Gear pump market worth $2.32 billion by 2025
The global gear pump market could be worth $2.32 billion by 2025, according to analysts at Hexa Research. Growth is expected to be driven by demand in construction, automotive, agriculture, and oil and gas especially – where gear pumps are used for the displacement, transfer and extraction of fluids. Process Industry Forum mines the data to bring you some of the key findings.
Reducing production time and costs
Technological advancements play a strategic role in fostering demand for gear pumps in different industries. Various innovations, such as the development of double gear pumps with a minimal number of parts and axial gauge, are reducing production costs and increasing process reliability.
Integrated adaptive systems use computer-assisted manufacturing, which increases production quality and reduces production time. For instance, Sumitomo Electric Industries, Ltd. designed Parachoid and Megafloid motors for improving the efficiency of gear pumps. The advent of high-efficiency internal rotors has increased the efficiency and reliability of industrial operations considerably.
Demand for oil and gas a key driver
External gear pump held 80.09% of the total market share in 2017. These are widely used as oil pumps in engines and as lubrication pumps in machine tools and fluid power transfer units. Favourable government policies in India and China to encourage investments in petrochemical and agrochemical production are expected to open new growth avenues over the forecast period.
The oil and gas segment led the global market in 2017 and is projected to expand at the highest CAGR of 4.4% during the forecast period. To meet the growing demand for oil, many companies are adopting advanced techniques, such as microbial Enhanced Oil Recovery (EOR), CO2 injection, and thermal injection among others, to increase oil production. This trend is expected to boost demand for cutting-edge gear pumps over the forecast period.
The growing global population and subsequent demand for food are driving the growth of the agriculture industry. Nevertheless, changing lifestyles and increasing disposable income are creating a huge demand for residential construction and passenger cars. Thus, rapidly expanding construction, automotive, and agriculture sectors, especially in emerging economies like China and India, are likely to force the agenda.
Demand for cost-effective solutions and quality products
The European gear pump market is expected to register a CAGR of 3.3% from 2017 to 2025. Increasing government initiatives for minimizing energy consumption and CO2 emissions, coupled with demand for cost-effective solutions and quality products, are expected to propel the growth. Moreover, a rising focus on R&D activities by key companies is expected to provide substantial business opportunities.
In emerging economies, such as China and India, lower product penetration and extensive applications are the key growth opportunity drivers. Many prominent large- and medium-scale enterprises are investing in manufacturing positive displacement pumps. Therefore, certain economies within the Asia Pacific, Middle East and Africa regions are anticipated to be lucrative markets for gear pumps over the next few years.
Download the full research report here.
For more information visit www.hexaresearch.com.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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