Growth in Global Hydraulic Pump Market

Growth in Global Hydraulic Pump Market

North America, Europe and Asia-Pacific are the three major markets by region for hydraulics. In 2015, North America dominated the market by value, followed by Asia-Pacific. In terms of volume, Asia-Pacific dominated the market followed by North America and Europe. The global market for hydraulic pumps is averaging a growth rate of over 3.0% in the recent past. The recovery of the U.S. and European economies, growth of the Asia-Pacific countries, particularly India and China, and increasing investments in various end-user industries will drive demand for hydraulic pumps during the next five years.

Due to increasing demand from the end-user industries. In this assessment of the market, hydraulic pumps have been broadly divided into three major types: piston pumps, gear pumps and vane pumps.

Piston pumps dominate the market in terms of value, while gear pumps dominate in terms of volume. Piston and gear pumps are used in high-pressure applications, while vane pumps are used in low-pressure applications. Earthmoving, mining, aerospace and defense, automotive and transportation, oil, gas and shipping, material handling, machine tools, agriculture and plastics are the major applications in which hydraulic pumps are used.

With the increasing demand for heavy equipment, especially in the North America, Europe and Asia-Pacific regions, global demand for hydraulic pumps has increased considerably, with sales in 2015 above $8.9 billion. Demand from emerging economies such as China, Indonesia, Malaysia, the Philippines, Brazil and India, is expected to increase significantly during the forecast period of 2016 to 2021. Increasing raw material prices and stricter environmental regulations (current regulations as well as those anticipated for the future) with regard to CO2 emission levels have forced companies to develop pumps with advanced technologies. Pressure is increasing in the Asia-Pacific region and other developing regions to use environmentally friendly hydraulic pumps in order to reduce energy consumption and CO2 emissions worldwide. This creates a huge market growth opportunity for the hydraulic pump players in emerging and developed markets.

Highlights

The global market for hydraulic pumps was valued at $8.9 billion in 2015. This market is expected to increase from nearly $9.3 billion in 2016 to $10.7 billion in 2021 at a compound annual growth rate (CAGR) of 3.0% for 2016-2021.

Piston market is expected to grow from nearly $5.8 billion in 2016 to $6.7 billion in 2021 at a CAGR of 3.0% from 2016 through 2021.

Gear market is expected to grow from nearly $2.0 billion in 2016 to $2.3 billion at a CAGR of 3.1% from 2016 through 2021.