Hydraulic gear pump sales continue to grow strong with the construction industry’s growth, sustained automobile sales, and adoption by mining industry operators. A recent Future Market Insights (FMI) study projects a steady growth outlook for the global hydraulic gear pumps market, reaching the valuation of US$ 2.5 billion at the end of the forecast period (2010 - 2030).
Greater emphasis on upgrading existing pump models to enhance their energy efficiency quotient will mark an important trend in the hydraulic gear pumps market. High manufacturing costs, though, remain a longstanding challenge limiting the rapid growth of the hydraulic gear pumps market, says the FMI study.
However, due to the COVID-19 crisis, several production facilities are shuttered and workforce shortages prevail. This scenario is further complicated by undersupply of raw materials and supply chain disruptions. Moreover, direct impact of the halted progress of all end-use industries is negatively impacting the growth of the hydraulic gear pumps market.
Key takeaways from the study include:
- External gear pumps will be the top selling category through 2030
- Sales remain concentrated in East Asia and Europe
- A third of total sales will be accounted by hydraulic gear pumps with an operating pressure of 150 - 250 towards the end of 2030
- End users are inclined towards specialist distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet specific demands of customers
“Material handling equipment plays a vital role in lean supply chain management and it is gaining traction owing to the evolving outlook of transportation and logistics across the globe. Manufacturers of hydraulic gear pumps thus need to align their product offerings with the changing material handling equipment requisites,” says an analyst
Increasing Adoption in Agriculture and Forestry Equipment
The agriculture sector is also a significant user shaping the market for hydraulic gear pumps. Demand is expected to increase for agricultural applications. A majority of manufacturers in the global hydraulic gear pumps market are following the trends of manufacturing and providing hydraulic gear pumps specifically for agricultural and farming equipment.
Competitive Landscape Analysis
The hydraulic gear pumps market represents a fairly fragmented market structure, owing to the presence of a large number of hydraulic gear pump suppliers across the globe. Eaton Corporation, Parker-Hannifin Corporation, and Bucher Hydraulics GmbH remain some of the market leaders, operating with medium to high level global presence. Top 10 market participants in the hydraulic gear pumps landscape currently account for more than 30% revenue share and prefer to concentrate on strategic collaboration agreements with regional leaders in distribution space. New regional distributorships will enable them to gain a competitive advantage while introducing new offerings to newer regional markets.
These insights are based on a report called Hydraulic Gear Pumps Market by Future Market Insights.