The Hydraulic Pumps Market registered a CAGR of 4.3% over the forecast period 2021 – 2026. The infrastructural developments, automation across industries, such as manufacturing and automotive and increase in construction activities globally will drive the growth prospects for hydraulic pumps until the forecast period.
– Government regulations focused towards the reduction of CO2 emission and increased awareness about energy saving has led to the expansion of this market. With the costs of energy steadily rising, energy consumption is playing a more significant role than ever in the total cost of machine operation. As a result, the hydraulics industry is demanding energy efficient solutions.
– Although the intital cost of assembling the pump is low, cost of maintenance over the entire lifespan is high, which is a challenging factor. The salvage value of the parts decreases over time too which restrains the companies to buy new pumps.
Key Market Trends
Construction Industry to Dominate the Market
– Hydraulic pumps, particularly gear pumps are largely used in the construction industry. Extensive application of construction equipment in operations, such as excavation, earth-moving, and lifting and material handling is expected to drive the market for construction equipment.
– In both developed, as well as developing countries, manufacturers are increasing their investments in machine tools to enhance their production processes and systems.
– The maturity of both of these markets will help the construction sector and hydraulic systems throughout the next few years.
– Rise in construction activities coupled with increased construction spending across various countries is contributing in advancing the market.
– For instance, according to a survey by World Bank, construction spending is estimated to reach 11.9 trillion by 2020.
Asia-Pacific to Witness the Highest Growth
– Agriculture is placing the biggest demands on water in Asia and the Pacific, as rising populations, rapid urbanization, and energy, industrial, and domestic use have left water stocks in a critical state.
– Most Asian countries rely heavily on groundwater for farming. Around 80% of Asia’s freshwater is used to irrigate crops, much of which is used inefficiently. It is expected to drive the growth of hydraulic pumps as they help in increasing productivity exponentially by possessing the ease and accuracy of control.
– Hydraulic pumps use fewer moving parts in comparison with mechanical and electrical systems. Thus they become simpler and easier to maintain.
– The water flow can be sped up, slowed down or stopped by using simple controls, which becomes easy for farmers. As outdated system design is one of the factors challenging irrigation performance in APAC, it creates an opportunity for hydraulic pumps growth.
The market is fragmented with vendors coming up with the latest hardware of hydraulic pumps to cater to all industry verticals including agriculture, oil & gas, petroleum and others.
– June 2019 – Allegro Funds has agreed terms to invest in Questas Group; a company that was founded more than 20-years ago and provides hydraulic, irrigation, pump and engine solutions to the mining, construction, agricultural and general industrial sectors.
– June 2019 – Submersible pumps manufacturer, HOMA Pumpenfabrik GmbH unveiled a new submersible motor agitator with optimized propeller hub to minimize dead flow zones and prevent clogging.
– March 2018 – Kawasaki Precision Machinery at Hannover Messe highlighted the electro-hydraulic hybrid system, KAWASAKI ECO SERVO, for industrial applications. This new system combined the best Kawasaki technology to bring excellent controllability and high efficiency to applications, such as press machines, injection moulding machines, and steel manufacturing
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