The global hydraulic pumps market was worth US$ 10.7 billion in 2022. In 2023, revenue generated by hydraulic pump sales will reach US$ 11.2 billion. Over the forecast period from 2023 to 2033, sales are expected to grow at a CAGR of 4.0 % . The forecast for revenue to reach US$ 16.6 billion by the end of 2033.
Another factor likely to drive demand for hydraulic demand over the forecast period is stringent environmental regulations worldwide. Sustainability efforts often emphasize reducing energy consumption and greenhouse gas emissions. Hydraulic pumps are critical in various industries, including manufacturing and construction. Modern, energy-efficient hydraulic pumps can help reduce energy consumption, making them more attractive to businesses aiming to meet sustainability goals.
Sustainable practices also involve minimizing the environmental impact of industrial processes. Hydraulic pumps designed to be eco-friendly, such as those with low fluid leakage and noise emissions, are in demand to align with these initiatives.
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As the world transitions toward renewable energy sources, including wind and solar power, hydraulic systems are used in various aspects of these technologies. For instance, hydraulic pumps are used in the control systems of wind turbines and solar tracking systems, increasing demand within these segments.
Hydraulic pumps are used in water management applications, including irrigation systems and wastewater treatment. Sustainability initiatives often focus on responsible water use and conservation, driving demand for efficient hydraulic systems that can contribute to water savings.
Government regulations and industry standards related to sustainability and environmental impact are becoming more stringent. Companies that need hydraulic pumps must comply with these regulations, which can drive demand for pumps that meet or exceed these requirements.
Companies actively promote eco-friendly practices as sustainability becomes a key driver in consumer and investor decisions. This includes adopting sustainable hydraulic pump solutions and showcasing these initiatives in marketing efforts, which can influence market demand.
Key Takeaways from the Hydraulic Pumps Market Report:
- The global hydraulic pumps market is expected to reach a valuation of US$ 16.6 billion by 2033.
- Sales of hydraulic pumps are expected to expand at a CAGR of 4.0% over the forecast period.
- The United Kingdom is projected to have a valuation of US$ 608.1 million by 2033.
- Japan is projected to reach a market valuation of US$ 1.7 billion by 2033.
- By type, the gear segment is estimated to grow at a CAGR of 3.8% during the forecast period 2023 to 2033.
“Growing sustainability and environmental concerns are likely to provide an opportunity for hydraulic pump manufacturers over the coming years. Key manufacturers are working on providing eco-friendly options to gain a competitive edge in a market that is extremely competitive and interspersed with increasingly stringent regulatory frameworks globally.” says a lead analyst at Future Market Insights (FMI)
Competitive Landscape:
Key manufacturers might focus on producing eco-friendly hydraulic pumps, reducing energy consumption and emissions. They are collaborating with OEMs (Original Equipment Manufacturers) and distributors to help manufacturers extend their reach and access new customers. They are adhering to industry standards and regulations is crucial to avoiding legal issues and maintaining credibility.
Hydraulic Pumps Market Recent Developments:
- In June 2021, ESCO is happy to announce the release of the Pro Series 10518 12 Gallon Air/Hydraulic Pump. The Pro Series 12 Gallon Air/Hydraulic Pump is produced for deployment in the field, retailer, and mobile service fleets and is designed for a variety of applications, from automotive to heavy-duty.
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FMI has released an objective assessment of the global market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.
Hydraulic pumps market by type (gear, vane, and piston), by end-use (construction, mining and materials handling, oil & gas, agriculture, and others) & region from 2023 to 2033
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Hydraulic Pumps Market Outlook by Category
By Type:
- Gear
- Vane
- Piston
By End Use:
- Construction
- Mining & Material Handling
- Oil & Gas
- Agriculture
- Other
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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