Based on type, hydraulic pumps are classified as vane, piston, and gear pumps. Among all product types, gear pumps dominated the market in 2015, accounting for over 50% of the overall market revenue owing to their compatibility with varied fluid types and lower cost as compared to other product types. Piston pump is expected to be the fastest growing product category, on account of its high efficiency, reliability, and increasing usage in high pressure application areas such as mining, construction, and others.
Market by application comprises mobile and industrial application. Sub-segments of the mobile application segment include construction, agriculture, mining and others. In the year 2015, the mobile application segment occupied a major share of the overall market. However, the industrial segment is anticipated to grow at a faster rate during 2016 – 2022, owing to increasing application of hydraulic pumps in manufacturing activities in the developing economies.
The key market players profiled are Bosch Rexroth Ltd., Eaton Corporation Plc, Danfoss Power Solutions, Parker Hannifin Corporation, Actutant Corporation, Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd., Hydac International and Toshiba Machine Co. Ltd. Manufacturers have launched innovative hydraulic pumps to strengthen their foothold in the market. For instance, Eaton Corporation Plc introduced a new series of piston pumps for mobile applications, called X 20 open system piston pumps to strengthen its position in the market.
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SOURCE Allied Market Research