NEW YORK, Aug. 6, 2024 /PRNewswire/ -- The global gear pump market size is estimated to grow by USD 470.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.5%  during the forecast period. Mechanization of agriculture and growth of agriculture machinery industry is driving market growth, with a trend towards rising investments in chemical manufacturing facilities in emerging economies. However, contraction in mining industry in China  poses a challenge. Key market players include A and S Hydraulic Co. Ltd., Avingtrans plc, Bailey International LLC, Bucher Industries AG, CASAPPA SpA, Daikin Industries Ltd., Danfoss AS, Dover Corp., Eaton Corp. Plc, Flowserve Corp., Hudaco Industries Ltd., IDEX Corp., Kawasaki Heavy Industries Ltd., KSB SE and Co. KGaA, KYB Corp., Linde Hydraulics GmbH and Co. KG, Parker Hannifin Corp., Permco Inc., Robert Bosch GmbH, and Roper Pump Co..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

The chemical industry's expansion in emerging economies, particularly in Asia Pacific, Middle East and Africa, and South America, is driving the demand for gear pumps. This growth is due to the increasing consumption and distribution of specialty chemicals in these regions. With the chemical industry expected to continue growing due to increased investments, the demand for chemical products will rise, leading to an increased need for transportation and dosing of organic and inorganic chemicals. As a result, the construction of new chemical plants, such as Daelim Industrial Co. Ltd.'s polybutene plant in Saudi Arabia, is fueling the demand for gear pumps. Established players in the chemical and petrochemical industries are also opening manufacturing facilities in emerging economies, contributing to the growth of the global gear pump market. 

The gear pumps market is experiencing significant growth due to increased demand in various industries. In the construction sector, gear pumps are used in construction equipment for moving fluids like bitumen and sodium silicate. The petrochemical industry relies on gear pumps for transporting crude oil, diesel oil, lubricating oil, ethylene dichloride, and chlor alkali. Noise reduction is a key trend in the gear pumps market, with manufacturers like Oberdorfer offering quiet solutions. The pandemic restrictions have affected industrial activity, but the demand for gear pumps remains strong in petrochemical projects, chemical production, and plastic goods manufacturing. Automobile and household goods industries also use gear pumps in their production processes. Gear pumps are also essential in water treatment activities and wastewater treatment plants. In the mining industry, Maple Cream Machinery uses gear pumps for mining operations. The gear pumps market includes applications in the automotive sector, agricultural machinery, and interstate crude pipelines. Energy-efficient solutions and positive displacement pumps with intermeshing gears are popular in the industrial pump industry. Fluids, oils, fuels, chemicals, and viscous fluids are all moved using gear pumps in various industries. 

Discover 360° analysis of this market. For complete information, schedule your consultation - Book Here!

Market Challenges

• The Chinese economy's slowdown has significantly impacted the global mining industry, particularly the gear pump market. China, the world's largest importer of coal and metals, has reduced its imports due to efforts to curb pollution and industrial overcapacity. The Chinese government's plan to decrease coal usage in power generation and shift to renewable energy sources further reduces the demand for coal and metals. Moreover, China's suspension of approvals for new coal mines and decreased domestic production of coal will negatively affect the demand for mining equipment, including gear pumps. The country's substantial investments in construction projects over the past five years have driven significant demand for metals such as zinc, nickel, aluminum, and steel. However, with construction activities slowing down due to the economic conditions, the demand for these metals will decrease, affecting the global mining industry. The economic slowdown in China has led to an oversupply of commodities, resulting in reduced revenues and profits for mining companies, increasing their debts. This challenge to the growth of the mining industry ultimately affects the demand for mining equipment, including gear pumps. The situation is further compounded by China's plans to reduce coal usage and domestic production, which will continue to impact the global mining industry and the gear pump market.
• The Gear Pumps Market in the industrial pump industry is witnessing significant growth due to its application in various sectors like construction equipment, water treatment activities, and wastewater treatment plants. Gear pumps are popular in industries dealing with fluids, including oils, fuels, chemicals, and viscous fluids. In the mining sector at Porcupine Mine, gear pumps are used for moving slurries. In agriculture, gear pumps are essential for agricultural machinery. Challenges in the gear pumps market include energy efficiency and environmental sustainability in the automotive sector and chemical processing sector. Automation, smart manufacturing practices, and Industry 4.0 are driving the need for customized gear pump solutions. Water scarcity and environmental pollution are concerns in the water management sector, making energy-efficient gear pumps a priority. Noise generation is a challenge in external gear pumps, while internal gear pumps offer quieter operation. Concentric AB and other gear pump manufacturers are addressing these challenges by innovating and providing solutions tailored to specific industry needs. Infrastructure projects and the mining sector continue to boost the market's growth.

For more insights on driver and challenges - Request a sample report!

Segment Overview 

This gear pump market report extensively covers market segmentation by  

1. End-user 
   • 1.1 Heavy industry sector
   • 1.2 Agriculture and forestry
   • 1.3 Automotive
   • 1.4 Others
2. Geography 
   • 2.1 APAC
   • 2.2 North America
   • 2.3 Europe
   • 2.4 South America
   • 2.5 Middle East and Africa

1.1 Heavy industry sector-  The Gear Pump Market is experiencing steady growth due to its efficiency and reliability in various industries. These pumps effectively move fluids against gravity and are widely used in applications such as water supply, fuel, and lubrication systems. Key players in this market include Eaton, Warner, and Gardner Denver, who continuously innovate to meet customer demands and improve product performance. The market is expected to continue expanding, driven by increasing industrialization and infrastructure development worldwide.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Learn and explore more about Technavio's in-depth research reports

The global asphalt pumps market is poised for growth due to rising infrastructure projects and road construction activities, with advancements in pump technology enhancing efficiency. The hydraulic equipment market is expanding, driven by increasing industrial automation and the demand for robust machinery across sectors like construction and manufacturing. Meanwhile, the industrial vacuum pump market is witnessing significant advancements, supported by growing needs in various industries for effective vacuum solutions, including chemical processing and pharmaceuticals. Together, these markets reflect a broader trend towards enhanced industrial efficiency and infrastructure development.

Research Analysis

The Gear Pumps market encompasses the production, sales, and installation of gear pumps for various industries. These pumps are essential components in pump solutions, offering robust performance and reliability. They are widely used in the construction sector for moving fluids, such as concrete slurry, in heavy-duty equipment. In the chemical industry, gear pumps are employed in the production of chlor alkali and ethylene dichloride, handling viscous fluids like oils, fuels, and chemicals. The automotive sector also relies on gear pumps for hydraulic systems, while water treatment activities and wastewater treatment plants utilize them for energy-efficient solutions. Notable applications include construction equipment, agricultural machinery, and mining operations like the Porcupine Mine. The industrial pump industry continues to innovate, developing advanced positive displacement pumps with intermeshing gears for optimal fluid transfer.

Market Research Overview

The Gear Pumps market encompasses the production, sales, and installation of gear pumps used in various industries for transporting fluids, including oils, fuels, and chemicals. These pumps are widely used in the construction sector for applications such as concrete mixing and water management in infrastructure projects. However, the noise generated by these pumps can be a significant challenge, particularly in residential areas. In the petrochemical industry, gear pumps are employed in the production of chlor alkali, ethylene dichloride, PVC, sodium silicate, mixed chemicals, acids, polymers, isocyanates, and other chemicals. The automotive sector and household goods manufacturing also rely heavily on gear pumps for automotive fuel systems and various applications. The pandemic restrictions have impacted industrial activity, leading to a decline in demand for gear pumps in the petrochemical projects, interstate crude pipeline, and chemical production sectors. However, the market is expected to recover as these industries resume operations. Gear pumps are also used in the mining sector, particularly in the Porcupine Mine, for transporting bitumen and other viscous fluids. The agricultural machinery sector uses gear pumps for irrigation and other applications. Energy efficiency and environmental sustainability are driving the demand for energy-efficient solutions in the gear pump market. Smart manufacturing practices, Industry 4.0, and automation are also gaining popularity in the industrial pump industry. Customized solutions are increasingly in demand as gear pump manufacturers cater to the specific needs of various industries. Water scarcity and environmental pollution are also significant challenges, leading to the development of more efficient and eco-friendly gear pumps. External and internal gear pumps, as well as hydraulic gear pumps, are used in various applications, including water treatment activities, wastewater treatment plants, and construction equipment. The market for gear pumps is expected to grow significantly in the coming years due to the increasing demand for pump solutions in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• • Heavy Industry Sector
  • Agriculture And Forestry
  • Automotive
  • Others
• Geography
• • APAC
  • North America
  • Europe
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/gear-pump-market-size-is-set-to-grow-by-usd-470-3-million-from-2024-2028--mechanization-of-agriculture-and-growth-of-agriculture-machinery-industry-boost-the-market-technavio-302214516.html

SOURCE Technavio