Allied Market Research published a new report showing that the global hydraulic pump market is expected to garner $10.4 billion by 2022, growing at a compound annual growth rate (CAGR) of 4.7% during 2016 to 2022. The report, “Global Hydraulic Pump Market: Opportunities and Forecasts, 2015–2022,” is 120 pages long, and covers the recent history of the market.
In year 2015, the Asia-Pacific region accounted for the largest market share of 36.7%, followed by North America. 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 from increased use of hydraulic pumps in manufacturing and construction equipment. Growth in developing countries including China and India would primarily be supplemented by increasing usage of hydraulic pumps in manufacturing industry, construction activities, and automobiles.
The report classifies hydraulic pump types 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. This is likely due to their compatibility with various fluid types and lower cost than other product types. But an update shows that piston pumps are expected to be the fastest growing product category, due to high efficiency, reliability, and high-pressure capabilities.
While the mobile-equipment segment occupied a major share of the overall market in 2015, the industrial segment is anticipated to grow at a faster rate during 2016 to 2022. This is likely due to the increasing application of hydraulic pumps in manufacturing in developing economies.
Among key findings of this 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
For details about the market study, including prices, visit http://bit.ly/HP317HydPump.