Hydraulic Pumps Market Research Reveals Enhanced Growth During The Forecast Period 2023 - 2032
Market Overview
During the historic forecast period in 2022, the hydraulic
pumps market was valued at USD 4.8 billion. Market experts and industry
leaders predict that for the current 2023-2032, the market will grow at a
global CAGR of 6.30% and reach a final market value of USD 8.3 billion by the
end of the forecast period in 2032.
The increased global construction activity, rising automobile sales, and
increased use in the mining industry are driving the demand for hydraulic
pumps. During the forecast period, such factors are expected to drive
profitable growth in the hydraulic pump market. Increased construction
activity and rising construction spending in various countries drive the
market. Furthermore, the industry is expected to grow by approximately 35% by
2030, reaching a total value of $5.8 trillion.
Government regulations aimed at lowering CO2 emissions and raising
energy conservation awareness have led to this market's growth. With energy
costs steadily rising, energy consumption now plays a larger role than ever in
the total cost of machine operation. As a result, the hydraulics industry is
looking for energy-saving solutions. The global population growth has increased
in obese people linked to genetic factors associated with type 2 diabetes.
Market segmentation
Furthermore, the rise in the number of patients with type 1 diabetes is
expected to provide the market with new growth opportunities, boosting the hydraulic
pump market share during the forecast period of 2027. During the forecast
period, research for aerosolised insulation that aids in inhalation or oral
insulation, as well as the availability of hydraulic-producing pumps and stem
cell explanations, are likely to aid the market with growth opportunities and
positive attributes. As a result, the Medtronic hydraulic pump market share
is expected to increase significantly and position itself as one of the
dominant market players during the forecast period.
Regional analysis
The coronavirus pandemic halted the production of many items in the
hydraulic pump industry due to the lockdown in key global countries. This
resulted in the re-starting of hydraulic pump companies at full capacity,
assisting the hydraulic
pump market size to recover by the beginning of 2022. Moreover, major key
players are implementing strategic moves such as acquisition and business
expansion to strengthen their market position.
For instance, in January 2021, Danfoss acquired Artemis Intelligent
Power Ltd., which is expected to increase its manufacturing of digital
displacement pumps globally. Digital displacement is a low-carbon emission
technology in the industrial and construction sectors.
Recent developments:
- Gardner
Denver High-Pressure Solutions will launch its new, next-generation,
cost-effective Hydraulic Fracturing Pump Fluid End in April 2020. (VX).
The lightweight VX is intended for use with the larger and heavier Gardner
Denver SGWS fluid end.
- HOMA
PumpenfabrikGmbh, a submersible pump manufacturer, unveiled a new
submersible hub in June 2019 to reduce dead flow zones and prevent clogging.
- In
June 2019, one of the market's companies, Allegro Funds, agreed to invest
in Questas Group, a company founded more than 20 years ago that provides
hydraulic, irrigation, pump, and engineering solutions to the mining,
construction, agricultural, and general industrial sectors.
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