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The hydraulic pumps market size is forecast to increase by USD 2.77 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the surge in oil and gas exploration activities, particularly in unconventional resources such as shale and tight formations. Another key trend is the increasing adoption of fire-resistant hydraulic fluids (FRHFs) in various industries, including oil and gas, mining, and construction, to ensure safety and prevent equipment damage. However, deferred oil and gas investments and projects due to economic uncertainties and low commodity prices pose challenges to market growth. Energy efficient pumps are also gaining traction in infrastructure projects, material handling where energy consumption is a major concern. Despite these challenges, the market is expected to continue expanding, fueled by the rising demand for hydraulic systems in various end-use industries and the ongoing development of advanced hydraulic technologies.
The market is witnessing significant growth due to the increasing demand for energy efficiency and cost savings in various industries. Smart hydraulic pumps and electric hydraulic pumps are gaining popularity for their ability to reduce energy consumption and emissions. Automation and precision control are other key trends driving market growth. Environmental regulations are also influencing the market, as there is a growing focus on reducing emissions from hydraulic systems. The mining sector is a major consumer of hydraulic pumps, particularly for mining machinery such as excavators, cranes, loaders, and dump trucks. The Internet of Things (IoT) is transforming the market with remote operations, digital twins, and real-time monitoring.biobased hydraulic fluids are another emerging trend in the market, as they offer environmental benefits and reduce reliance on fossil fuels. Hydraulic energy is also gaining attention as a renewable energy source. In the automotive industry, economic conditions, auto loan rates, and the shift towards fuel-efficient vehicles are impacting the demand for hydraulic pumps. Historical performance data shows that the market has been growing steadily, with a particular focus on low maintenance and high performance. The market is expected to continue its growth trajectory, driven by advancements in technology and increasing demand from various industries. Shale deposits are also expected to provide significant opportunities for market growth in the coming years.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The CMM segment is estimated to witness significant growth during the forecast period. The market encompasses smart and electric hydraulic pumps, which are increasingly being adopted due to their energy efficiency and cost savings. These pumps are subject to environmental regulations, necessitating reductions in emissions. Automation and precision control are key trends, with remote operations and digital twins enabling real-time monitoring and maintenance. In the mining sector, hydraulic pumps power excavators, cranes, loaders, vacuum trucks, and forestry equipment.
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The CMM segment was the largest segment and valued at USD 5.04 billion in 2018. Urbanization and infrastructure projects drive demand for energy-efficient pumps, including gear, piston, and vane types. Biobased hydraulic fluids and customization through modular designs cater to sustainability and low maintenance requirements. Fluid leakage, noise, and vibration are ongoing concerns, while competing technologies such as electric and hybrid systems present challenges. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is witnessing significant growth due to the increasing adoption of advanced technologies such as smart hydraulic pumps and electric hydraulic pumps. These technologies offer energy efficiency, cost savings, and environmental benefits, making them a popular choice in various industries. With stricter environmental regulations, there is a growing demand for hydraulic pumps that comply with emissions standards. Automation and precision control are other key trends driving the market. Hence, such factors are driving the market in APAC during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rise in oil and gas exploration activities is notably driving market growth. Hydraulic pumps play a crucial role in various industries, including graders, dump trucks, mining machinery, and the automotive sector. In the oil and gas industry, they serve as an alternative to gas lift systems and electric submersible pumps, particularly in wells with high concentrations of sand or other solids.
Moreover, the global expansion of the oil and gas sector, driven by factors such as economic conditions, shale deposits, and crude oil production, fuels the demand for hydraulic pumps. Moreover, hydraulic pumps are preferred in applications where energy conservation is essential, such as in the beverage and water industries for wastewater treatment. Thus, such factors are driving the growth of the market during the forecast period.
Fire-resistant hydraulic fluids (FRHFs) is the key trend in the market. Hydraulic pumps play a crucial role in powering various machinery and vehicles, such as graders, dump trucks, mining machinery, and automobiles. These pumps are essential in industries like mining, shale deposits production, and natural gas production, where energy consumption is high.
Moreover, economic conditions, auto loan rates, and the shift towards fuel-efficient vehicles and electric vehicles impact the demand for hydraulic pumps. The hydraulics industry encompasses fluid power business, including hydraulics and pneumatics, filtration, and process pumps. Hydraulic fluids, including lubricants, serve multiple functions, such as protection against wear and corrosion, transferring contaminants to filters, and heat dissipation. Thus, such trends will shape the growth of the market during the forecast period.
Deferred oil and gas investments and projects is the major challenge that affects the growth of the market. The market experiences significant fluctuations due to economic conditions and crude oil prices in various industries, including mining machinery, graders, dump trucks, and automobiles. Energy consumption is a crucial factor, with shale deposits and natural gas production influencing the market.
Moreover, economic instability, such as high auto loan rates and the shift towards fuel-efficient vehicles and electric cars, impacts demand. CO2 emissions and energy conservation are driving the need for wear-free and corrosion-resistant pumps, along with efficient lubrication and maintenance cost reduction. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bailey International LLC: The company offers hydraulic pumps such as chief two stage pump 11 gpm and chief two stage pump 16 gpm.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand for energy efficiency, cost savings, and environmental regulations. Smart hydraulic pumps and electric hydraulic pumps are gaining popularity due to their advanced features, such as precision control, automation, and remote operations. These pumps are extensively used in various sectors like mining, infrastructure projects, construction equipment, agricultural machinery, forestry equipment, and vacuum trucks. Energy efficiency is a critical factor driving the market's growth. Energy-efficient pumps help reduce emissions and lower operational costs. The mining sector is a significant consumer of hydraulic pumps due to the heavy machinery used in mining operations. The Internet of Things (IoT) is transforming the market by enabling digital twins, industrial machinery which help monitor and optimize pump performance in real-time. Competing technologies like pneumatic and electric systems pose a challenge to the market. However, the market's growth is expected to be sustained by product innovation, customization, and modular designs. Fluid leakage, noise and vibration, and environmental impact are some of the challenges facing the market. Biobased hydraulic fluids are gaining traction due to their sustainability and eco-friendliness. Historically, hydraulic pumps have been used extensively in excavators, iron, and steel, cranes, tractors, loaders, and other heavy machinery. Urbanization and aftermarket demand are expected to fuel the market's growth in the coming years. The market's future outlook is promising, with a focus on hydraulic energy and mechanical power. Gear pumps, piston pumps, and vane pumps are the major types of hydraulic pumps. Gear pumps are commonly used in construction equipment due to their durability and efficiency. Piston pumps are preferred for their high pressure capabilities, while vane pumps are known for their efficiency and versatility. In conclusion, the market is expected to grow significantly in the coming years due to the increasing demand for energy efficiency, cost savings, and environmental regulations. The market's growth is being driven by advancements in technology, product innovation, and customization. However, challenges like fluid leakage, noise and vibration, and environmental impact need to be addressed to ensure the sustainable growth of the market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 2.77 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 48% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bailey International LLC, Bosch Rexroth AG, Bucher Hydraulics GmbH, CASAPPA SpA, Caterpillar Inc., Daikin Industries Ltd., Dalian engineering, Danfoss AS, Dynamatic Technologies, Eaton Corp. Plc, Enerpac Tool Group Corp., HYDAC International GmbH, Kawasaki Heavy Industries Ltd., Linde Hydraulics GmbH and Co. KG, Mitsubishi Heavy Industries Ltd., Oilgear, Parker Hannifin Corp., Permco Inc., Salami SpA, and Tuthill Corp. |
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Market dynamics |
Parent market analysis, market report , market forecast, 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 |
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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 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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