Hydraulic Pumps Market Growth Drivers and Forecast by 2030

The hydraulic pumps market is projected to reach US$ 14.20 billion by 2030 from US$ 10.24 billion in 2022. The market is expected to register a CAGR of 4.2% during 2022–2030. The rising number of wastewater treatment projects is likely to remain a key trend in the market.

Hydraulic Pumps Market Analysis

The expanding mining industry and the growing need for real-time monitoring and data analysis are driving the market. The market is anticipated to grow during the forecast period due to the significant initiatives taken by the government for developing or retrofitting infrastructure. Moreover, the growing demand for technologically advanced products in the construction industry and the increasing demand for digital pumps are creating lucrative opportunities for the market.

Hydraulic Pumps Market Overview

A hydraulic pump is a machine that transfers mechanical power into hydraulic energy. The pump uses hydraulic systems to execute tasks such as lifting huge weights in excavators or jacks used in hydraulic splitters. Hydraulic pumps can be variable or positive displacement pumps, depending on the type of movement. Hydraulic pumps have a wide range of applications, such as forklifts, cranes, aircraft, and others. The increasing development of residential and commercial structures is driving the hydraulic pumps market.

Furthermore, a growing need for effective infrastructure for enterprises. This aspect has significantly boosted the number of construction operations worldwide. Hence, boosting the hydraulic pumps market during the anticipated period.

Hydraulic Pumps Market: Strategic Insights

Hydraulic Pumps Market Drivers and Opportunities

Expanding the Mining Industry to Favor the Market

The world has experienced a rapid demand and adoption of hydraulic pumps across several industries, especially the mining industry, over the years. The expansion of the mining industry has increased the adoption of hydraulic pumps among miners for properly managing operations. For instance, according to the World Gold Council, in December 2022, Canada produced 194.5 metric tons of metal. The extraction of metals from the earth's surface requires machinery such as excavators, drills, and cranes. This machinery is mainly used to shift heavy materials from one place to another, which increases the demand for hydraulic pumps to enhance mining machinery and help in the easy and safe movement of heavy materials. Increased mining activities across the globe are expected to drive the hydraulic pumps market during the forecast period.

Growing Demand for Technologically Advanced Products in the Construction Industry

The hydraulic pumps market is projected to grow substantially during the forecast period due to the rising construction activities boosting the adoption of excavators. Hydraulic pumps strengthen excavators to lift and move heavy loads from one place to another. The growing demand for technologically advanced products is also fueling the market growth. For instance, in September 2023, Komatsu Ltd. launched a new 3-ton class electric mini excavator to fulfill consumer demand in the domestic construction market. The 3-ton class electric mini excavator is equipped with a lithium-ion battery and can also use the hydraulic pump for lifting and moving heavy weights. Moreover, hydraulic pump manufacturers in Japan are developing hydraulic pumps that can easily work with excavators to strengthen their performance, which is driving the market.

Hydraulic Pumps Market Report Segmentation Analysis

Key segments that contributed to the derivation of the hydraulic pumps market analysis are type and application.

• Based on type, the hydraulic pump market is divided into gear pump, piston pump, and vane pump. The gear pump segment held a larger market share in 2022.
• based on application, the market is segmented into construction, commercial vehicles, agriculture vehicles, aerospace, and others. The construction segment held a larger market share in 2022.

Hydraulic Pumps Market Share Analysis by Geography

The geographic scope of the hydraulic pumps market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The market in Europe is projected to expand during the forecast period due to the growing demand from the automotive industry and the increasing adoption of cars among consumers. Hydraulic pumps are used to control the steering, braking, and suspension system of a car. The pump offers a comfortable and safe driving experience to the automotive user. The expansion of the automotive industry is creating opportunities for the hydraulic pump market. For instance, in October 2023, the car market in Italy increased by 20%, with an increased registration of 141,730 new vehicle units. Moreover, the increasing demand among consumers for sustainable solutions like electric vehicles is driving the hydraulic pump market.

Hydraulic Pumps Market Regional Insights

The regional trends and factors influencing the Hydraulic Pumps Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Hydraulic Pumps Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Hydraulic Pumps Market Report Scope

Hydraulic Pumps Market Players Density: Understanding Its Impact on Business Dynamics

The Hydraulic Pumps Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Hydraulic Pumps Market News and Recent Developments

The hydraulic pumps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the hydraulic pumps market are listed below:

• Danfoss Power Solutions has introduced the latest in its H1 series of pumps and motors, the new H1F fixed-displacement bent-axis hydraulic motor. The new motor is designed for both open- and closed-circuit applications in agricultural, construction, and forestry machines. (Source: Danfoss AS, Company Website, November 2023)
• Parker introduced the NX8xHM motor range as a cost-effective and easy-to-implement solution for low-voltage electro-hydraulic pumps. NX8xHM motor series, which is available for battery voltages from 24Vdc to 96Vdc, has major benefits, such as its ease of implementation. The availability of four threaded holes on all sides provides an easy mechanical mounting interface. (Source: Parker Hannifin Corp, Company Website, October 2023)

Hydraulic Pumps Market Report Coverage and Deliverables

The “Hydraulic Pumps Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Hydraulic pumps market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Hydraulic pump market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Hydraulic pumps market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the hydraulic pumps market
• Detailed company profiles