LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global gear pump market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global gear pump market for 2017-2021. The report also lists earth-moving, mining, material handling, agriculture and forestry, and automotive as the three major application segments. The earth-moving, mining, material handling segment accounted for more than 47% of the market share in 2016.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global gear pump market:
- Growth of construction industry
- Expansion of machine tools market
- Growth in agriculture machinery market
Growth of construction industry
Hydraulic gear pumps are largely used in the construction industry. The construction industry is expanding at large and across the globe. Hence, it is a major driver for the growth of the gear pump market. Extensive application of construction equipment in operations such as excavation, earth-moving, and lifting and material handling is expected to drive the market for construction equipment.
Expansion of machine tools market
Hydraulic equipment forms an essential part of the machine tools market. They facilitate accuracy and allow maximum precision during machine tools operations. Gear pumps find major application in machine tools. They are used for lubrication purpose in machine tools. The growth of the global machine tools market will directly impact the demand for hydraulic equipment such as gear pumps. The automotive, aerospace and defense, telecommunications, industrial machinery, and chemical industries are the leading end-users of machine tools.
“In both developed as well as developing countries, manufacturers are significantly increasing their investments in machine tools to enhance their production processes and systems to reap more profits, which will indirectly lead to the growth of the gear pump market,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
Growth in agriculture machinery market
With the rise in the global population, the adoption of agriculture machinery worldwide has grown at a rapid rate, especially in developed countries with large farmlands such as the US and Australia.
Increased mechanization will be needed to overcome various agricultural constraints such as unskilled labor, limited arable land, and limited resources to meet the 2050 targets for increased agricultural production.
“The global agriculture machinery market is expected to grow at a CAGR of close to 9% in the forecast period. The growing demand for agriculture machinery will also drive the demand for hydraulic gear pumps,” says Anju.
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