Gear Pump Market

COVID-19 Impact analysis

• The COVID-19 pandemic ceased the production of gear pumps, owing to lockdown in countries globally. This has hampered the growth of gear pump market in the last few months and is likely to continue during 2021.
• The COVID-19 affected the sales of gear pumps in the second quarter of 2020 as the demand witnessed a steep decline due to restrictions in construction activities. Major players in the real estate industry slowed the construction of residential and commercial buildings in the wake of reducing demand because of COVID-19. 
• The major demand for gear pumps was previously noticed from countries including the U.S., China, the UK, Mexico, Brazil, and India subject to heavy rainfall which are negatively affected by the spread of the COVID-19, thereby decreasing the demand for gear pumps.
• The COVID-19 pandemic negatively affected the Gear pump manufacturing units due to the restrictions laid on factory operations. Gear pump manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distance, as well as ensuring the vaccination of every employee in the company to assist in promoting the health & safety of the workforce. 
• Increase in vaccination drives and leniency in the COVID-19 restrictions have resulted in the increase of construction, mining, and oil & gas. Thus, being a positive factor in the recovery of gear pump market.  

Top Impacting Factors

As the number of developing countries increases, the demand for residential and commercial buildings as well as infrastructure has increased significantly, thereby creating the demand for construction machinery. Increasing population has also fuelled the demand for minerals and metals. These factors have positively influenced the growth of gear pump market as they are extensively used in construction and mining machines. Furthermore, rise in increasing exploration of oil and gas has driven the growth of gear pump market. However, due to the use of machine meshing gears, hydraulic fluids cannot be pumped with the use of gear pumps, and the production of noise during the working of gear pumps is a major restraint on the growth of the industry. Furthermore, according to International Energy Agency (IEA), the global oil demand is expected to witness a decline of 8.6mb/d in 2020 due to COVID-19, but the demand is expected to rebound by 5.4 mb/d in 2021 and 3.1 mb/d in 2022, and by the end of 2022, the global oil demand is expected to surpass the pre COVID-19 level. Increase in demand for petrochemicals is expected to boost the gear pump industry throughout the forecast period.

Market Trends

• Major players in the industry are focusing on development of new products to increase their footprint in the market. For example, Rexpower Hydraulic & Pneumatic Co., Ltd. launched in August 2020 with a flow rate of 1,262 L/min and a maximum pressure capacity of 30 kgf/cm2. The internal gear pump can be used in spindle coolant systems, screw machineries, and drilling machines. 
• Improvement in pump temperature control and stability is another area of focus for many pump manufacturing companies. For instance, in May 2021, EnviroGear, which is a part of PSG, launched G Series Internal Gear Pumps that have improved temperature control and stability and expected to be used for handling carbolic acid, liquid sulfur, general chemicals, bitumen, paint, chocolate, molasses, waxes, and heavy liquids. 
• Key players in the industry are also focusing on increasing their footprint in processing industry. For instance, Oberdorfer, which is a brand of Gardner Denver, provides NL4000L & NL9000L lead-free external gear pumps that are efficient and reliable for sugarhouse maple sugar filter presses and maple cream machinery. 

Key Benefits of the Report

• This study presents the analytical depiction of the gear pump industry along with the current and future trends to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the gear pump market share.
• A quantitative analysis highlights the mobile gear pump market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed gear pump market analysis based on competitive intensity and how the competition will take shape in coming years.