Global Gear Pumps Market - Forecasts from 2023 to 2028

The global gear pump market is expected to grow at a CAGR of 4.53% from US$1,075.018 million in 2021 to US$1,465.749 million in 2028.

Gear pumps are a type of positive displacement pump that use the meshing of gears to pump fluids and consist of two or more gears that mesh together and rotate within a casing. Gear pumps are known for their simplicity, reliability, and efficiency, and as gears rotate, fluid is drawn into the pump's inlet and forced out of the discharge port. Gear pumps are commonly used in industrial and commercial applications like oil & gas, automotive, pulp & paper, and food & beverage. The global gear pump market is expected to be driven by the increasing demand for gear pumps from various end-use industries and the ongoing technological advancements in pump design.

The expanding automotive, oil & gas, and food & beverage consumption is augmenting the demand for gear pumps.

Gear pumps in the automotive sector are widely used in fuel injection systems to improve the performance and efficiency of modern engines. The automotive industry focuses on improving fuel efficiency and reducing emissions of vehicles, and the demand for gear pumps is expected to increase. Electric vehicles (EVs) and hybrid vehicles require specialized pumps for cooling, lubrication, and hydraulic systems, and gear pumps are well-suited for these applications. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger cars increased from 57.05 million (2021) to 61.59 million (2022).

Per the International Energy Agency (IEA), in 2021, the global sales of electric vehicles reached 6.6 million, double the previous year, bringing the total number of electric cars on the road to 16.5 million. Gear pumps in the oil & gas industry are used for exploration and production activities in various applications such as crude oil refining, lubrication, and hydraulic systems. According to the International Energy Agency (IEA), by 2026, global oil consumption is projected to reach 104.1 mb/d, representing an increase of 4.4 mb/d from 2019. Gear pumps are widely used in the food and beverage industry to transfer and process various liquid and semi-liquid foods, such as dairy products, syrups, and sauces. The increasing demand for processed food and beverages, particularly in emerging markets, is expected to drive the growth of the gear pumps market. According to the International Food and Beverage Alliance (IFBA), global food and beverage sales increased by 3.9% in 2020, reaching approximately $8.2 trillion. This demonstrates that the gear pump market has a great demand.

The Asia Pacific region is expected to hold a significant market share.

The growing population, increasing use of automobiles, and urbanization in the fastest-growing economies, such as China, Japan, and India, will drive the gear pumps demand in the Asia Pacific region. New Energy Vehicle Industry Development Plan (2021-2035) by the Chinese government, released in 2021, aims to accelerate the development of the new energy vehicle industry, which includes electric and hybrid vehicles. The Indian government launched the Open Acreage Licensing Policy (OALP) in 2020, which comes under the new Hydrocarbon Exploration and Licensing Policy (HELP) to encourage the exploration and production of oil and gas in India. In 2019, the Japanese government allocated funds for the research and development of next-generation automobile technology, including electric and autonomous vehicles. These factors add to the gear pump market growth in the Asia Pacific region.

Market Developments:

• December 2021: Shimadzu Corporation launched a "Serenade SRP 300" gear pump with a low noise feature and reduced noise by 30% from previous models.
• March 2021: Dover Precision Components introduced a new type of gear pump designed for oil and gas applications, which features a unique seal design to prevent leakage and improve reliability.
• September 2020: Fristam Pumps introduced a new type of gear pump designed for the food and beverage industry, which features a hygienic design and is easy to disassemble and clean.

Market Segmentation:

By Type

• Internal Gear Pump
• External Gear Pump

By Application

• Oil & Fuel
• Paints & Ink
• Chemical
• Solvents & Adhesives
• Others

By End User

• Oil & Gas
• Automotive
• Pulp & Paper
• Food & Beverage
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Other