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Hydraulic Pump Market: industry Overview, supply chain and Forecast 2032
WILMINGTON, DE, UNITED STATES, September 17, 2024 /EINPresswire / -- Allied
market Research recently published a report on the hydraulic pump market which states that the industry is expected to gather a revenue of $14.2 billion by 2032. The landscape accounted for $9.3 billion in 2020 and is projected to rise at a CAGR of 3.4% from 2023 to 2032. The study classifies the market into various segments on the basis of product type, displacement type, and application. Furthermore, a comprehensive regional analysis is also provided in the report to help companies make the right investment decisions.
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A Brief Overview of the Market Dynamics
The exponential rise in the global population and the rapid pace of urbanization have led to a rise in the number of construction activities across the globe, which has positively impacted the hydraulic pump market. Furthermore, the increasing demand for piston pumps from the oil and gas exploration and mining sectors has created favorable conditions for the growth of the landscape.
Along with this, several leading players are investing in R&D activities to design advanced hydraulic pumps for different applications. The integration of emerging technologies in such high-tech products is an upcoming trend witnessed in the landscape. These developments have opened new avenues of growth in the industry.
The regional analysis provided in the AMR report highlights the performance of the market in various provinces such as North America, LAMEA, Asia-Pacific, and Europe. The major socioeconomic, cultural, administrative, political, and demographic factors affecting the industry are covered through this exercise. The Asia-Pacific hydraulic pump landscape is expected to gather the highest revenue share in the 2023-2032 period. The growing expanse of the construction and manufacturing industries in the region is predicted to be the major growth driver of the market.
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Industry Updates and Upcoming Trends
In recent times, several innovations have been integrated into hydraulic pumps to improve their efficiency and productivity. For instance, the introduction of IoT technology and sensors is one such development. High-quality smart devices are embedded into hydraulic pumps to measure parameters such as temperature, pressure, flow rate, etc. The data thus collected is then analyzed for predictive maintenance and early fault detection. Along with this, the use of electro-hydraulic actuators to enhance the precision and flexibility of these pumps is another important trend in the landscape.
Moreover, many companies have started deploying AI-based tools and machine learning algorithms to ensure energy efficiency and resource optimization. Also, businesses are transitioning toward additive manufacturing techniques and advanced materials to develop environmentally sustainable hydraulic systems.
Major Players Profiled in the Report
Bosch Rexroth AG
OILGEAR
Danfoss AS
Bailey International, LLC
BUCHER INDUSTRIES AG
PARKER HANNIFIN CORP
Eaton
Linde Hydraulics GmbH & Co. KG
Dynamitic Technologies LTD
Enerpac Tool Group Corp.
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In summary, the AMR report on the hydraulic pump market highlights the various aspects of the industry and provides actionable data to aid companies in developing a complete understanding of the landscape. The segmental and regional analyses offered in the study enable businesses to formulate their plans for expansion in the market.
David Correa
Allied Market Research
+1 800-792-5285
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.