Top Three Drivers of the Global Hydraulic Pumps Market

There are three market drivers that are contributing to the growth of the global hydraulic pumps market. They are the growth of the construction industry, the demand for agricultural equipment, and rapid automation in the automotive industry.

This is according to a new report, which shows the global hydraulic pumps market will grow at a CAGR (compound annual growth rate) of close to five percent from 2017 until 2021.

Construction, mining, and material handling accounted for more than 47 percent of the marketshare in 2016.

There are a number of factors that are impacting this market. For instance, construction is presently undergoing significant expansion globally and is a primary driver for the growth of the hydraulic pumps market. Additionally, rapid economic development in both the developed countries and emerging markets are expected to double in the next 10 years.

Finally, financing for construction projects has also grown, which is also leading to an increased investment in construction equipment.

The global hydraulic pumps market is evolving and changing the dynamic in the construction industry.

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