According to the latest market research study by Technavio, the global gear pump market is expected to grow at a CAGR of close to 4% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global gear pump market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user
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The top three revenue contributing end-user segments are discussed below:
Earth-moving, mining, and material handling sector: The global gear pump market is expected to grow at a moderate pace due to rapid growth in construction and material handling industries. This sector includes machinery that is extensively used in capital-intensive sectors such as infrastructure development, mining, and construction activities.
“The gear pump demand primarily benefits from the growth of these activities as heavy industrial machinery uses a variety of high-performance pumps. These reduce energy consumption and allow the machines to function efficiently,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Agriculture and forestry sector: With growing investment opportunities in the agricultural sector, the market for agricultural machinery is anticipated to have a positive outlook during the forecast period. The flow of foreign direct investment in developing countries has become a key driver of agricultural activities. In forestry, gear pumps are used in equipment like forwarders, harvesters, feller benches, skidders, and timber trucks. The forestry equipment market is expected to record a single-digit growth during the forecast period.
Automotive sector: The size reduction, advancement in efficiency, and cost-effectiveness make gear pumps a suitable solution for automotive apps such as automatic transmissions, semi-automatic clutches, and electrohydraulic power steering. The improving economic situation and change in lifestyle, along with rising consumer confidence, have led to an increased demand for new fuel-efficient and technologically advanced cars. Rising sales and demand for automobiles and the increase in investment in the automotive sector is expected to spur the demand for gear pumps during the forecast period.
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The top vendors operating in the global gear pump market are:
- Bosch Rexroth
- Bailey International
- Eaton
- Parker Hannifin
The other prominent vendors in the market include Kawasaki Heavy Industries, Danfoss, Permco Gear Pumps, Atos, Hayward Tyler Group, DANTAL HYDRAULICS, ROPER PUMP COMPANY, and Commercial Shearing.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Gear Pump Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Hydraulic Equipment Market 2016-2020
- Global Artificial Lift Pumps Market 2016-2020
- Global Solar Pumps Market 2016-2020
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