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Aug 27, 2023

Hydraulic Gear Pump Market: Surging Towards a worth of US$ 3 Billion Amid recent Sustainability Drive & Technological Advancements

The hydraulic gear pump market is set to reach US$ 1.95 billion by 2023 and is projected to generate US$ 3 billion between 2023 and 2033, as per FMI researchers and market analysts. The adoption of

The hydraulic gear pump market is set to reach US$ 1.95 billion by 2023 and is projected to generate US$ 3 billion between 2023 and 2033, as per FMI researchers and market analysts. The adoption of advanced materials like composites and alloys promises enhanced durability, while a growing focus on environmental sustainability could lead to eco-friendly hydraulic fluids. Regulatory standards, including CAFE, and technological advancements are significant market drivers, fueled by increasing demand from construction and other industries.

NEWARK, Del, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Global Hydraulic Gear Pumps Market is projected to reach US$ 1.95 billion by the end of 2023. According to market analysts, US$ 3 billion is expected to be generated between 2023 and 2033.

Hydraulic Gear Pumps can be made more durable and longer-lasting by using advanced materials, such as composites and alloys. A higher emphasis on environmental sustainability may be placed on Hydraulic Gear Pumps in the future. Research and development could reduce the environmental impact of hydraulic systems by developing eco-friendly, biodegradable hydraulic fluids.

Along with regulations and emission standards, Combined Automotive Fleet Emissions Requirements (CAFE) also play an important role in driving the market for this equipment in the region. Various agreements have been entered into by manufacturers in order to meet the new standards. Technology plays a critical role in supporting gear pump demand in numerous industries. Increasing construction industries and new developments will lead to an increase in demand over the next few years.

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Hydraulic Gear Pumps could be designed and manufactured using additive manufacturing techniques. Performance and efficiency could be improved with intricate geometries and optimized internal structures. The design of Hydraulic Gear Pumps may evolve in the future to add flexibility and efficiency to electrical or pneumatic systems. Increasing interest in hybrid and alternative power sources is driving this trend.

Adding smart technologies, sensors, and data analytics to Hydraulic Gear Pumps could improve their performance and reliability. Optimizing pump operation and preventing failures could be made easier with predictive maintenance and real-time monitoring. Hydraulic systems face the constant challenge of reducing noise. Among the advanced noise-reduction techniques that may be incorporated into future Hydraulic Gear Pumps is the enhancement of internal flow dynamics and the implementation of dampening technologies.

Key Takeaways from this Market Report:

Hydraulic Gear Pumps are estimated to reach a market size of US$ 2.54 billion by 2032.

Based on type, external gear pumps are expected to dominate the market through 2033.

By 2030, Hydraulic Gear Pumps with 150 - 250 psi will account for a third of total sales.

From 2023 to 2033, the market for the construction industry is anticipated to grow at a steady pace.

A significant portion of hydraulic gear pump sales will be generated in the United States.

“Compact designs and technologically advanced equipment are expected to drive hydraulic gear pump demand in the near future. Growth in the construction industry and investments in the oil and gas industry are likely to boost demand,” - says an analyst at FMI.

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Competitive Landscape:

Strategic partnerships, new products, and product launches are the keys to success in the hydraulic gear pump market. As part of the manufacturer's efforts to launch new products and increase market share, it invests heavily in the development of new materials.

In February 2023, Kobelco unveiled the SK350LC-11 excavator. As with the previous models of the -11 series, this new machine follows Kobelco Performance by Design to deliver superior performance, greater efficiency, and more productivity.

Know More about What the Hydraulic Gear Pumps Market Report:

Future Market Insights offers an unbiased analysis of the global hydraulic gear pump market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the Hydraulic Gear Pumps market, the market is segmented based on type, operating pressure, and end-use industry type across six major regions.

Global Report Coverage:

Attribute

Details

Market Size Value in 2023

US$ 1.95 billion

Market Forecast Value in 2033

US$ 3 billion

Global Growth Rate

4.4% CAGR

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

MT for Volume and US$ million for Value

Key Regions Covered

North America

Latin America

Western Europe

Eastern Europe

South Asia & Pacific

East Asia

Middle East & Africa

Key Countries Covered

United States

Canada

Brazil

Mexico

Germany

United Kingdom

France

Spain

Italy

Russia

Poland

Czech Republic

Romania

India

Bangladesh

Australia

New Zealand

China

Japan

South Korea

GCC countries

South Africa

Israel

Kay Segments Covered

Type

Operating Pressure

End Use

Region

Key Companies Profiles

Eaton Corporation Plc

PARKER HANNIFIN CORP

Bucher Hydraulics Gmbh

KYB Corporation

CASAPPA S.p.A

Bosch Rexroth AG

Dynamatic Technologies Ltd

Linde Hydraulics GmbH & Co.KG

Roper Pump Company

Kawasaki Heavy Industries, Ltd.

Concentric AB

Viking Pump Inc

Settima Meccanica Srl

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Global Market Segmentation:

By Type:

External Gear Pumps

Internal Gear Pumps

By Operating Pressure:

Upto 15 bar

15-50 bar

50-150 bar

150-250 bar

250-300 bar

More than 300 bar

By End Use:

Construction Equipment

Mining Equipment

Automotive

Material Handling Equipment

Off Highway Vehicles

Processing Industry

Chemicals

Petrochemicals

Oil & Gas Refineries

Others

Others

By Region:

North America

Latin America

Western Europe

Eastern Europe

South Asia and Pacific

East Asia

Middle East and Africa

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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient Market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the Market. It discloses opportunities that will favor the Market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

Contact Us:

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