FELTON, California, July 20, 2017 /PRNewswire/ --
The global hydraulic pumps market to reach USD 11,400 million by 2024, driven by the rising demand for mobility and industrial sector. Asia-Pacific was the largest market accounting for over one-third of the market share in the year 2016 owing to growing agriculture and construction industry in countries such as India and China. North America and Europe followed the suit, where the regions are expected to grow over the forecast period.
Availability of fire resistant and wear and corrosion free hydraulic pump along with flourishing industrial and construction segment are among the key drivers for the hydraulic pumps market. However, resilient competition from low-cost manufacturers is expected to be among the restraints for hydraulic pumps market over the forecast period.
In terms of application, mobility segment dominated global market accounting for over half of the market share in the year 2016. The segment is expected to show promising growth owing to the usage of hydraulic pumps in mining, agriculture, construction, and earthmoving equipment. Industrial segment is expected to grow at a CAGR of 5.4% owing to the prevailing demand in industries which involve heavy and repetitive work.
Growing focus on research and development by hydraulic pump companies and government initiatives to minimize CO2 emission and energy consumption along with the demand for quality products and cost-effective solution is expected to upsurge the global hydraulic pumps market over the forecast period.
Browse full research report with TOC on "Hydraulic Pump Market Size and Forecast, byType (Gear, Vane, Piston), by Application (Mobility, Industrial) and Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/hydraulic-pump-market
Tough competition from low cots manufacturers will be a major restraint factor in the development of this market. The global hydraulic pump market has several key players such as Bosch Rexroth AG, Eaton, Daikin, Kawasaki Heavy Industries, Parker Hannifin & Toshiba Machine Co. Ltd
Browse related reports by Hexa Research:
- Safety Helmets Market - Global safety helmets market size was estimated to be USD 2.1 billion in 2016 and is expected to grow over the forecast period driven primarily by the growth of the construction, mining, and manufacturing sectors.
- Industrial Air Filtration Market - Projected to grow at a CAGR of almost 6% from 2016 to 2024, industrial air filtration market is expected to grow significantly over the forecast period owing to growing environmental concerns and rapid urbanization.
- Commercial Refrigeration Equipment Market - Global commercial refrigeration equipment market value is expected to exceed USD 40.87 billion by 2024 growing at an estimated CAGR of over 5.6% from 2016 to 2024.
- Fencing Market - Global fencing market is expected to be valued at approximate USD 24 billion in 2014 and it is projected to grow at an approximate CAGR of 5% over the forecast period of 2016 to 2024.
Hexa Research has segmented the global hydraulic pumps market based on types, applications and region:
Segmentation by types, 2014 - 2024 (Million Units) (USD Million)
Segmentation by application, 2014-2024 (Million Units) (USD Million)
Segmentation by region, 2014-2024 (Million Units) (USD Million)
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa
Key players analyzed:
• Bosch Rexroth AG
• Kawasaki Heavy Industries
• Parker Hannifin
• Toshiba Machine Co. Ltd.
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
SOURCE Hexa Research