Presumably surpassing the sales volume of 55,000 thousand units by
2020 end, hydraulic gear pumps landscape is projected for moderate expansion in
the near future. As presented in a recent market research report published by
Future Market Insights offers exclusive insights on the global and regional
growth scenario of hydraulic gear pump landscape, emphasizing on the key growth
influencers, opportunity analysis, and trends tracking.
The report on hydraulic
gear pump landscape also provides a thorough assessment of the
competition scenario that prominently focuses on the analysis of key
developmental strategies of leading market players.
A
Deep-dive Assessment of Competitive Landscape
“The global
market for hydraulic gear pump is a highly fragmented landscape with a large
number of smaller players that hold lower individual revenue shares but account
for a massive collective share of over 70% at present. Tear 2 companies involve
some of the highly important players, whereas Tier 1 i.e. the key companies
represent a relatively lower value share in the market,” explains a senior
research analyst at FMI.
According to
the analysis of the competitive landscape, strategic mergers and acquisitions
remain the key move for an extended market reach and expanded product
offerings. A recent acquisition deal involving the Parker Hannifin Corporation
and Denison International is reportedly enabling the former to penetrate deeper
in European markets. Eaton also recently announced the acquisition of
Internormen Technology Group, a manufacturing leader in the hydraulic
filtration and instrumentation space.
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Strengthening
the after service will be the key differentiator for leading market players.
Similarly, empowering existing distribution channels and focusing efforts on
long-term contractual relationships with leading manufacturers for reliable,
consistent supply is also identified to be among the important company
strategies.
In order to
push the overall sales output and add value to the current sales scenario, a
number of players in the hydraulic gear pump landscape are leveraging advanced
technologies for superior product quality in compliance with government
standards and regulations regarding emission levels.
Agriculture
Emerges as a Lucrative End Use Sector
Besides a
considerably important role of construction and automotive industries in
raising significant demand for hydraulic gear pumps, agriculture is also likely
to emerge an attractive hub of business opportunities for manufacturers and
innovators of hydraulic gear pumps. Growing cropping intensity is dictating a
paradigm shift of the agricultural sector to mechanization that eventually is
delivering enhanced cropping intensity. This cycle is predominantly fueling the
demand for tractors, thereby encouraging sales of hydraulic gear pumps.
The global
landscape of hydraulic gear pump is currently trending with long-term supply
contract agreements between hydraulic gear pump manufacturers and recognized
OEMs in construction, automotive, and agriculture verticals.
“However, low
rate of replacement will continue to limit revenue growth of market. Typically,
the life span of a hydraulic gear pump is as long as 4-5 years that translates
into a lower rate of pump substitution. Moreover, key suppliers and
distributors have been entering vertical and horizontal collaborative contracts
focusing on the growing inclination of consumers towards repair and
maintenance, thereby restricting the sales of new hydraulic gear pumps,” says
the analyst.
Segmental
Insights
·
The material type evaluation of hydraulic gear pump landscape
uncovers prevailing dominance of alloy with over 50% share of the market value.
Alloy is witnessing an average 4.5% year over year revenue growth and FMI
projects maximum incremental opportunity for alloy in the next couple of years.
·
As indicated by the market analysis according to the type of
product, unidirectional hydraulic gear pump is gradually moving towards
capturing almost a third of the total market value, through at a steady pace in
terms of revenue growth.
·
Based on the operating pressure, FMI identifies 100-300Bar segment
to be the most opportunistic one with over 40% value share at present. While
this segment is likely to be enjoying a significant incremental opportunity,
the other two segments in this category, i.e. less than 100Bar and above 300Bar
will continue sluggish growth.
·
The analysis of hydraulic gear pump market on the basis of vehicle
type concludes that heavy duty vehicles continue to dominate the market scene
with over 40% share of the revenue, whereas that of material handling is
gradually growing at a promising pace.
·
The application-wise assessment of hydraulic gear pump landscape
reveals that lifting applications of hydraulic gear pumps trigger a majority of
revenue generation. On the other hand, electrohydraulic powered steering also
holds a significant market value share of more than 35% that is likely to see a
slight decline in the next couple of years. Post 2020, revenue growth of
hydraulic gear pumps through lifting applications will reach the peak in terms
of year on year growth, indicates the report.
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Regional
Outlook
European
market for hydraulic gear pump valuates at over US$ 500 Mn, of which over US$
400 Mn is covered by Western Europe. SEAPAC and North America represent an
almost similar revenue, and demonstrate a similar pace of revenue growth.
Robust demand for hydraulic gear pump from the flourishing manufacturing sector
as well as the construction and infrastructure vertical is strongly pushing
sales of hydraulic gear pumps in rapidly developing Asian economies, especially
China and India.
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