Hydraulic Pump Market Expected to Reach $14.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hydraulic Pump Market," The hydraulic pump market size was valued at $9.3 billion in 2020, and is estimated to reach $14.2 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.

The hydraulic pumps include gear pump, vane pump, and piston pump. Gear pumps are commonly used in agricultural machinery, mining equipment, automotive, and construction equipment, owing to their superior dirt tolerance and inexpensive cost. The market for construction equipment is expected to be driven by widespread use of construction equipment in operations including excavation, earthmoving, and lifting & material handling. They are also employed in plastic machines and metallurgical equipment where minimal noise is essential.

Rise in global population and rapid urbanization has significantly increased demand for residential and commercial buildings. Furthermore, rapid growth in global trade has highlighted the importance of efficient infrastructure. These factors have substantially increased the number of construction activities throughout the globe, which positively impacts demand for hydraulic pumps. Machines and equipment are an important aspect of modern-day construction as they impart speed and quality in various construction activities. Construction machines use hydraulic systems for various activities such as excavating, lifting, and demolishing. Thus, hydraulic pumps are a vital component in various construction machines such as excavators, loaders, bull dozers, and dump trucks. Hence, the increase in construction activities is a major driver in growth of the hydraulic pump market.

However, owing to lockdowns imposed in countries such as China, the U.S., and India, owing to the coronavirus issue, numerous manufacturers in the global hydraulic pump market had to halt their business production. This disruption has a direct impact on sales of hydraulic pumps. However, it is expected that the reopening of production facilities and the introduction of coronavirus vaccines will lead to the reopening of hydraulic pump manufacturers.

Hydraulic pumps operate under high pressure to give the required output. Repeated operation under high pressure creates a need for periodic maintenance for smooth and efficient functioning of the system. Hydraulic systems are more complex than pneumatic systems and are easily prone to damage, owing to impurities present in the oil. Furthermore, hydraulic fluid is a major component of hydraulic pumps and leakage of these hydraulic fluids can affect efficiency of systems and create safety hazards in the working environment. Sudden leaks in hydraulic pumps can negatively affect the hydraulic system and result in operational delays. Thus, periodic maintenance is required to maintain workability and efficiency of hydraulic pumps. Furthermore, repairing hydraulic pumps is a time consuming and expensive process. Hence, high costs associated with maintenance of hydraulic pumps is a major restraint in the hydraulic pump market growth.

The hydraulic pump market has observed significant growth in the past few years, owing to growth in demand from automobiles, construction industry, and oil industry. In addition, the agricultural sector is continuously growing, and operations of agriculture rely on hydraulic pumps to operate high efficiency and increase productivity.

The hydraulic pump market is divided into gear pump, vane pump, piston pump, centrifugal pump and other. In 2022, the gear pump segment dominated the hydraulic pump market share, in terms of revenue, and the piston pump segment is expected to grow at a higher CAGR during the forecast period. Gear pumps are the most basic and widely used hydraulic pumps as they require little maintenance and are cost-effective. Gear pumps are used in a wide range of industrial and mobile applications. Gear pumps are generally utilized in construction machinery, agricultural machinery, mining equipment, manufacturing, and automobile industry. Hence, the technical and economic advantages of gear pumps fuel the growth of the market.

Key Benefits for Stakeholders

• The report provides an extensive analysis of the current and emerging hydraulic pump market trends and dynamics. 
• In-depth hydraulic pump market analysis is conducted by constructing market estimations for key market segments between 2020 and 2032.
• Extensive analysis of the hydraulic pump market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The hydraulic pump market forecast analysis from 2023 to 2032 is included in the report.
• The key players within the hydraulic pump market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the hydraulic pump industry.