Hydraulic Pump Market: Overview
Rapid industrial and infrastructure development across the globe has led to an increase in demand for hydraulic systems and equipment for various applications. Hydraulics are an essential element of any modern day sector ranging from industries to utilities and the residential sector. Hydraulic pumps are one of the heavily used hydraulic equipment across the globe. These pumps can be either hydrodynamic or hydrostatic. They are used as components of hydraulic drive systems. Hydraulic pumps are mechanical equipment that convert mechanical power of the pump into hydraulic energy of the pumped fluid. These pumps generate enough power so that the hydraulic flow can easily overcome the pressure created by the load at the outlet of the pump.
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Hydraulic Pump Market: Drivers & Restraints
Hydraulic pumps perform two functions when they operate. Firstly, they create a vacuum at the inlet through their mechanical action, which results in the flow of fluid from the reservoir or storage to the pump inlet under the force from the atmospheric pressure. Secondly, their mechanical process forces the fluid to the pump outlet, through which it is connected to the hydraulic system. However, a hydraulic pump only produces flow or fluid movement and does not generate pressure. The flow or the movement generated is necessary for pressure development, which is a function of the resistance faced by the fluid flow or movement in the hydraulic system.
Hydraulic Pump Market: Key Segments
Based on type, the global hydraulic pump market can be classified into gear pumps, vane pumps, piston pumps, and others. The gear hydraulic pumps generally have two gears. One is driven by the main drive shaft, while the second gear is the ideal gear that is turned by the driven gear. The pump generates flow or movement by carrying the fluid in between the teeth of its meshing gears. The gear pump segment is likely to dominate the global hydraulic pump market during the forecast period, mainly due to the lower cost and compatibility of these pumps with a large number of fluids. The vane hydraulic pump comprises a number of vanes that are mounted on the rotor, which rotates the vanes in a housing. The shape of housing can be eccentric or oval. The piston pump works on the principle of reciprocating pump in order to produce fluid movement or flow. However, instead of a single piston, these pumps have several combinations of piston-cylinder. The others segment includes hydraulic pumps such as screw pumps and other pumps used in hydraulic systems. Based on end-user industry, the global hydraulic pump market can be segmented into construction, automotive, oil & gas, agriculture, mining, and others.
Hydraulic Pump Market: Regional Outlook
In terms of region, the global hydraulic pump market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global hydraulic pump market during the forecast period, owing to the use of a large number hydraulic pumps in the region. Moreover, the hydraulic pump market in the region is estimated to expand at a significant rate during the forecast period, primarily due to growth in end-user industries in the region, especially the oil & gas, construction, automotive, and mining industries. Developing countries such as China and India are likely to boost the hydraulic pump market in the region, due to expansion in the automotive, construction, oil & gas, and mining industries in these countries. North America is anticipated to follow the lead of Asia Pacific in terms of hydraulic pump market share.
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Hydraulic Pump Market: Key Players
Key players operating in the global hydraulic pump market include Danfoss, Eaton, Bosch Rexroth Limited, PARKER HANNIFIN CORP, Actuant Corporation, Linde Hydraulics GmbH & Co. KG, PERMCO, INC., Dynamatic Technologies Limited, JTEKT HPI, and Peerless Engineering.