A hydraulic pump is a mechanical source of power that converts mechanical power into hydraulic energy, which is utilized to perform various tasks such as lift, lower, open, close or rotate components in various mobile and industrial application areas. The global hydraulic pumps market is forecasted to reach 11.17 billion USD by 2025 from 8.58 billion USD in 2018 with a CAGR of 3.84% during the period.
Growth by Region
North America dominated the market owing to growing agricultural and construction industries. Asia – Pacific will be fastest growing region due to developing industrial infrastructure.
Drivers vs Constraints
Increase in construction activities, rising sales of automobiles and increasing application in the mining industry are major factors driving the market. Government regulations focused towards reduction of CO2 emission and increased awareness about energy saving is also driving the growth of the market. However, high cost of manufacturing is the major factor restraining the market.
Industry Trends and Updates
Kawasaki Precision Machinery at Hannover Messe highlighted the electro-hydraulic hybrid system, KAWASAKI ECO SERVO, for industrial applications. This new system combined the best Kawasaki technology to bring excellent controllability and high efficiency to applications, such as press machines, injection moulding machines, and steel manufacturing.
Eaton Corporation Plc. signed an agreement with Doosan Corporation Mottrol to supply hydraulic pumps for South Korea’s domestically manufactured aircraft KF-X Fighter.