Hydraulic Pumps Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Hydraulic Pumps Market is expected to grow at a CAGR of 3.87% over the forecast period. Hydraulic pumps have become widespread across industries that convert mechanical power into hydraulic energy. These pumps are used on excavators, cranes, tractors, loaders, vacuum trucks, forestry equipment, graders, dump trucks, mining machinery, etc.

Key Highlights

• Investments in the oil and gas sector are being driven by a rise in global energy consumption, which is anticipated to have a favorable effect on the hydraulic pump market. Out of all the end-user details, the oil and gas business is expanding quickly. Additionally, the expansion of investments in the oil and gas sector in places like North America is anticipated to fuel future market growth due to the finding of shale deposits.
• Additionally, hydraulic pumps are used in automobiles to produce the energy needed to power them. Global auto sales are rising due to improving economic conditions, cheap auto loan rates, and a greater emphasis on technologically advanced and fuel-efficient vehicles. Automobile producers are investing in setting up factories in nations including South Korea, Thailand, Mexico, and India.
• Moreover, government laws aimed at reducing CO2 emissions and growing awareness of energy conservation have increased market demand for the equipment. The OEMs are increasing their R&D spending in response to the increase in market demand for wear- and corrosion-free pumps and appropriate lubrication.
• As the hydraulic gear pumps have relatively high maintenance costs that lead to increased operating expenses limiting the firm's ability to purchase the new pumps, hence can act as a restraining factor that hampers the market growth.
• Automotive is another sector where hydraulic pumps find massive applications, like energy generation, to run vehicles. With the recent trend of electric vehicles (EV) and the growing robot adoption in automotive manufacturing, the studied market scope is further expanding. Although China was one of the major manufacturers, the recent US-China trade war and COVID-19 outbreak forced many manufacturing companies, including automotive, to shift to other South Asian countries like India and Vietnam.

Hydraulic Pumps Market Trends

Gear pumps to Witness the Growth

• In the oil and gas industry, gear pumps are also anticipated to take the place of centrifugal pumps for loading and unloading applications. Centrifugal pumps cannot move the heavier crude oil generated from aged oil fields and unconventional sources. Gear pumps are therefore preferred.
• Moreover, Gear pumps are expected to replace centrifugal pumps in the oil and gas industry for loading and unloading applications. As the crude oil produced from aging oil fields and unconventional sources is getting heavier, centrifugal pumps cannot pump them. Hence, gear pumps are preferred.
• The progressive switch to fire-resistant hydraulic fluids in gear pumps is a recent trend gaining popularity in the industry under study. Due to the tremendous workload, lines frequently burst, which raises the fire risk. Such occurrences have increased higher standards and quality demand.
• For a given displacement, gear pumps are the lightest and can withstand dirt damage. Additionally, gear-type pumps have the shortest service lives, yet they are changed out more frequently than the others due to their affordable replacement costs.
• Due to their relatively straightforward design and manufacturing, hydraulic gear pumps are less expensive than piston and vane pumps. As a result, they are a good option when capital expenses are low. Due to this, numerous market participants have set their sights on the Asia-Pacific region's price-sensitive market.

North America to Witness the Highest Growth

• The oil and gas industry is witnessing robust growth in the region, strengthening the need for hydraulic Pumps. According to the US Energy Information Administration, dry natural gas production will increase from 95.1 billion cubic ft per day in October 2021 to 97.5 billion cubic ft per day by December last year.
• The oil, gas, and chemical sectors are encouraged to invest thanks to lower feedstock costs caused by natural gas from shale resources, which is anticipated to push the hydraulic pump mt. It is expected that investments will continue in the food, beverage, water, and wastewater industries.
• The US automotive sector is at the innovation forefront. Latest research and development initiatives are transforming the industry to better respond to the opportunities of the 21st century. The country is one of the largest automotive markets in the world and is home to over 13 major auto manufacturers.
• Also, the market for this equipment in the region is further driven by regulations and emission standards, like Combined Automotive Fleet Emissions Requirements (CAFE). Manufacturers have entered into various agreements to develop intelligent variable flow oil and water pumps to meet these new standards. These products will enable the engine to be emissions-compliant with the latest standards and will also provide fuel savings in the range of 1-5% per pump installation.

Hydraulic Pumps Market Competitor Analysis

The Hydraulic Pumps Market is fragmented, with suppliers developing the newest hydraulic pump hardware to serve all industry verticals, such as agriculture, oil & gas, petroleum, and others.

• September 2022 - Parker Hannifin Corporation announced the US air force's selection of Parker to supply its AP15V engine-driven pump (EDP) for the hydraulic system of the B-52H Stratofortress. The Parker AP15V EDP, also known as the World Pump, will help power the aircraft's hydraulic system through the 2050s, whereas the World Pump is 10% lighter, delivering the highest horsepower-to-weight ratio.

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• The market estimate (ME) sheet in Excel format
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