Hydraulic Gear Pump Market to Significant Growth Foreseen by 2028
Paradigm Shift toward Mechanization Pushes Demand for Hydraulic Gear Pumps in Agriculture, Lower Replacement Rates Prevail as a Key Growth Inhibitor
[UKPRwire, Wed Sep 11 2019] Worldwide sales of hydraulic gear pumps are likely to surpass 55,000 thousand units by end of 2020, as per the latest Fact.MR research study. Rising demand from a wide-range of industries, including agriculture and construction, continues to work in the favor of hydraulic gear pump manufacturers.
The global hydraulic gear pump market space is characterized as a highly-fragmented landscape with wide-spread presence of multiple regional or local players. These regional players, holding individual shares, account for over 70% of the overall market share. While the mid-sized players operating in hydraulic gear pumps market hold high significance, the leading companies represent a low value share in global market space.
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Lower replacement rates with respect to hydraulic gear pumps are likely to pose significant challenges for manufacturers to achieve their sales target. The long-lasting operational lifespan of hydraulic gear pump, extending up to a range of 4-5 years, leaves minimal scope for pump substitution.
“Few of the leading suppliers and distributors are venturing into horizontal & vertical contracts in line with rising propensity of customers toward repair and maintenance. This, in turn, remains a key aspect responsible for arresting sales of new pumps”, says Fact.MR report
Hydraulic Gear Pumps with ‘100-300 Bar Operating Pressures’ Remain the Top-Selling Variant
As per the Fact.MR study, end-users continue to show marked preferences for hydraulic gear pumps having 100-300 Bar operating pressure, on account of use across wide-spread applications. Meanwhile, demand for hydraulic gear pumps with operating pressures of less than 100 Bar and above 300 Bar are likely to witness steady demand over the forecast period.
Unidirectional hydraulic gear pumps remain highly favored among end users over bidirectional, unveils the Fact.MR study. Unidirectional hydraulic gear pumps are foreseen to capture a significant pie of the total market value, albeit at an unwavering pace.
Europe continues to remain a highly lucrative region for manufacturers of hydraulic gear pumps, with Western Europe spearheading demand. Wide-spread presence of leading players along with robust demand for heavy duty vehicles are among the key aspects retaining lucrativeness of Europe in hydraulic gear pump market.
As per the report, North America and SEA Pacific will continue to demonstrate parallel revenue growth over the assessment period. Exponential demand from flourishing manufacturing as well as construction & infrastructure spaces is one among the key factors pushing sales of hydraulic gear pumps in these regions.
Among all the end-use verticals, agriculture is foreseen to offer lucrative opportunities for the manufacturers of hydraulic gear pumps. A paradigm shift of the agriculture industry toward mechanization remains highly palpable, driven by growing intensity of cropping. This, in turn, is predominantly triggering demand for tractors, thereby propelling sales of hydraulic gear pumps.
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Manufacturers are also vying to establish long-term supply contracts and agreements with well-known OEMs across multiple verticals, including automotive, construction, and agriculture verticals. As per the Fact.MR analysis, strategic mergers and acquisitions remain the key to widespread customer reach and higher volume sales. Furthermore, offering satisfactory after-sales services will act as a primary differentiator for the leading market players to win over their competitors. Ameliorating the potential of existing distribution channels and venturing into new channels can also aid stakeholders of hydraulic gear pump market to attain attractive ROI benefits.