Hydraulic Pump Market is expected to garner $10.4 billion by 2022, registering a CAGR of 4.7% during the period 2016-2022.
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 an increase in the utilization of hydraulic pumps in the manufacturing industry, construction equipment and in automobiles. LAMEA is forecast to grow at a CAGR of 4.8% due to the increasing application of piston pumps in oil extraction and mining activities.
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. The 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.
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.
