In 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 has been primarily supplemented by the increasing use of hydraulic pumps in the manufacturing industry, construction activities and in automobiles.
The Asia-Pacific region was estimated to be the largest market in terms of revenue, also because of increased use 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.
Fig. 3. Comparative market share analysis of hydraulic pump market, by geography, 2015–2022 (%).
Of all geographical regions, Asia-Pacific generates the highest revenue in this market and it will remain same during the forecast period. Asia-Pacific is followed by North America. LAMEA would grow at the fastest CAGR.
One of the reasons that Asia-Pacific has emerged as the largest market for hydraulic pumps is because of the rising demand from developing countries such as India and China. Increased usage in the manufacturing industry, coupled with rapid infrastructural development and construction activities has fostered the hydraulic pump market in developing regions.
The demand for piston pumps is relatively higher in Middle Eastern and African countries as a result of their higher usage in activities such as oil exploration, mining, and construction. Moreover, the pumps are increasingly being used in developed regions, such as North America and Europe, with a range of technologically-advanced agricultural equipment.
The countries of Latin America, Middle East, and Africa (LAMEA) are forecast to grow at a CAGR of 4.8% due to the increasing application of piston pumps in oil extraction and mining activities.
Hydraulic pump types can be 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.
Fig. 1. Comparative market share analysis of world hydraulic pump market, by product type, 2015 and 2022 (%).
Among all types of hydraulic pump, gear pumps are widely used and accounted for the largest share of 54.8% of the overall market in terms of revenue in 2014. However, its share is likely to decrease in future due to the increasing demand for vane and piston pumps. Piston pumps will grow at highest CAGR during the forecast period.
Market by application in the report comprises mobile and industrial application. Sub-segments of the mobile application segment include construction, agriculture, mining and others. In 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 the increasing application of hydraulic pumps in manufacturing activities in the developing economies.
Fig. 2. Comparative market share analysis of world hydraulic pump market, by application, 2015 and 2022 (%).
Hydraulic pumps are used in mobile, industrial and other applications. In the current scenario, the segment of mobile applications accounts for higher share of overall market revenue and it will continue to lead during the forecast period.
The key market players profiled in the 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. Manufacturers have launched new original hydraulic pumps to strengthen their foothold in the market. For instance, the Eaton Corporation Plc has introduced a new series of piston pumps for mobile applications, called X 20 open system piston pumps to strengthen its position in the market.
Manufacturers of hydraulic pumps, such as Eaton and Bosch Rexroth Ltd. are making continuous efforts to improve their hydraulic pumps in terms of low noise level, compact size, lower maintenance cost, and longer pump life. In addition to this, acquisition has been another key strategy adopted by players to strengthen their foothold in the market. For instance, in 2016, Actuant Corporation acquired Larzep SA, a reputable Spanish manufacturer of high pressure hydraulic equipment, to strengthen its position in the European market.
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
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