The global hydraulic pumps market is anticipated to grow at a steady rate and will post a compound annual growth rate of close to 5% during the forecast period 2017 to 2021, says market research company Technavio.
“The rapid automation in the automotive industry will help drive the growth prospects for the global hydraulic pumps market until the end of 2021,” says the company.
Technavio notes that it has been observed that changing lifestyles, rising consumer confidence, growing demand for fuel-efficiency and technologically advanced cars equipped with more safety features will drive the demand for hydraulic pumps that are used in truck and car engines to generate energy.
In an hydraulic pumps market research study done by the company, engineering firm Bosch Rexroth, hydraulic and electronic systems engineers Danfoss Power Solutions, power management company Eaton and motion control products producer Parker Hannifin have been identified as the leaders in the global hydraulic pumps market.
Further, the study claims that the advent of fire-resistant hydraulic fluids will drive the growth prospects for the global hydraulic pumps market for the next four years. This fire-resistant formula is used by new electric hydraulic pumps that have a high water content of almost 45% and provides effective lubrication and ensures wear- and corrosion-free hydraulic pumps.
The report explains that the global hydraulic pumps market is highly competitive and diversified, owing to the presence of a large number of regional and international vendors globally. Manufacturers are increasingly focused on enhancing the efficiency of hydraulic pumps to boost offerings and expand the consumer base. The vendors are also increasingly focusing on expanding market presence through mergers, acquisitions and expansion activities.
However, it has been observed that new entrants find it extremely difficult to enter the market as it is highly capital intensive. The report highlights that the construction, mining, and materials handling segments accounted for the majority of market share during 2016 and will continue to dominate the market for the next four years.
One of the major factors responsible for the market segment’s growth is the increasing use of hydraulic pumps in heavy industry that contends with harsh weather conditions and different magnitudes. Within the main industries, hydraulic pumps are used in excavators, loaders, earthmovers, graders, dozers, dumpers, cranes, forklifts and bulldozers.
Technavio’s report also explains that, geographically, the Americas accounted for the majority market share during 2016 and will continue to dominate the market during the forecast period. Some of the larger industries that drive the demand for hydraulic pumps in the American region include construction, agriculture, oil and gas, mining, materials handling, industrial equipment, refrigeration and heating systems, and pumps and pumping equipment.
Technavio concludes that the US provides technologically superior products by reducing the operating and service costs for end-users, which lends itself to high productivity and reliability.