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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