Global Gear Pump Market to Expand

Hydraulic gear pumps are largely used in the construction industry. The construction industry is expanding and 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.

The global gear pump market is set to expand at a CAGR (compound annual growth rate) of more than 4% during the forecast period, from 2017 until 2021.

The major application segments are earth-moving, mining, material handling, agriculture and forestry, and automotive. The earth-moving, mining, material handling segment accounted for more than 47% of the marketshare in 2016.

Hydraulic equipment is an essential part of the machine tools market. They facilitate accuracy and allow maximum precision during machine tools operations. Gear pumps are used in machine tools for lubrication purposes. The growth of the market will directly impact the demand for hydraulic equipment such as gear pumps.

In both developed as well as developing countries, manufacturers are increasing their investments in machine tools to enhance their production processes and systems. The maturity of both of these markets will help the construction sector and market throughout the next few years.

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