Market Overview -
According to Market Research Future (MRFR), the global hydraulic gear pump market is projected to reach exponential heights by 2023, growing at approximately 4% CAGR during the anticipated period (2018 – 2023). Augmenting demand for environment-friendly propulsion systems creates significant market demand. Also, rising usages of hydraulic gear pump in earth moving equipment, material handling equipment, agricultural machinery, and construction equipment drive the market sales.
The global hydraulic gear pump market is growing rapidly. The market growth attributes to the burgeoning automotive industry, creating a vast demand for the pumps. Besides, increasing automotive production, alongside the stringent emission norms, and the adoption of advanced technologies, drive market growth. Moreover, the wide-spread usages of gear pumps in LDV, HDV, and material handling vehicles escalate market growth.
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Additionally, advantages of hydraulic gear pumps, such as improved engine fuel efficiency, accurate temperature stabilization, and reduced emissions & noise compared to mechanical pumps, define the growing landscape of the market. Also, construction equipment for operations such as excavation, earthmoving, and material handling increases the demand for hydraulic gear pumps. Rising productions of cars, trucks, and vehicles with power generating mechanism increase the market size.
Furthermore, infrastructural improvements and the increasing renewable energy sector and demand for energy-efficient solutions complying stringent government regulations for environmental protection worldwide drive the market growth. Conversely, the high costs of these pumps are a major factor forecasted to hamper market growth. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.
Global Hydraulic Gear Pump Market – Competitive Analysis
Highly competitive, the hydraulic gear pump market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness an intensified competition.
Players leading the global hydraulic gear pump market include Bosch Rexroth AG (Germany), Eaton Corporation Plc (Republic of Ireland), Linde Hydraulics GmbH & Co. Kg (Germany), Bucher Hydraulics GmbH (Switzerland), Kawasaki Heavy Industries, Ltd(Japan), Parker Hannifin Corp (US), HYDAC(Germany), Dynamatic Technologies Limited (India), Sapricon Hydraulic Industries(India), Marzocchi Pompe S.p.A. (Italy), Gemma Automotive (Turkey), and Daikin Industries, Ltd. (Japan), among others.
Global Hydraulic Gear Pump Market – Segments
The report is segmented into six dynamics.
By Product Type: Internal Gear Pump and External Gear Pump.
By Operating Pressure: < 100 Bar, 100–300 Bar and Above 300 Bar.
By Vehicle Type : Light Duty Vehicle (LDV), Heavy Duty Vehicles (HDV), and Material Handling Vehicles.
By Application : Transmission/Clutches, Electrohydraulic Powered Steering, Hybrid Propulsion, Lifting Application, and others.
By Distribution Channel: OEM and Aftermarket.
By Region : North America, Europe, APAC, and the Rest-of-the-World.
Global Hydraulic Gear Pump Market – Regional Analysis
North America leads the global hydraulic gear pump market. The largest market share attributes to the spurring demand from the automotive sector in the region. Besides, the growing agricultural and construction activities in the region increase the hydraulic gear pump market size. Moreover, increased construction spending across various countries fuels market sales. The North American hydraulic gear pump market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global hydraulic gear pump market. Market growth is driven by the burgeoning automotive industry and the availability of innovative technologies. Additionally, the presence of several notable players and increased production capacity in terms of volume and new facilities boost the regional market growth. Countries like India and China hold significant shares in the regional market. The APAC hydraulic gear pump market is anticipated to create a substantial revenue pocket during the predicted period.
Europe also holds a substantial share in the global hydraulic gear pump market. Factors such as the well-established agriculture and automotive industry in the region boost market growth. Moreover, significant R & D investments made by the existing major industry players for product and technology developments fuel the hydraulic gear pump market demand. The European hydraulic gear pump market is estimated to increase at a significant pace during the assessment period.
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Industry/ Innovations/ Related News
January 22, 2020 ---- Danfoss Power Solutions India Private Limited, announced the acquisition of Eaton Hydraulics India, a power management company. The acquisition would provide Danfoss greater in-roads into the US market. At the same time, the Danish company is already a major player in the European markets, which would help Danfoss expand its Indian operations and globally.
Eaton’s hydraulics business is quite similar to that of Danfoss Power Solutions. Interestingly, the hydraulics divisions of both Danfoss and Eaton are present in Pune in India. Eaton is present in industrial hydraulics while Danfoss Power Solutions-India is not. So, it will add on in terms of Indian operations.
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