The hydraulic pumps market is projected to reach US$ 14.20 billion by 2030 from US$ 10.24 billion in 2022. The market is expected to register a CAGR of 4.2% during 2022–2030. The rising number of wastewater treatment projects is likely to remain a key trend in the market.
The expanding mining industry and the growing need for real-time monitoring and data analysis are driving the market. The market is anticipated to grow during the forecast period due to the significant initiatives taken by the government for developing or retrofitting infrastructure. Moreover, the growing demand for technologically advanced products in the construction industry and the increasing demand for digital pumps are creating lucrative opportunities for the market.
A hydraulic pump is a machine that transfers mechanical power into hydraulic energy. The pump uses hydraulic systems to execute tasks such as lifting huge weights in excavators or jacks used in hydraulic splitters. Hydraulic pumps can be variable or positive displacement pumps, depending on the type of movement. Hydraulic pumps have a wide range of applications, such as forklifts, cranes, aircraft, and others. The increasing development of residential and commercial structures is driving the hydraulic pumps market
Furthermore, a growing need for effective infrastructure for enterprises. This aspect has significantly boosted the number of construction operations worldwide. Hence, boosting the hydraulic pumps market during the anticipated period.
The world has experienced a rapid demand and adoption of hydraulic pumps across several industries, especially the mining industry, over the years. The expansion of the mining industry has increased the adoption of hydraulic pumps among miners for properly managing operations. For instance, according to the World Gold Council, in December 2022, Canada produced 194.5 metric tons of metal. The extraction of metals from the earth's surface requires machinery such as excavators, drills, and cranes. This machinery is mainly used to shift heavy materials from one place to another, which increases the demand for hydraulic pumps to enhance mining machinery and help in the easy and safe movement of heavy materials. Increased mining activities across the globe are expected to drive the hydraulic pumps market during the forecast period.
The hydraulic pumps market is projected to grow substantially during the forecast period due to the rising construction activities boosting the adoption of excavators. Hydraulic pumps strengthen excavators to lift and move heavy loads from one place to another. The growing demand for technologically advanced products is also fueling the market growth. For instance, in September 2023, Komatsu Ltd. launched a new 3-ton class electric mini excavator to fulfill consumer demand in the domestic construction market. The 3-ton class electric mini excavator is equipped with a lithium-ion battery and can also use the hydraulic pump for lifting and moving heavy weights. Moreover, hydraulic pump manufacturers in Japan are developing hydraulic pumps that can easily work with excavators to strengthen their performance, which is driving the market.
Key segments that contributed to the derivation of the hydraulic pumps market analysis are type and application.
The geographic scope of the hydraulic pumps market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The market in Europe is projected to expand during the forecast period due to the growing demand from the automotive industry and the increasing adoption of cars among consumers. Hydraulic pumps are used to control the steering, braking, and suspension system of a car. The pump offers a comfortable and safe driving experience to the automotive user. The expansion of the automotive industry is creating opportunities for the hydraulic pump market. For instance, in October 2023, the car market in Italy increased by 20%, with an increased registration of 141,730 new vehicle units. Moreover, the increasing demand among consumers for sustainable solutions like electric vehicles is driving the hydraulic pump market.
The regional trends and factors influencing the Hydraulic Pumps Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hydraulic Pumps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 10.24 Billion |
| Market Size by 2030 | US$ 14.20 Billion |
| Global CAGR (2022 - 2030) | 4.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Hydraulic Pumps Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hydraulic Pumps Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The hydraulic pumps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the hydraulic pumps market are listed below:
The “Hydraulic Pumps Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Hydraulic Pump Market
The key players holding majority shares in the global hydraulic pumps market are Bosch Rexroth Ltd, Danfoss LLC, Linde Hydraulics GmbH & Co KG, Dynamatic Technologies Ltd, HYDAC International GmbH, Parker Hannifin Corp, Kawasaki Heavy Industries Ltd, Daikin Industries Ltd, Bucher Hydraulics GmbH, and HAWE North America Inc.
The expanding mining industry and the growing need for real-time monitoring and data analysis are the major factors that propel the global hydraulic pump market.
The global hydraulic pumps market is expected to reach US$ 14.20 billion by 2030.
Asia Pacific dominated the hydraulic pump market in 2022.
The global hydraulic pumps market is estimated to register a CAGR of 4.2% during the forecast period 2022–2030.
The rising number of wastewater treatment projects to play a significant role in the global hydraulic pumps market in the coming years.