According to a new market report published by Credence Research, Inc., “Hydraulic Pumps (Construction and Earth Moving, Oil and Gas, Mining, Agriculture, Manufacturing and Material Handling, Others (Automotive, etc.)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the global hydraulic pumps market is expected to exceed US$ 9.8 Bn, expanding at a compound annual growth rate of 4.5% during the forecast period 2015 – 2022.
A hydraulic pump is a device ideally used in a hydraulic drive system to convert mechanical energy into hydrostatic energy. It works on displacement principle. While operating, a hydraulic pump creates a vacuum at the pump outlet, which pushes the liquid into the inlet line from the reservoir. The liquid gets transferred to the outlet and then transmits the requisite force throughout the hydraulic system. Thus, hydraulic pump is the source of power for several machineries.
The global hydraulic pumps market is highly matured and concentrated. The top four hydraulic pumps manufacturers accounted for over 45% of the global market revenue in 2015. Parker Hannifin Corporation (the U.S.), Eaton Corporation (the U.K.), and Danfoss Power Solutions (the U.S.), and Bosch Rexroth Ltd. (Germany) are identified as the leading hydraulic pumps manufacturers. Other manufacturers including Actutant Corporation (the U.S.), Bailey International LLC (the U.S.), Hydac International (Germany), Linde Hydraulics GmbH & Co. KG (Germany), Dynamatic Technologies Ltd. (India), Kawasaki Precision Machinery (Japan), and Toshiba Machine Co. Ltd. (Japan) have been marked as promising and emerging players in the hydraulic pumps market. The market for hydraulic pumps is highly matured and has been plagued by lack of product innovation. This has resulted in price wars among manufacturers leading to profit crunching. Thus, lack of product innovation is identified as one of the biggest challenges to the growth of hydraulic pumps market. Focus on product enhancement is the key strategy for manufacturers.
Browse the full Hydraulic Pumps (Construction and Earth Moving, Oil and Gas, Mining, Agriculture, Manufacturing and Material Handling, Others (Automotive, etc.)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022 report at http://www.credenceresearch.com/report/hydraulic-pumps-market
- Flourishing construction industry post economic recession
- Industrial Automation and Agricultural Mechanization
- Regulations and legislation promoting reduction of carbon-dioxide emissions and energy savings
- Demand for piston and gear pumps
- Growing demand for renewable energy production
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