According to a new report published by Allied Market Research, the global hydraulic pump market is expected to garner $10.4 billion of revenue by 2022, growing at a CAGR of 4.7% during 2016-2022. In 2015, Asia-Pacific accounted for 36.7%, followed by North America. Growth in developing countries such as China and India would primarily be supplemented by increasing use of hydraulic pumps in manufacturing, construction activities and automobiles.
Based on type, hydraulic pumps are classified as vane, piston, and gear pumps. Gear pumps dominated the market in 2015, accounting for more than 50% of the market revenue, owing to their low cost. Piston pumps are expected to be the fastest growing product, due to the component’s high efficiency, reliability, and increasing usage in high pressure application areas like mining and construction.
In 2015, the mobile segment occupied a major share of the overall market. However, the industrial segment is anticipated to grow at a faster rate during 2016-2022, owing to increasing application of hydraulic pumps in manufacturing activities in the developing economies.
Other findings include:
· In 2015, Asia-Pacific was the highest revenue-generating region for hydraulic pumps, followed by North America
· Growth in Latin America/Middle East/Africa is likely to be supplemented by increasing usage of hydraulic pumps in mining and oil extraction activities
· Gear pumps are the most commonly used hydraulic pumps worldwide
· Mobile applications were the major revenue-generating segment in 2015
· The industrial application segment would grow at a faster CAGR of 5.5% during 2016-2022
The complete report is available for purchase at https://www.alliedmarketresearch.com/hydraulic-pump-market.