with OEM for long time business opportunities and competitive advantages in the world market.Increasing industries and advance equipment are driving market for Hydraulic Gear Pump.
Global Hydraulic Gear Pump Market: Challenges
Demand for low maintenance pump is increasing and end-users are looking for solution. Hydraulic gear pumps need relatively high maintenance cost which lead to increase operating cost.
From the past few years industrial automation gain some speed. The construction equipment industryisutilizing more intelligent machine to improve productivity and making more energy efficient as well as cost efficient. They are trying to reduce waste generation.
To fulfill the need of globe, the end user is opting for alternative pump as solution over the gear pump, due to the reason that gear pump operation efficiency is less compared to other pumps in the market. Sometimes, electric operated medium size pressure pumps are preferred over gear pumps in case of agricultural equipment. In terms alternative solution piston pump will hamper growth of gear pump.
Global Hydraulic Gear Pump Market: Regional Overview
Global Hydraulic Gear Pump Market is segmented into various regions like Asia Pacific, North America, Europe, South America, and Middle East & Africa. TheAsia Pacific region is estimated to be the largest segment over the global prospective countries like China and Japan are leading in consumption of Hydraulic Gear Pumps due to the numbers of production services of construction equipment and material handling equipment. Japan holds more market share than Latin America and Middle East & Africa. Moreover, majority of industrial players are willing to shift their facilities to Indiaand ASEAN countries from Chinadue to COVID-19. Government is also supporting to attract global players to the country.
North America is also a growing market for Hydraulic gear pump which currently capture triple market share than Middle East & Africa. According to US Census Bureau, US construction spending is increased from US$ 788 Bn to US$ 1231 Bn between 2011-2017.
Global Hydraulic Gear Pump Market: Segmentation
Global Hydraulic Gear Pump Market is segmented into Product Type (External Gear, Internal Gear), End Use (Motor/Generator, Battery, Power Electronics Controller, Converter, Transmission, On-board Charger), and Region (North America, Europe, Asia pacific, Middle East and Africa, and Latin America). Asia Pacific region is expected to grow at the highest growth rate and maintains its dominance in Global Hydraulic Gear Pump Market owing to the countries like China and Japan.In terms of Product Type, External Gear pump has more market share than Internal Gear Pump because of its construction.
The report also helps in understanding Hydraulic Gear Pump Marketdynamics, structure by analyzing the market segments and projects the Hydraulic Gear Pump Marketsize. Clear representation of competitive analysis of key players by Supply Chain, price, financial position, Product portfolio, growth strategies, and regional presence in the Hydraulic Gear Pump Marketmake the report investor’s guide.
Scope of the Hydraulic Gear Pump Market
Hydraulic Gear Pump Market, By Product Type
• External Gear
• Internal Gear
Hydraulic Gear Pump Market, By End Use
• Mining & Metallurgy
• Chemicals & Petrochemicals
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