Increasing Mining Projects Boosts Hydraulic Pumps Market Growth
According to our latest study on “Hydraulic Pumps Market Forecast to 2030 – Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage – by Type and Application,” the hydraulic pumps market size was valued at US$ 10.24 billion in 2022 and is expected to reach US$ 14.20 billion by 2030; it is estimated to record a CAGR of 4.2% from 2022 to 2030.
The growing number of mining activities across the globe increases the adoption of products in the hydraulic pumps market among miners for sustainable extraction and processing of minerals and metals. Transitions to clean energy demand large material inputs. A variety of technologies and infrastructure, including electrical grids, wind turbines, electric vehicle batteries, and bulk materials such as steel, cement, polymers, and aluminum, depend on critical minerals such as lithium, cobalt, nickel, copper, and neodymium. Rapid expansion of mining capacity for essential minerals is necessary to meet net-zero targets. The investments will result in significant advances to meet the need for the worldwide Net Zero Emissions by 2050 (NZE) Scenario. Lithium has the biggest gap in meeting the NZE Scenario. According to the International Energy Agency, the lengthy and unpredictable lead times for new mines need a three-year investment of roughly US$ 360–450 billion to close this gap.
Hydraulic Pumps Market – by Region, 2022 and 2030
Hydraulic Pumps Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Gear Pump, Piston Pump, and Vane Pump) and Application (Construction, Commercial Vehicle, Agriculture Vehicle, Aircraft, and Others)
Hydraulic Pumps Market Size Report, Growth Trends and Forecast 2030
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Source: The Insight Partners Analysis
The rise in industrialization and technological advancements is expanding global mining projects. Mining companies are increasing their capital spending to expand mining products. For instance, in 2022, Vale increased its capital spending by 8% and invested US$ 925 million in the high-pressure acid leach (HPAL) plant project in October 2023. The company’s major mining projects include the Onça Puma, VBME construction, Capanema, Morowali project in Indonesia, and Serra Sul 120 Mtpy projects. The company aims to increase its capital expenditure by US$ 6.0 billion to US$ 6.5 billion from 2024 to 2027 to adopt mining equipment and machinery such as excavators, drills, loaders, and haul trucks. The hydraulic pump provides the necessary force to equipment to perform mining tasks. These allow workers to work safely at the mining sites by improving control over mining operations. A few new mining projects across different countries are mentioned below.
- Maritime Resources announced upgradation of the mine construction of the Hammerdown gold project in 2023. The project received an initial capital investment of US$ 75 million to produce 50,000 oz of gold annually over the next five years. Hammerdown gold project will start producing gold in the first quarter of 2024.
- In India, 100% of FDI in mining is approved under an automatic route. Also, 100% FDI in the Indian mining sector is permitted for lignite and coal under automatic route. Moreover, the country holds the fourth position in iron ore production. National Miner and Coal India Limited sanctioned 32 new coal mining projects in 2021, costing ~US$ 6,267.17 million.
Hence, the increase in mining projects fuels the demand for hydraulic pumps to ensure smooth operations and keep workers safe.
The hydraulic pumps market is categorized based on type, application, and geography. Based on type, the hydraulic pumps market is segmented into gear pump, piston pump, and vane pump. By application, the hydraulic pumps market is segmented into construction, commercial vehicles, agriculture vehicles, aircraft, and others. The hydraulic pumps market, based on geography, is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Bosch Rexroth Corporation; Danfoss; Linde Hydraulics GmbH & Co. KG.; Dynamatic Technologies Limited; HYDAC International GmbH; Parker Hannifin Corp; Kawasaki Heavy Industries, Ltd; Daikin Industries, Ltd.; Bucher Industries; and HAWE Hydraulik SE; are among the key players operating in the hydraulic pumps market.
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