Market Trends of Hydraulic Pumps Industry
This section covers the major market trends shaping the Hydraulic Pumps Market according to our research experts:
Gear pumps to Witness the Growth
- In the oil and gas industry, gear pumps are also anticipated to take the place of centrifugal pumps for loading and unloading applications. Centrifugal pumps cannot move the heavier crude oil generated from aged oil fields and unconventional sources. Gear pumps are therefore preferred.
- Moreover, Gear pumps are expected to replace centrifugal pumps in the oil and gas industry for loading and unloading applications. As the crude oil produced from aging oil fields and unconventional sources is getting heavier, centrifugal pumps cannot pump them. Hence, gear pumps are preferred.
- The progressive switch to fire-resistant hydraulic fluids in gear pumps is a recent trend gaining popularity in the industry under study. Due to the tremendous workload, lines frequently burst, which raises the fire risk. Such occurrences have increased higher standards and quality demand.
- For a given displacement, gear pumps are the lightest and can withstand dirt damage. Additionally, gear-type pumps have the shortest service lives, yet they are changed out more frequently than the others due to their affordable replacement costs.
- Due to their relatively straightforward design and manufacturing, hydraulic gear pumps are less expensive than piston and vane pumps. As a result, they are a good option when capital expenses are low. Due to this, numerous market participants have set their sights on the Asia-Pacific region's price-sensitive market.
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North America to Witness the Highest Growth
- The oil and gas industry is witnessing robust growth in the region, strengthening the need for hydraulic Pumps. According to the US Energy Information Administration, dry natural gas production will increase from 95.1 billion cubic ft per day in October 2021 to 97.5 billion cubic ft per day by December last year.
- The oil, gas, and chemical sectors are encouraged to invest thanks to lower feedstock costs caused by natural gas from shale resources, which is anticipated to push the hydraulic pump mt. It is expected that investments will continue in the food, beverage, water, and wastewater industries.
- The US automotive sector is at the innovation forefront. Latest research and development initiatives are transforming the industry to better respond to the opportunities of the 21st century. The country is one of the largest automotive markets in the world and is home to over 13 major auto manufacturers.
- Also, the market for this equipment in the region is further driven by regulations and emission standards, like Combined Automotive Fleet Emissions Requirements (CAFE). Manufacturers have entered into various agreements to develop intelligent variable flow oil and water pumps to meet these new standards. These products will enable the engine to be emissions-compliant with the latest standards and will also provide fuel savings in the range of 1-5% per pump installation.
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