A hydraulic gear pump is a machine that transfers energy from its moving parts to the fluid passing through the pump. It moves and displaces the fluid from one position to another and thus, energizes it. The energy transferred from the pump to the fluid is manifested in the form of the pressure and velocity of the fluid.
Furthermore, the global market for hydraulic gear pumps is expected to witness significant growth in 2018. The hydraulic gear pump market is pegged to reach a value of US$ 2,244.0 Mn while exhibiting a Y-o-Y growth rate of 3.5% as compared to 2017. Furthermore, the global demand for hydraulic gear pumps will also be influenced by the significant demand from Asia Pacific for tractors and other agricultural equipment and machineries.
According to estimates, Asia-Pacific accounts for the highest share in terms of revenue in the hydraulic gear pump market and is expected to continue doing so throughout forecast period, followed by North America. Asia-Pacific’s emergence as the largest market for hydraulic gear pumps can be attributed, in large measure, to the rising demand from developing countries such as India and China. Rising application in the manufacturing industry, coupled with rapid infrastructural development and construction activities, fosters the growth of the hydraulic gear pump market in developing regions.
Moreover, prominent players in the hydraulic gear pump market are focusing on strategic mergers and acquisitions with other players in the market to enhance their product offerings and increase their global reach. For instance, in 2017, Parker Hannifin Corporation acquired the complete shares of Denison International, a manufacturer of engineering components used in hydraulic systems. With this acquisition, the company aims to expand its presence in Europe as more than sixty percent of the company’s revenue (Denison) stems from European countries.
On the basis of material type, the alloy segment is expected to remain dominant in terms of volume share in the global hydraulic gear pump market. The segment is pegged to account for a 50.1% share by the end of 2028.
On the basis of operating pressure, the 100 – 300 bar segment is expected to dominate the global hydraulic gear pump market and account for more than 46.3% of the revenue by 2028 end while the above 300 bar segment is estimated to witness considerable growth in the global hydraulic gear pump market during the forecast period.
On the basis of application, the lifting application segment is expected to remain dominant in terms of volume share in the global hydraulic gear pump market and account for a 45.3% share by the end of 2028.
Western Europe is pegged to be the most attractive region in the global hydraulic gear pump market and is estimated to account for nearly 17.9% of the global market share by the end of 2018.
Get Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-3687
Linde Hydraulics GmbH & Co. Kg, Bosch Rexroth AG, Eaton Corporation Plc, Kawasaki Heavy Industries, Ltd, Bucher Hydraulics GmbH, Parker Hannifin Corp, Dynamatic Technologies Limited, Sapricon Hydraulic Industries, Gemma Automotive, Marzocchi Pompe S.p.A and Daikin, among others are some of the key players in the global hydraulic gear pump market.
In terms of value, the global hydraulic gear pump market is expected to register a 3.7% CAGR and create an absolute $ opportunity worth US$ 994.5 Mn during the forecast period. Western Europe is likely to remain one of the most lucrative regions in the global hydraulic gear pump market, expanding at a CAGR of 3.3% over the forecast period.