Hydraulic Pump Market is expected to garner $10.4 billion by 2022, registering a CAGR of 4.7% during the forecast period 2016-2022. Hydraulic pump works on displacement principle.
The pump converts mechanical energy into hydraulic energy, which is utilized to perform various tasks such as lift, lower, open, close or rotate components in various mobile and industrial application areas. The pumps are manufactured depending on different functional and hydraulic system requirements.
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Increase in construction activities globally, rising sales of automobiles and increasing application in mining industry are the major factors propelling the demand for hydraulic pumps. In addition to this, government regulations focused towards reduction of CO2 emission and increased awareness about energy saving has led to the expansion of this market.
However, high cost of manufacturing is a major challenge faced by the players operating in the market. Increasing pace of infrastructural improvement and increasing demand for renewable energy offers promising opportunity for players in the hydraulic pump market.
Moreover, up-gradation of existing machinery would also provide lucrative business opportunity to the players.
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North America generated the highest revenue through mobile applications owing to the growing agricultural and construction industries in the region. The higher percentage of agricultural land and technologically advanced agriculture in the U.S.
compared with other regions and the growth of the construction industry have led to higher revenue generation through these applications.
The market is analyzed across geographical regions namely North America (U.S., Canada & Mexico), Europe (UK, Germany, France, Russia & others), Asia-Pacific (China, India, & others) and LAMEA (Latin America, Middle East & Africa). North America is expected to dominate the market throughout the forecast period; however, APAC would grow at the fastest rate followed by LAMEA.
The key players profiled in this report 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.
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