PORTLAND, Oregon, June 29, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "World Hydraulic Pump Market" the global hydraulic pump market is expected to garner $10.4 billion by 2022, growing at a CAGR of 4.7% during 2016 - 2022. In the year 2015, the Asia-Pacific region accounted for the largest market share of 36.7%, followed by North America. Growth in developing countries including China and India would primarily be supplemented by increasing usage of hydraulic pumps in manufacturing industry, construction activities and in automobiles.
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Based on type, hydraulic pumps are classified as vane, piston, and gear pumps. Among all product types, gear pumps dominated the market in 2015, accounting for over 50% of the overall market revenue owing to their compatibility with varied fluid types and lower cost as compared to other product types. Piston pump is expected to be the fastest growing product category, on account of its high efficiency, reliability, and increasing usage in high pressure application areas such as mining, construction, and others.
Market by application comprises mobile and industrial application. Sub-segments of the mobile application segment include construction, agriculture, mining and others. In the year 2015, the mobile application segment occupied a major share of the overall market. However, the industrial segment is anticipated to grow at a faster rate during 2016 - 2022, owing to increasing application of hydraulic pumps in manufacturing activities in the developing economies.
The Asia-Pacific region was estimated to be the largest market in terms of revenue owing to higher usage of hydraulic pumps in the manufacturing industry. The region is expected to grow at the highest CAGR of 5.5% during the forecast period on account of increase in utilization of hydraulic pumps in manufacturing industry, construction equipment and in automobiles. LAMEA is forecast to grow at a CAGR of 4.8% due to increasing application of piston pumps in oil extraction and mining activities.
KEY FINDINGS OF THE STUDY
- In the year 2015, Asia-Pacific was the highest revenue-generating region for hydraulic pumps, followed by North America
- Growth in LAMEA is likely to be supplemented by increasing usage of hydraulic pumps in mining and oil extraction activities
- Gear pumps are the most commonly used hydraulic pumps worldwide
- Mobile application was the major revenue-generating application segment in 2015
- The industrial application segment would grow at a faster CAGR of 5.5% during 2016-2022
The key market players profiled are Bosch Rexroth Ltd., Eaton Corporation Plc, Danfoss Power Solutions, Parker Hannifin Corporation, Actutant Corporation, Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd., Hydac International and Toshiba Machine Co. Ltd. Manufacturers have launched innovative hydraulic pumps to strengthen their foothold in the market. For instance, Eaton Corporation Plc introduced a new series of piston pumps for mobile applications, called X 20 open system piston pumps to strengthen its position in the market.
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SOURCE Allied Market Research