Hydraulic Pumps Global Market Report 2024

The hydraulic pumps market size has grown strongly in recent years. It will grow from $9.96 billion in 2023 to $10.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The increase observed in the historical period can be ascribed to the demand from the automotive industry, construction and infrastructure development, agricultural machinery, oil and gas exploration, and dynamics in the mining industry.

The hydraulic pumps market size is expected to see strong growth in the next few years. It will grow to $13.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The expansion anticipated in the forecast period can be linked to the rise in renewable energy projects, electrification trends, the adoption of smart hydraulic systems, infrastructure modernization, and a focus on energy efficiency. Major trends projected for the forecast period encompass the rise of electric hydraulic pumps, the integration of IoT and data analytics, a focus on Industry 4.0 integration, growing demand for variable displacement pumps, and an increased emphasis on sustainability.

The hydraulic pumps market is witnessing growth due to the rising construction activities globally. Hydraulic pumps play a vital role in construction equipment, and the increase in construction investment, as reported by the U.S. Census Bureau, indicates heightened demand for hydraulic pumps. Construction spending in the first three months of 2022 showed a 12.0% increase from the same period in 2021, contributing to the growth of the hydraulic pumps market.

The hydraulic pumps market is expected to witness growth driven by the rising focus on renewable energy. Renewable energy production, generating energy from naturally replenished sources, is projected to account for 16% of total energy generation in 2023, up from 14% in 2022, according to the Energy Information Administration. Hydraulic pumps optimize renewable energy production by enhancing system efficiency and performance, contributing to the market's growth.

The hydraulic pump market is witnessing a trend of product innovation driven by premier companies. For instance, REHOBOT Hydraulics, a Sweden-based high-pressure hydraulic products manufacturer, launched an electric-powered hydraulic pump PME70-2500MRV/VR70 in April 2021. This pump operates according to the hold-to-run principle and is equipped with foot-actuated pedals for on and off control, setting it apart from others in the market.

Premier companies in the hydraulic pump market are incorporating technologies, such as control flow systems, to increase profitability. The control system in a hydraulic pump regulates fluid flow, pressure, and direction within the system. SPX Flow Inc., a US-based heat transfer solution provider, launched the PE60 Series hydraulic pump in June 2023. Crafted for versatility and user-friendliness, this pump features enhanced control technology, automatic cycle functionality, extended runtime, and "plug and play" accessories.

In May 2022, Pedrollo Group, an Italy-based company specializing in water treatment, energy conversion, and applied technology, acquired Superior Pump for an undisclosed amount. Through this acquisition, the Pedrollo Group aims to expand hydraulic pump technology in North America and enhance its business presence globally. The long-term strategy of this acquisition is to market and launch the Pedrollo brand in the United States and Canada. Superior Pump is a Minnesota-based company specializing in residential/light commercial duty pumps.

Major companies operating in the hydraulic pumps market report are Daikin Industries Ltd., Toshiba Machine Co. Ltd., Dynamatic Technologies Limited, Eaton Corporation PLC, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Danfoss A/S, Atos Spa, Bosch Rexroth AG, Bucher Industries AG, KYB Corporation, Shimadzu Corporation, Haldex Hydraulics Corporation, CIRCOR Pumps North America LLC, Actuant Corporation, HAWE Hydraulik GmbH, Enerpac Tool Group LLC, Linde Hydraulics GmbH & Co. KG, Webster Instruments Inc., Cessna Fluid Power LLC, CASAPPA S.p.A., Hydraulic Supply Company, Permco Inc., Oilgear Company, Perfection Hydraulics Inc., Cross Manufacturing Inc., Bailey International LLC, Bondioli & Pavesi S.p.A., HYDAC International GmbH, Vickers Hydraulics LLC, Brevini Fluid Power S.p.A.

North America was the largest region in the hydraulic pumps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydraulic pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of hydraulic pumps include gear pumps, vane pumps, piston pumps, and screw pumps. Gear pumps, with fixed displacement designs, operate by pumping fluid through systems using a prime mover such as an engine or motor. These are used in mobile and industrial applications across industries such as construction, mining, agriculture, machinery, automotive, and others.

The hydraulic pumps market research report is one of a series of new reports that provides hydraulic pumps market statistics, including hydraulic pumps industry global market size, regional shares, competitors with a hydraulic pumps market share, detailed hydraulic pumps market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic pumps industry. These hydraulic pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hydraulic pumps market consists of sales of rotary vane pumps, bent axis pumps, inline axial piston pumps, radial piston pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.