Global Hydraulic Pumps Market 2017-2021: Drivers and Forecasts by Technavio

Technavio has announced the release of their 'Global Hydraulic Pumps Market 2017-2021' report. (Graphic: Business Wire)

LONDON--()--Technavio market research analysts forecast the global hydraulic pumps market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the global hydraulic pumps market for 2017-2021. The report also lists construction, mining, and material handling; agriculture; and oil and gas as the three major end-user segments, of which the construction, mining, and material handling 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 hydraulic pumps market:

  • Growth of construction industry
  • Demand for agricultural equipment
  • Rapid automation in automotive industry

Growth of construction industry

Hydraulic pumps are extensively used in the construction sector, which is presently undergoing significant expansion globally and hence, is a primary driver for the growth of the hydraulic pumps market. There are a lot of factors leading to the expansion of the construction industry. One of these is the rapid economic development, with both the developed countries and emerging markets expected to double in the next ten years.

“The financing for construction projects has also grown and led to increased investment in construction equipment which augurs well for the growth of the hydraulic pumps market,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.

Demand for agricultural equipment

Rapid population growth in developing countries such as India has led to the shift towards mechanized agricultural practices. Hydraulics has a wide scope for application in agricultural equipment. Agricultural application of hydraulic pumps includes tractors, combine and forage harvesters, field sprayers, poultry house machinery, and specialized harvesting machinery.

The Indian agricultural services and machinery sectors have attracted FDI of around USD 2,500 million in the last five years. The African Agriculture and Trade Investment Fund has invested around USD 110 million in the past three years. Moreover, hydraulics is becoming central to farming as it is replacing people and animals.

Rapid automation in automotive industry

Hydraulic pumps are used in truck and car engines to generate energy to run the vehicles. The improving economic situation and change in lifestyles together with rising consumer confidence have resulted in higher demand for new, fuel-efficient, and technologically advanced cars equipped with more safety features. In addition, low auto loan rates in the developed and developing countries are also influencing automotive sales positively.

MNC automobile manufacturers such as Ford, Volkswagen, BMW, Toyota Motors, Honda Motors, Daimler, Fiat, and Tata Motors have made substantial investments in production facilities in developing countries such as India, Thailand, and Mexico.

“Thus, the growth in sales and demand for automobiles and the increase in investments in the automotive sector will spur the demand for hydraulic pumps,” says Anju.

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com