PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576102
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576102
Global hydraulic pump market is projected to witness a CAGR of 3.82% during the forecast period 2024-2031, growing from USD 10.64 billion in 2023 to USD 14.36 billion in 2031. Automation and smart technologies are likely to transform the demand of the hydraulic pump market. Advanced materials and manufacturing techniques, along with nanotechnology in pump designing, fuel the market growth. The automation and digitization of industrial operations, accompanied by predictive maintenance and design and functions of hydraulic pumps, are expected to improve the performance, sustainability, and safety of operations in different sectors.
Major ways that hydraulic systems have enhanced in terms of performance and reliability are through the utilization of advanced materials, digital solutions, and engineered bespoke designs. With industries adhering to Industry 4.0 standards and adopting green technologies, the call for new hydraulic technologies is projected to increase, enhancing developments and new patterns of engineering activities. One of the most crucial developments in hydraulic engineering has been made on the reliability of modern designs. In the initial phase of hydraulic systems, complex designs take more time to manufacture and install. Newer hydraulic pump designs, with the help of 3D modeling, have enhanced performance and efficiency. Furthermore, less dust in hydraulic oil, dust that is reliably kept out of the hydraulic machinery's components, and better diagnostic methods have enabled hydraulic systems to be much more efficient. Companies offer an extended range of hydraulic pumps that excel in efficiency and performance.
For instance, in January 2024, Grundfos Holding A/S launched a new SP 6-inch hydraulic pump for increased energy efficiency. This new generation SP pump has optimized and reliable hydraulics, improved energy efficiency, and a longer product lifetime. The pump is highly efficient due to the permanent magnet motor, robust design, and extended temperature range.
Integration of Smart Technology, Digital Twin Technology, and VSDs to Propel Market Growth
The growing trend of incorporating IoT and smart sensors in hydraulic pumps is limiting human interventions, allowing users to monitor the pump efficiently without any movement. Users can perform predictive maintenance and operate pumps more efficiently and with less downtime. The future trends of the hydraulic pump market will likely focus more on automation due to the demand for precision and efficiency in pumping activities across industries. Automating hydraulic systems is likely to improve productivity and limit manual work.
Design and operational advantages of hydraulic pumps with the digital twin concept allows creating performance prediction, failure forecasting, and maintenance. Variable speed drive (VSD) technology is becoming more widely applied in hydraulic systems, enabling pump rotational speed adjustment. This contributes to better efficiency and effectiveness, especially when there are variable requirements in the process. Companies focus on delivering hydraulic pumps with efficient control and higher performance.
For instance, in June 2023, SPX Flow Inc.'s Bolting Systems launched a new hydraulic pump, PE60. The pump offers increased control technology, autocycle functionality, longer runtime, and plug-and-play accessories. The new hydraulic pump is intended for torquing applications that need continuous autocycle operation or manual driving of hydraulic wrenches.
Wide Range Applications and Rising Automation to Shape the Global Market Demand
Hydraulic pumps are in demand from sectors such as construction, agriculture, automotive, and manufacturing due to the accompanying growth in infrastructure development and machinery automation. The hydraulic pump market will focus on developing more automation features in the future owing to the rising applications of hydraulic systems in industrial machines for precise and efficient needs. There will be continuous integration of hydraulic power with IoT technologies in factories due to rapidly expanding automation.
As the world grapples with the challenges of climate change, technological advancements will allow for the invention of environmentally friendly hydraulic pumps that cater to green industries, such as wind and solar energy systems. The emergence of electric and hybrid hydraulic technologies allows more efficiency and sustainability than traditional hydraulic pumps. Hence, companies tend to deliver pumps with better designs, allowing them to function efficiently.
For instance, in March 2023, Bosch Rexroth Inc. presented a highly efficient A3V pump platform, A3V2Q045, for medium-pressure industrial hydraulics applications. The high-efficiency pump comes with speed-controlled, cyclic applications that sustainably save energy through the speed control of a variable pump. The company is further advancing industrial hydraulics' sustainability with its high-speed variable displacement pumps for medium-pressure applications.
Gear Pump Segment Leads the Market Share with Wide Applications and Design Efficiency
The gear pump segment leads the share of the global hydraulic pump market. Gear pumps are characterized by their straightforward designs, including two or more gears that mesh together to create a continuous flow of fluid. Gear pumps are known for their high volumetric efficiency, enabling them to transfer fluids with minimal leakage and energy loss. The design allows compact construction, making them suitable for applications where space is limited. This delivers versatility in applications, including automotive, construction, oil and gas, and food and beverages. This strong foundation, combined with continuous innovations in gear pumps, leads the segment to hold the highest market share. Companies focus on developing environment-friendly high-pressure gear pumps. For instance, in January 2024, Shimadzu Corporation introduced the MLP2 Series, an environmentally friendly next-generation SGP2 Series high-pressure gear pump. In addition to improving durability by removing the plating process of the cast iron body used in the SGP2 series, this new pump provides maximum surge pressure from 29.4 MPa to 30 MPa and the rated pressure from 24.5 MPa to 25 MPa.
Asia-Pacific to Hold the Dominating Hydraulic Pump Market Share
Asia-Pacific leads the share of the global hydraulic market owing to the use of hydraulic systems in production lines and the growth of manufacturing industries, especially in China and India. Hydraulic pumps are essential for industrial operations in automotive and machinery manufacturing. The boom in construction due to rapid urbanization has made Asia-Pacific a highly potential market for construction equipment. Hydraulic pumps are essential in building highways, bridges, and high-rise buildings in construction projects.
Major Asia-Pacific countries are investing heavily in infrastructure to support economic growth. Projects related to highways, railways, and airports rely on hydraulic equipment for construction and maintenance, driving the demand for hydraulic pumps. As agricultural practices evolve, the need for efficient irrigation systems powered by hydraulic pumps grows. It is especially crucial in countries with large agricultural sectors like India that urge Indian companies to launch new hydraulic pump systems suitable for different industrial scales.
For instance, in September 2024, Precision Hydraulics Engineers launched premier recon pumps, revolutionizing efficiency and reliability in hydraulic systems. By making this calculated decision, the company intends to help SMEs and other small-scale industrial participants who struggle to afford expensive new pumps while delivering environmentally friendly and sustainable practices.
Future Market Scenario (2024 - 2031F)
Hydraulic pumps are expected to integrate with Internet of Things (IoT) technology, allowing real-time monitoring and data collection. It is likely to enable predictive maintenance, reducing downtime and improving operational efficiency.
The adoption of variable speed drives (VSDs) allows hydraulic pumps to adjust their output based on demand, leading to significant energy savings and reduced wear.
Innovations in pump design, such as improved fluid dynamics and materials, are anticipated to contribute to higher efficiency levels and reduced energy consumption.
Key Players Landscape and Outlook
Key players in the hydraulic pump market are adopting multifaceted strategies to maintain competitive advantage and drive growth. Many are investing heavily in research and development to innovate and enhance product performance, focusing on energy efficiency and advanced materials. Strategic partnerships and collaborations with technology firms are increasingly common, enabling access to IoT and automation technologies that improve system integration. Additionally, companies are expanding their global footprint through mergers and acquisitions, enhancing their supply chain capabilities and market presence in emerging economies. Emphasizing customer-centric solutions, also offer tailored products and services to meet specific industry needs, strengthening customer loyalty and capturing new market segments.
For instance, in August 2024, Parker-Hannifin Corporation's Pump & Motor Division Europe announced the launch of its new T7G Series of hydraulic pumps for trucks. This range of single and double hydraulic vane pumps is ideal for installation in any kind of truck using the ISO 7653 mounting standard as it features new, stronger housings along with Parker's most recent pump variable speed drive technology.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.