Gear Pump Market Overview on Agriculture and Automotive Sector to 2021
ReportsnReports.com adds new research report Global Gear Pump Market 2017-2021. This report covers the present scenario and the growth prospects of the global gear pump market for 2017-2021. To calculate the market size, the report considers the revenue generated from the new installations.
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The analysts forecast global gear pump market to grow at a CAGR of 4.02% during the period 2017-2021. The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
The following companies are the key players in the global gear pump market: Bosch Rexroth, Bailey International, Eaton, and Parker Hannifin. Other Prominent Vendors in the market are: Kawasaki Heavy Industries, Danfoss, Permco Gear Pumps, Atos, Hayward Tyler Group, DANTAL HYDRAULICS, ROPER PUMP COMPANY, and Commercial Shearing.
Global Gear Pump Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Commenting on the gear pump market report, an analyst said: “The latest trend gaining momentum in the market is fire-resistant hydraulic fluids. Mineral oils are the most commonly used hydraulic fluids. With an attempt to combat the deficiency of energy sources, efforts are being made to switch to liquids that are reliable and efficient. The high workload on these pumps increases ruptured lines, which in turn increases the possibility of fire. Such instances of fire in hydraulic gear pumps have led to a rise in demand for improved quality and standards. The new trend is effective lubrication and wear and corrosion-free hydraulic pumps.”
According to the gear pump market report, one of the major drivers for this market is growth of construction industry. Hydraulic gear pumps are largely used in the construction industry. The construction industry is expanding at large and across the globe. Hence, it is a major driver for the growth of the gear pump market. There are a lot of factors leading to the expansion of the construction industry. The developed countries and emerging markets are expected to double in the next 10 years.
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Further, the gear pump market report states that one of the major factors hindering the growth of this market is contracting mining industry in china. China consumes nearly 50% of the world’s commodities. Therefore, the country’s economic slowdown has led to an oversupply of commodities such as coal and iron ore. However, the production costs of energy, labor, and equipment remain high. This has resulted in reduced revenues and profits, thus increasing the debt level of mining companies. This is a major challenge to the growth of the market as it results in a decrease in mining activities.
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