Global Hydraulic Pumps Market to Grow at CAGR of 4.57% by 2021

A new report from Research and Markets indicates the global hydraulic pump market will grow 4.57% due in part to growth of the construction industry.

Research and Markets

Research and Markets has announced the addition of the "Global Hydraulic Pumps Market 2017-2021" report to its offering.

The global hydraulic pumps market is set to grow at a CAGR of 4.57% during the period 2017-2021.

The report, "Global Hydraulic Pumps Market 2017-2021," has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

The latest trend gaining momentum in the market is fire-resistant hydraulic fluids. Mineral oils are the most commonly used hydraulic fluids. With the aim of conserving depleting energy resources, efforts are being made to switch to liquids that are more reliable and efficient. The increased workload on hydraulic pumps increases the rupture lines, which, in turn, increases the risk of fire.

According to the report, one of the major drivers for this market is growth of the construction industry. Hydraulic pumps are extensively used in the construction sector, which is presently undergoing significant expansion globally and hence, is a primary driver for the growth of the hydraulic pumps market. There are a lot of factors leading to the expansion of the construction industry.

Further, the report states that one of the major factors hindering the growth of this market is sluggishness in the Chinese economy. The Chinese economy is experiencing a slowdown since 2014, which will have an adverse impact on the country's hydraulic pumps market. In 2014, the Chinese economy grew by only 7.4% which is mainly because of the poor performance of the country's real estate sector and the huge manufacturing overcapacity in state-run enterprises.

Key vendors:

Other prominent vendors:

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