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The gear pump market share is expected to increase by USD 660.16 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.08%. This gear pump market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The gear pump market report also offers information on several market vendors, including A and S Hydraulic Co. Ltd., Avingtrans plc, Bailey International LLC, Bucher Industries AG, CASAPPA S.p.A., Daikin Industries Ltd., Danfoss AS, Dover Corp., Eaton Corp. Plc, Flowserve Corp., Hudaco Industries Ltd., IDEX Corp., Kawasaki Heavy Industries Ltd., KSB SE and Co. KGaA, KYB Corp., Linde Hydraulics GmbH and Co. KG, Parker Hannifin Corp., Permco Inc., Robert Bosch GmbH, and Roper Pump Co. among others. Furthermore, this report extensively covers gear pump market segmentation by end-user (heavy industry sector, agriculture and forestry, automotive, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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The mechanization of agriculture and growth of the agriculture machinery market is notably driving the gear pump market growth, although factors such as contraction in the mining industry in China may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the gear pump industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Gear Pump Market Driver
The mechanization of agriculture and growth of the agriculture machinery market is one of the key drivers supporting the gear pump market growth. Global agricultural production needs to double by 2050 to cater to the needs of the growing global population while simultaneously ensuring sustainability. To achieve the 2050 production goals, the total factor productivity (TFP) for agricultural production systems will need to increase. The need for higher TFP will require the mechanization of various agricultural practices, which will consequently increase the adoption rate of various kinds of mechanized agricultural machinery, such as tractors, automatic seed dispensers, and harvesting machines. Moreover, it is a method wherein different agricultural machinery is used to mechanize traditional agricultural processes and scale up the productivity of farmers. Such factors will drive market growth during the forecast period.
Key Gear Pump Market Trend
Rising investments in chemical manufacturing facilities in emerging economies is one of the key gear pump market trends that is contributing to the market growth. For instance, in 2019, Daelim Industrial Co. Ltd. announced plans to build a polybutene plant in Saudi Arabia. The construction of this manufacturing plant is scheduled to begin in 2022. The plant will start its commercial production in 2024. Various established players in the chemical and petrochemical industries are opening manufacturing facilities in emerging economies, owing to the availability of raw materials, inexpensive labor, and other resources. Thus, the expansion and investment plans of chemical manufacturers in emerging markets are expected to have a positive impact on the global gear pumps market during the forecast period.
Key Gear Pump Market Challenge
Contraction in the mining industry in China is one of the factors hindering the gear pump market growth. The government of China has directed companies to shift from coal-fired plants to renewable energy-based plants for electricity generation due to the rampant air pollution in the country, which is mainly blamed on the use of coal for power generation. The region also planned to reduce the domestic production of coal and suspended approvals for several new mines that were due to commence in 2016. However, with construction activities slowing down due to the economic conditions prevailing in the country, the demand for metals will suffer a setback and affect the global mining industry. Thus, the decreasing imports and production of coal and metals by China will adversely impact the demand for mining equipment and will ultimately affect the global gear pumps market during the forecast period.
This gear pump market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global gear pump market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the gear pump market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the gear pump market encompasses successful business strategies deployed by the key vendors. The gear pump market is fragmented and the vendors are deploying growth strategies such as price, project management, delivery timelines, aftermarket maintenance and services, as well as previous engagements with the pump manufacturer to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The gear pump market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the gear pump market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the gear pump market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Significant growth in construction activities and the adoption of construction machinery and material-handling equipment will facilitate the gear pump market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 hindered the growth of the regional gear pumps market. However, after the second wave of COVID-19 in the first half of 2021, stringent safety norms have been followed, besides the initiation of large-scale vaccination drives. This has resulted in the resumption of construction and other industrial activities, fueling the demand for equipment and machinery. Such factors will drive the regional market during the forecast period.
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The gear pump market share growth by the heavy industry sector segment will be significant during the forecast period. The heavy industry sector includes machinery that is used extensively in capital-intensive sectors such as mining, infrastructure development, and construction. The demand for gear pumps is primarily attributed to the growth of these activities, as heavy industrial machinery uses a variety of high-performance pumps that aid in reducing energy consumption and ensuring more efficient operation of the machinery. Such beneficiary attributes will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the gear pump market size and actionable market insights on post COVID-19 impact on each segment.
Gear Pump Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.08% |
Market growth 2022-2026 |
$ 660.16 million |
Market structure |
Fragmented |
YoY growth (%) |
5.41 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key consumer countries |
US, China, Japan, Russia, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
A and S Hydraulic Co. Ltd., Avingtrans plc, Bailey International LLC, Bucher Industries AG, CASAPPA S.p.A., Daikin Industries Ltd., Danfoss AS, Dover Corp., Eaton Corp. Plc, Flowserve Corp., Hudaco Industries Ltd., IDEX Corp., Kawasaki Heavy Industries Ltd., KSB SE and Co. KGaA, KYB Corp., Linde Hydraulics GmbH and Co. KG, Parker Hannifin Corp., Permco Inc., Robert Bosch GmbH, and Roper Pump Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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