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The hydraulic pumps market share is expected to increase by USD 3.53 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.59%.
This hydraulic pumps market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydraulic pumps market segmentation by end-user (construction, mining, and material handling, oil and gas, agriculture, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The hydraulic pumps market report also offers information on several market vendors, including Bailey International LLC, Bosch Rexroth AG, Bucher Hydraulics GmbH, CASAPPA SpA, Caterpillar Inc., Dalian engineering, Danfoss AS, Dynamatic Technologies Ltd., Eaton Corp. Plc, Enerpac Tool Group Corp., HYDAC Verwaltung GmbH, Kawasaki Heavy Industries Ltd., Linde Hydraulics GmbH and Co. KG, Mitsubishi Heavy Industries Ltd., Oilgear, Parker Hannifin Corp., Permco Inc., Salami SpA, Tuthill Corp., and Daikin Industries Ltd. among others.
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The rise in oil and gas exploration activities is notably driving the hydraulic pumps market growth, although factors such as deferred oil and gas investments and projects 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 hydraulic pumps industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hydraulic Pumps Market Driver
One of the key factors driving growth in the hydraulic pumps market is the rise in oil and gas exploration activities. Hydraulic pumps are extensively used in the oil and gas sector. They are used as an alternative to gas lift systems and electric submersible pumps (ESPs). Hydraulic pumps are also favored and used where high flow rates are required, such as in wells having a heavy concentration of sand or other solids from frac operations, as they can handle high gas volumes. The global oil and gas industry is presently undergoing significant expansion and is a primary driver for the growth of the global hydraulic pumps market. There are a lot of factors leading to the expansion of the global oil and gas industry. The demand for oil and natural gas is increasing steadily due to improvements in global economic growth. The global consumption of natural gas exhibited a significant rise due to the increasing adoption of natural gas as a fuel in the last decade. Also, with the rise in fuel consumption from developing economies such as China and India, the demand for natural gas is expected to grow significantly during the forecast period. The rise in investments in E and P activities will increase the demand for hydraulic pumps. These factors will thus drive the growth of the global hydraulic pumps market during the forecast period.
Key Hydraulic Pumps Market Trend
The fire-resistant hydraulic fluids (FRHFs) is a hydraulic pumps market trend that is expected to have a positive impact in the coming years. Hydraulic fluids, including lubricants, perform various functions, including protection against corrosion and wear, transferring contaminants to filters, and dissipating heat from hot zones. However, under certain conditions, these lubricants become flammable. Furthermore, there is a risk of small leaks when lubricants are pressurized in hydraulic lines. The hydraulic system becomes more susceptible to fire due to these leaks. One of the important parameters to consider in selecting the appropriate hydraulic fluid is the operating temperature, which can determine the degree of fire protection required. Some of the industrial applications of FRHFs include mining, die-casting, offshore applications, power generation, iron, and steel industry, among others. They do not readily ignite when sprayed under pressure. Besides providing lubrication and being non-corrosive, glycol fluids are more cost-effective than other hydraulic fluids. Utilizing FRHFs can not only ensure the safe operation of the hydraulic pumps but may even reduce the need for a fire-suppression system. Thus, end-users can prevent and minimize the risks of any fire-related losses by replacing the flammable hydraulic oils with fire-resistant fluids in the hydraulic systems. Such trends can have a positive impact on the growth of the market during the forecast period.
Key Hydraulic Pumps Market Challenge
The deferred oil and gas investments and projects will be a major challenge for the hydraulic pumps market during the forecast period. The oil industry is plagued by extreme volatility in oil prices. Market dynamics are highly dependent on the prevailing crude oil prices. Since its current stage, the oil industry has been going through a period of turmoil, where the prices have fallen sharply and reached an all-time low. This is expected to pose a threat to the hydraulic pumps market as companies have stalled their projects to bring down their capital expenditure (CAPEX). Fluctuations in the price of crude oil negatively impact the profitability and performance of oil and gas companies. Another major reason for the delay in projects is cost deflation or, in other words, the need for costs to fall more to stimulate investments. The combination of insufficient cost deflation and considerable upfront capital spending has demotivated companies from greenfield investments in the sector. Thus, the global price of crude oil exhibits high volatility, which hinders potential investments and negatively impacts the demand for hydraulic pumps.
This hydraulic pumps 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 hydraulic pumps 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 hydraulic pumps 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 hydraulic pumps market encompasses successful business strategies deployed by the key vendors. The hydraulic pumps market is fragmented and the vendors are deploying growth strategies such as increasing their market presence through mergers and acquisitions, and expansion activities 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 hydraulic pumps 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 hydraulic pumps 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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55% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for hydraulic pumps in APAC. Market growth in this region will be faster than the growth of the market in the European, North American, and South American regions.
The rapid urbanization and the need to improve connectivity between different regions will facilitate the hydraulic pumps 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
In 2020, the COVID-19 pandemic slowed down the expansion of the regional hydraulic pumps market. Governments of various countries in the region, such as China, India, and Japan, imposed COVID-19-related restrictions and nationwide lockdowns to curb the spread of the disease. However, in 2021, the introduction of vaccines led to the lifting of the COVID-19-related restrictions in the region. The regional oil and gas industry recovered from the negative impact of the pandemic as new oil drilling projects were undertaken.
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The hydraulic pumps market share growth by the construction, mining, and material handling segment will be significant during the forecast period. The construction, mining, and material handling industries use a broad range of machinery and equipment, which require hydraulic pumps for efficient functioning. The global construction industry is expected to grow during the forecast period. The growth can be attributed to the growing construction activities in countries such as China, the US, and India. There is increased government funding and government support for various construction activities globally.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hydraulic pumps market size and actionable market insights on post COVID-19 impact on each segment.
Hydraulic Pumps Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.59% |
Market growth 2022-2026 |
$ 3.53 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.07 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 55% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Bailey International LLC, Bosch Rexroth AG, Bucher Hydraulics GmbH, CASAPPA SpA, Caterpillar Inc., Dalian engineering, Danfoss AS, Dynamatic Technologies Ltd., Eaton Corp. Plc, Enerpac Tool Group Corp., HYDAC Verwaltung GmbH, Kawasaki Heavy Industries Ltd., Linde Hydraulics GmbH and Co. KG, Mitsubishi Heavy Industries Ltd., Oilgear, Parker Hannifin Corp., Permco Inc., Salami SpA, Tuthill Corp., and Daikin Industries Ltd. |
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 the 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. |
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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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