The hydraulic pumps market has shown substantial growth, anticipated to rise from $9.96 billion in 2023 to $10.55 billion in 2024, with a CAGR of 5.9%. This growth is linked to demands from automotive and construction sectors. By 2028, the market is expected to reach $13.37 billion, fueled by advancements in smart hydraulic systems and an emphasis on energy efficiency.
Major Driver In The Hydraulic Pumps Market
The hydraulic pumps market is experiencing growth driven by the surge in construction activities worldwide. Hydraulic pumps play a crucial role in construction equipment like excavators, cranes, loaders, and other machinery, facilitating the lifting, pushing, or pulling of heavy loads during day-to-day operational activities. The global increase in construction activities is anticipated to escalate the demand for hydraulic pumps, given their primary role in heavy lifting equipment. According to the U.S. Census Bureau's March 2022 report on monthly construction spending, construction investment reached $376.6 billion in the first three months of 2022, reflecting a 12.0% increase from the same period in 2021. This growth in construction activities is poised to drive the demand for hydraulic pumps in 2023, 2024, and 2028.
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Hydraulic Pumps Market Competitive Landscape
Daikin Industries Ltd., Toshiba Machine Co. Ltd., Dynamatic Technologies Limited, Eaton Corporation PLC, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Danfoss A/S, Atos Spa, Bosch Rexroth AG, Bucher Industries AG, KYB Corporation, Shimadzu Corporation, Haldex Hydraulics Corporation, CIRCOR Pumps North America LLC, Actuant Corporation, HAWE Hydraulik GmbH, Enerpac Tool Group LLC, Linde Hydraulics GmbH & Co. KG, Webster Instruments Inc., Cessna Fluid Power LLC, CASAPPA S.p.A., Hydraulic Supply Company, Permco Inc., Oilgear Company, Perfection Hydraulics Inc., Cross Manufacturing Inc., Bailey International LLC, Bondioli & Pavesi S.p.A., HYDAC International GmbH, Vickers Hydraulics LLC, Brevini Fluid Power S.p.A.
Key Hydraulic Pumps Market Trend
Product innovation is a key trend gaining popularity in the hydraulic pump market. Many companies operating in the hydraulic pump market are developing innovative products with advanced technologies to strengthen their position in the hydraulic pump market. For instance, in April 2021, REHOBOT Hydraulics, a Sweden-based high-pressure hydraulic products manufacturer launched an electric-powered hydraulic pump PME70-2500MRV/VR70, operated according to the hold-to-run principle. PME70-2030ADV and PME70-2030MRV are equipped with foot-actuated pedals for on and off control, unlike others.
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Hydraulic Pumps Market Segmentation
The hydraulic pumps market covered in this report is segmented –
1) By Product Type: Gear Pump, Vane Pump, Piston Pump, Screw Pump
2) By Application: Mobile Application, Industrial Application
3) By End User Vertical: Construction, Mining, Agriculture, Machinery, Automotive
By Geography:The regions covered in the hydraulic pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hydraulic pumps market in 2023.
The Hydraulic Pumps Global Market Report 2024 furnishes information about the global hydraulic pumps market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
