The Economic Demand for Hydraulic Pumps
15## November 2019
It’s going to be a great few years for the hydraulic pump industry. According to BCC Research, the global market for hydraulic pumps is expected to reach a total value of $10.1 billion by 2019.As the global economy continues to improve, construction projects continue to grow, and regulations mandating the control of CO2 emissions spread, the market for hydraulic pumps can only spread. All in all, the industry is expected to expand at a 5-year CAGR of 5%, leading to an increase of $3.2 billion in 2019 alone.
In particular, the market for hydraulic pumps will continue to grow in North America, Japan, and the Asian-Pacific regions. These markets already account for the largest portion of the hydraulic pump industry’s income, thanks to their robust construction, defence, and earth moving sectors. However, the demand for hydraulic pumps is expected to grow in other regions of the world as well. Developing regions such as Brazil and India will create many opportunities for the hydraulic pump sector before the end of the decade and beyond.
The earth moving industry accounts for the largest share of the hydraulic pump market of any customer base (24%), and will continue to do so through 2019. As other industries such as mining, agriculture, and equipment manufacturing continue to recover from the global economic downturn, however, their demand for hydraulic pumps is also expected to rise, creating even more opportunities for the industry.
For more information on the hydraulic pump industry, or to purchase hydraulic components, contact White House Products Ltd. today at +44 (0) 1475 742500.
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