According to a new market research report published by Credence Research “Global Hydraulic Gear Pumps Market (Vehicle Type (Heavy Duty Vehicles, Material Handling Vehicles, Light Duty Vehicles); Type (Internal Gear Pumps and External Gear Pumps); End-User (Food & Beverages, Chemicals, Automotive, Oil & Gas, Construction, Agriculture, Pulp & Paper, Others); Operating Pressure(Upto 100 Bar, Upto 300 Bar, Above 300 Bar)) – Growth,Future Prospects and Competitive Analysis,2019 – 2027”, the overall hydraulic gear pumps market worldwide is set to grow with a CAGR of 4.2% during the forecast period.
The global hydraulic gear pumps market is highly driven by the technological advancement and increasing applications of hydraulic gear pumps in the automobile industry and construction industry. There are various advantages of using these pumps over the others such as these pumps can operate at high pressure and temperature conditions can handle corrosive fluids and others. Additionally, these pumps have the multi liquid compatibility therefore; can be used in the blending and mixing applications.
Hydraulic gear pump allows the high quantity of liquid to move at relatively low pressure and a constant rate of flow. These types of pumps are used for mobile equipment, due to requirement, of a constant flow from the hydraulic machines for their operation. Therefore, agricultural and construction machines require hydraulic gear pump that requires which require less pressure up to 3000 psi.
Based on type, the hydraulic gear pumps market has been segmented as internal gear pumps and external gear pumps. The internal gear pumps dominate the by type segment and holds more than 60% in 2018 and is expected to dominate the market during the forecast period due to its mobile application. The internal gear pumps can handle thick fluids by providing more efficiency as compared to the external gear pumps.
Asia-Pacific is projected to be the fastest-growing regional segment due to the presence of various large industries such as chemical, petrochemical, food & beverages, automotive, construction, agriculture and others. The Asia-Pacific region is expected to grow with a CAGR of more than 5.0% during the forecast period. Moreover, these industries are growing in the region due to technological advancement and government initiative for the development of infrastructure. Additionally, economic developments and advancements in the industrial sector of emerging nations such as India, and China, also contributes to the growth of the market.
Some of the major companies dealing in the market are Bosch Rexroth AG, Linde Hydraulics GmbH & Co. Kg, Eaton Corporation Plc, Bucher Hydraulics GmbH, Kawasaki Heavy Industries, Ltd. Dynamatic Technologies Limited, Parker Hannifin Corp, HYDAC, Gemma Automotive, Sapricon Hydraulic Industries, MarzocchiPompeS.p.A, and Daikin Industries, Ltd.
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