The global market for hydraulic pumps was valued at $8.9 billion in 2015. This market is expected to increase from nearly $9.3 billion in 2016 to $10.7 billion in 2021 at a CAGR (compound annual growth rate) of 3.0 percent between 2016 and 2021.
The piston market is expected to grow from nearly $5.8 billion in 2016 to $6.7 billion in 2021 at a CAGR of 3 percent from 2016 through 2021. The gear market is expected to rise from nearly $2 billion in 2016 to $2.3 billion at a CAGR of 3.1 percent from 2016 through 2021. Growth in this industry will further advancements in construction equipment on the jobsite.
The global market for hydraulic pumps is averaging a growth rate of over 3 percent in the recent past, due to increasing demand from end-user industries. Piston pumps dominate the market in terms of value, while gear pumps dominate in terms of volume. Piston and gear pumps are used in high-pressure applications, while vane pumps are used in low-pressure applications.
North America, Europe, and Asia-Pacific are the three major markets by region for hydraulics. In 2015, North America dominated the market by value, followed by Asia-Pacific. In terms of volume, Asia-Pacific dominated the market, followed by North America and Europe. The recovery of the U.S. and European economies, growth of the Asia-Pacific countries, and increasing investments in various end-user industries will drive demand for hydraulic pumps during the next five years.
With the increasing demand for heavy equipment, especially in the North America, Europe, and Asia-Pacific regions, global demand for hydraulic pumps has increased considerably, with sales in 2015 above $8.9 billion. Demand from emerging economies such as China, Indonesia, Malaysia, the Philippines, Brazil and India is expected to increase significantly during the forecast period of 2016 to 2021. Pressure is increasing in the Asia-Pacific region and other developing regions to use environmentally friendly hydraulic pumps in order to reduce energy consumption and CO2 emissions worldwide. This creates a huge market growth opportunity for the hydraulic pump players in emerging and developed markets.