Hydraulic pump technology is incredibly important to the manufacturing world.
As more emphasis gets put on energy efficiency in all sectors, hydraulic pump technology has been able to hang on in industrial environments. It’s been driving industry for a long time and will continue to do so moving into the future.
The hydraulic pump market is projected to reach $11.6 billion by 2024. Advancements have made this possible, even though many still see it as ancient technology.
We’re not here to talk about the technological advancements of hydraulics, though, we’re here to talk about market trends to keep an eye on. Manufacturing and construction have relied on hydraulics for ages now, but where will environmental and energy concerns lead it to in the future?
Let’s find out.
What Are the Hydraulic Pump Market Trends?
So, what is driving this thriving hydraulic pump market? It’s industrial automation, continual infrastructure development, and increased construction across the globe. When you look at the simple facts, it’s not surprising that the hydraulics market is growing.
Government regulations calling for the reduction of CO2 emissions has led to the expansion of the market. The increased cost of energy has led to the need for energy efficient solutions in this technology. Let’s find out what the results have yielded for the market.
1. Gear Pumps in Construction
Gear pumps are heavily used in the construction industry for applications such as excavation, earth moving, lifting, and material handling. This usage pushes the market for construction equipment forward.
The cost of manufacturing hydraulic pumps is quite low and the cost of maintenance is high. The salvage value of the parts is also low, so it pushes manufacturing companies to buy new pumps from vendors like pumpbiz.com, mtehydraulics.com, and weshyd.com.
2. Manufacturing in the Developed/Developing World
In developed and developing countries, manufacturers are starting to push for the use of machine tools to improve production processes and advance developments.
As the two markets continue to mature, they’ll continue to drive the construction market. The hydraulics market will grow alongside it.
3. Increased Construction Spending
There’s been a worldwide increase in construction projects, leading to increased construction spending. Various countries across the world are developing at a rapid pace, contributing to this market increase.
A World Bank survey has said that construction spending should reach somewhere in the $12 trillion range by 2020.
4. Asia Is Home to Highest Growth
Asia, in particular, has been home to rapid urbanization and agricultural innovation. Most of Asia’s fresh water is used to irrigate crops for an ever-increasing population and too much has been found to be used inefficiently. Hydraulic technology is expected to help curtail this inefficiency in the coming years.
As Technology Improves, So Will Market
Innovation never stops, this is well-publicized in the tech world. What’s important to note is that the industrial world has to be just as innovative to keep up with changing government regulations.
The hydraulic pump industry will continue to be at the forefront of this innovation. For that reason, we’ll continue to see the market for hydraulics increase. To learn more about the tech and industrial innovation, check out Tech News Era.