As presented in a recent market research report, Future Market insights is forecasting that the hydraulic gear pumps landscape will see moderate expansion in the near future with sales volume surpassing 55,000 thousand units by 2020 end.
According to FMI's analysis, strategic mergers and acquisitions remain the key move. A recent acquisition involving Parker Hannifin and Denison International is reportedly enabling the former to succeed in European markets. Eaton also recently announced the acquisition of Internormen Technology Group.
The report shows that strengthening the after service and empowering existing distribution channels are a key differentiators for leading market players.
FMI says that 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.
The European market for hydraulic gear pump valuates at over $500 million, of which more than $400 million is covered by Western Europe. SEAPAC and North America represent an almost similar revenue, and demonstrate a similar pace of revenue growth. Also, demand for hydraulic gear pumps from the manufacturing sector as well as the construction and infrastructure vertical is pushing sales of hydraulic gear pumps in Asian economies, especially China and India.