According to the International Association of Oil & Gas Producers (IOGP), the production indicator for oil is 83% and 101% for gas in North America.[1] High production indicators shows the self-sufficiency level and a strong base for export of oil and gas in North America, that in turn demand effective extraction and processing of these resources. Hydraulic pump has outpaced other sets of pumping devices in this industry since it amplifies the artificial lift method used for removing oil and gas from a wellbore through sustainable performance. Owing to this, North America contributed a regional share of 27.84% in 2018. Apart from oil fields, hydraulic pumps are widely used in construction, chemical, and automotive industry. As per the International Organization of Motor Vehicle Manufacturers (OICA), globally 95,634,593 motor vehicle units were manufactured in 2018 which simultaneously provide a gauge sheet for the global hydraulic pump market. The global hydraulic pump market generated revenue worth $7.4 billion for the FY 2018, which is evaluated to increase at a notable CAGR of 4.70% through to 2025.
Depending upon movement type, hydraulic pumps either work as positive displacement or variable displacement. The hydraulic pumps have a wide range of applications in industrial machines such as cranes, aircrafts, forklifts, and also in theme park rides. Growing industrialization generates a huge demand for hydraulic pump systems which is projected to rise at a CAGR of 6.81% during the forecast period 2019-2025.
Hydraulic Pump Market Growth Drivers:
· Growing demand for automobiles, boosting construction industry, and increasing crude oil drilling is constantly expanding the hydraulic pump market.
· High preference for sustainable equipment and rising dependency of water supplying utilities on hydraulic pumps majorly elevate the global market growth.
Hydraulic Pump Market Key Players:
The leading players in the hydraulic pump market are Toshiba Machine Co. Ltd., Dynamatic Technologies Ltd., Eaton Corporation Plc, Danfoss Power Solutions, Bailey International, Parker Hannifin Corporation, LLC, Bosch Rexroth Ltd., Linde Hydraulics, Hydac International, Actuant Corporation, and others.
Toshiba Machine Co. Ltd. is a Japanese machine manufacturing company which provide products such as injection molding machine, auxiliary equipment, and various hydraulic systems to automotive, electronics, and medical industries.
Hydraulic Pump Market
Hydraulic Pump Market Trends And Innovations:
· Electro-Hydraulics for E-Vehicles:
Poclain Hydraulics has recently launched an innovative electro-hydraulics machine which gains wide application in forklift trucks due to its low noise production and clean air emission. In close collaboration with electric motors, electro-hydraulic motors provide high efficiency along with equal control over acceleration and deceleration thereby enhancing the longevity of battery life.
· Robot Operated Hydraulic Actuator:
Hydraulic actuators work by consuming the energy provided by hydraulic pump mechanism which essentially enhances control systems to act according to a given situation. Researches at Tokyo Institute of Technology have developed a hydraulic actuator which will facilitate effective robot mechanisms in adverse conditions and weathers.
Hydraulic Pump Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Hydraulic Pump market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Pump in Hydraulic Pump market, and their specific applications in different areas.
Hydraulic Pump Market: Industry Coverage:
Global hydraulic pump market can be bifurcated into type and application. On the basis of type categorization includes gear pumps, vane pumps, piston pumps, and others. Application segmentation includes mobile application, oil and gas, pharmaceutical, construction, chemical, agriculture & fertilizer, power generation, food and beverages, industrial applications, and so on.
The Hydraulic Pump market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
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