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AMR's chief analyst emphasized that the hydraulic pump market in the Asia-Pacific region is expected to grow at the fastest compound annual growth rate during the forecast period.
Portland, Oregon, USA, November 12, 2021 /EINPresswire.com/--Allied Market Research released a research report on the hydraulic pump market. The report's survey results show that the global hydraulic pump market created USD 7.89 billion in 2016 and is expected to reach USD 10.40 billion by 2022, with a compound annual growth rate of 4.7% from 2016 to 2022. The report provides valuable information about the changing market dynamics, the main market segments, top investment pockets and competitive scenarios of market participants, investors, shareholders and new entrants.
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The report provides insights on drivers, constraints, and opportunities to help market participants formulate growth strategies and capitalize on opportunities. The increase in construction activities, the increase in vehicle sales and their use in the mining industry, and the surge in demand for renewable energy have driven the growth of the global hydraulic pump market. On the other hand, high maintenance costs have restrained growth to a certain extent. However, the upgrade of existing machinery and equipment and the increase in demand from emerging economies are expected to create profitable opportunities in the near future.
“Due to the high utilization rate of hydraulic pumps in the manufacturing industry, the Asia-Pacific region is estimated to be the market with the largest revenue. Due to the increase in the utilization rate of hydraulic pumps in the manufacturing industry, construction equipment, and automobiles, the region is expected to grow at a rate of 5.5% during the forecast period. The highest compound annual growth rate growth. Due to the increasing application of piston pumps in oil exploration and mining activities, LAMEA is expected to grow at a compound annual growth rate of 4.8%.” said Mugdha Potdar, a research analyst at Allied Market Research.
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The report details the impact of the Covid-19 pandemic on the global hydraulic pump market. It helps market participants, new entrants and investors determine new strategies based on current conditions. The outbreak of the pandemic gave way to a sharp decline in global car sales. In addition, the reduction in construction activities in most countries has had a negative impact on the global hydraulic pump market. However, the global situation is improving and the market is expected to return to the right track soon.
The report provides a detailed breakdown of the global hydraulic pump market based on product types, applications and regions. These insights will help new and existing market participants take advantage of the fastest-growing and most revenue-generating market segments to achieve future growth. By application, the mobile application field accounted for nearly three-fifths of the total market share in 2016, and it is expected to maintain its dominant position by 2022. On the other hand, the industrial application field is expected to grow at the fastest compound annual growth rate of 5.5% during the forecast period.
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By product type, the gear pump segment accounted for more than half of the total market revenue in 2016 and is expected to maintain the largest share during the study period. At the same time, it is expected that the compound annual growth rate of the piston pump part during the entire forecast period is the fastest, at 6.2%. Geographically, the Asia-Pacific region contributed a major market share in 2016, accounting for nearly two-fifths of the total market. The same region is expected to have the fastest compound annual growth rate from 2016 to 2022, at 5.55.
The major market players in the global hydraulic pump market analyzed in the report include Eaton, Danfoss Power Solutions, Parker Hannifin, Actuant, Bosch Rexroth Co., Ltd., Bailey International Co., Ltd., Dynamatic Technologies Ltd., Hydac International , Toshiba Machinery Co., Ltd. Ltd. and Linde Hydraulics.
About Allied Market Research: Allied Market Research (AMR) is the full-service market research and business consulting division of Allied Analytics LLP, headquartered in Portland, Oregon. Allied Market Research provides unparalleled quality "market research reports" and "business intelligence solutions" for global enterprises and small and medium enterprises. AMR provides targeted business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market sectors.
David Correa Allied Analytics LLP +1 800-792-5285 Email us here Visit us on social media: Facebook Twitter LinkedIn
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