Global Gear Pump Market

The Global Gear Pump Market is at the saturation point and is poised to grow at an average CAGR of 4.2% to reach a Market Size of US$ 6.4 Billion in 2028 from a value of US$ 5 Billion in 2021. The Global Gear Pump Market is driven by factors such as Rising Demand for High-Performance Gear Pumps, Flourishing Construction Industry to Create Sustained Demand and Wider applications associated with the gear pump are expected to drive the industry growth

Definition / Scope
Market Overview
Top Market Opportunities
Market Risks
Market Drivers
Market Restraints
Industry Challenges
Technology Trends
Post COVID-19 Recovery
Market Size and Forecast
Market Outlook
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References
Appendix

Definition / Scope

A gear pump is a rotary pump that delivers or pressurizes liquid by changing and moving the working volume produced between the pump cylinder and the meshing gear. Two closed areas are formed by the two gears, the pump body, and the front and back covers. When the gear spins, the volume of space on the gear disengagement side grows from tiny to large, generating a vacuum and sucking the liquid, while the volume of space on the gear meshing side grows from large to large. Squeeze the liquid into the conduit as small as possible. The meshing lines of the two gears divide the suction chamber from the discharge chamber. The pressure at the discharge port of the gear pump is completely dependent on the resistance at the pump outlet.

Based on Type

Internal Gear Pumps
External Gear Pumps

Based on Application

Chemical Processing Industry
General Industries
Primary Metals Industry
Oil & Gas Industry
Power Generation Industry
Mining Industry
Others

Regions Covered

North America
Latin America
Europe
Asia-Pacific
The Middle East and Africa

Market Overview

The gear pump market registered a revenue of about USD 5 billion in 2021. The Global Gear Pump Market is expected to grow at a CAGR of 4.2% to reach a Market Size of USD 6.4 Billion in 2027.

The COVID-19 outbreak has had a adverse effect on the growth of the Global Gear Pump Market due to the supply chain disruptions caused by the lockdowns and strict enforcements which affected business activities as several sectors supporting the Gear Pump Market such as the Construction Industry, Oil and Gas Industry, Mining Industry and every other Industry were affected which had a ripple effect on the growth of the Gear Pump Market. The Global Gear Pump Market is projected to recover once the COVID-19 Pandemic sets in with the vaccination drive across the world and as businesses and the economies are poised to open up. This recovery can offer lucrative growth opportunities for new Market players venturing into the segment.

This market has grown as a result of government legislation aimed at reducing CO2 emissions and greater public awareness about energy conservation. Energy consumption is now more important than ever in the entire cost of machine operation, as energy costs continue to rise. As a result, the hydraulics business is looking for ways to save energy.

Although the initial cost of assembly is low, the cost of maintenance over the pump’s lifetime is high, which is a difficult factor to overcome. The salvage value of the parts depreciates with time, limiting the companies’ ability to purchase new pumps.

Market Risks

The Prime Risk Factor for Market Players in the Global Gear Pump Market is

Fragmented Market

The Global Gear Pump Market is largely fragmented, with a number of conglomerates and medium-sized and small start-up companies accounting for the majority of global market share. Lower entry barriers, a lack of economies of scale, and fierce market competition are all factors contributing to the Global Gear Pump Market’s fragmentation. Businesses with lower margins and higher costs will benefit from a fragmented market. When interacting with other countries, they also lack the benefit of size.

Top Market Opportunities

The Top Opportunities for Market Players in the Global Gear Pump Market are

Growth Opportunities in Emerging Markets

Over the projection period, the regions of South Asia and East Asia are likely to provide substantial growth potential for hydraulic pump manufacturers.

Rapid growth of end-use industries in the region, combined with a healthy economy, is likely to be a major factor driving the hydraulic pumps market in these areas, particularly in fast-growing nations like China and India.

Because of their simple design and wide range of applications in end-use industries, gear pumps are projected to remain a high-volume category in the hydraulic pumps market.

Smart and Intelligent Pumps

High energy prices are forcing industries to be more resourceful in their cost-cutting efforts. Energy contributes for more than a third of overall lifespan expenses in pumping systems. The energy-saving benefits of intelligent pumps will be a substantial contributor to growth due to the energy-intensive nature of pump systems. Embedded asset management is becoming more popular as a cost-effective alternative to manual data gathering and inspection.

To say the least, the deployment of solutions meant to improve operational efficiency and production optimization for process operations is an established technology, with over 90% of operations relying on artificial pumping to increase (or extend) production. However, intelligent pump adoption has been slow due to a number of cultural and perceived technological obstacles, such as the necessity for additional sensors, which raises additional points of failure or reliability concerns.

The intelligent pump market, according to Reogma, will likely grow at a faster rate as it retains its appeal for users, particularly in the form of improved pump uptime and performance, which can add material ROI, lower overall operational costs, increase production, increase EOR, and improve profitability.

Market Drivers

The Major Factors driving the growth of the Global Gear Pump Market are

Rising Demand for High-Performance Gear Pumps

gear pumps are used in a variety of sectors to achieve operational efficiency. gear pumps are in great demand in applications involving extremely corrosive and reactive fluids, when centrifugal pumps fail to meet the requirements. In comparison to other solutions, such as mechanical pumps, the gear pump provides improved engine fuel efficiency, considerably more exact temperature adjustment, and lower noise and pollution. The growing use of construction machinery for operations such as earthmoving, excavation, and material handling, as well as the growth of the automotive industry, is driving up demand for gear pumps, which are used as a power generation system in automobiles, trucks, and other vehicles. In addition, the gear pump market is expected to be fueled by infrastructure upgrades, expanding sustainable power sources, and stringent government controls for natural insurance all over the world.

Flourishing Construction Industry to Create Sustained Demand

Gear pumps are widely used in the building and construction industries. Building and construction operations that are flourishing in both developed and developing economies are expected to generate significant demand for high-quality equipment. This, in turn, is offering excellent volume sales prospects for gear pump manufacturers.

Construction equipment is expected to see increased demand due to its wide range of applications in numerous tasks such as excavation, material handling and lifting, and earth moving.

Additionally, a renewed focus on infrastructure development continues to be a major sales driver for gear pumps. Furthermore, the growing development of commercial and residential areas is expected to give gear pump sales a much-needed boost.

Wider applications associated with the gear pump are expected to drive the industry growth

The gear pump is projected to have a wider range of applications, which will propel the sector forward. Furthermore, increased agricultural product demand would significantly help the worldwide gear pump market’s growth. Agricultural development, for example, contributes to shared prosperity and is expected to feed a population of 9.5 billion people by 2050. This industry accounts for one-third of global GDP (gross domestic product). Furthermore, a global population rise of roughly 25% by 2040 will raise demand for the construction and infrastructure industries to provide enough infrastructure.

A number of corporations have also raised their research expenditures in order to provide end-users with higher-quality products. Bosch Rexroth AG, a German engineering firm, recently released a Piston-Gear Pump Assembly with a common port, which eliminates the gear pump’s specialised suction line. This new model has an improved pump interface that allows multiple pump configurations to fit into small machine spaces.

Similarly, VIKING Universal has introduced a new line of hygienic internal gear pumps for use in food, pharmaceutical, brewing, fine chemicals, and other hygienic applications. While expanding product applications and new developments in the existing product line provide fertile ground for gear pump manufacturers to concentrate on, many businesses are still burdened by the high cost of particular goods. As a result, the industry’s expansion in the coming years will be slowed.

Market Restraints

The Major Factors Restraining the growth of the Global Gear Pump Market are

Availability of low-cost Alternative pump solutions

End users are adopting alternative pump solutions gear pumps to satisfy the evolving requirements of consumers around the world, owing to their operational inefficiency when compared to more advanced counterparts available on the market. In agricultural equipment, for example, electrically controlled medium pressure pumps are frequently preferred over gear pumps. Over the projected period, demand for gear pumps is expected to be hampered by the increasing adoption of various alternative pumping solutions such as piston pumps.

Industry Challenges

The Primary Challenge for Market Players in the Global Gear Pump Market is

Managing lead time of the product

Pumps for the oil and gas industry are “built to order,” with just a small amount of inventory held for a few applications. The pump maker creates pumps based on client specifications, which takes a long time to provide. Depending on the criticality and volume, the timeline can range from a few weeks to a year. Operators, on the other hand, are adamant about cutting delivery times. This circumstance places a significant constraint on manufacturers’ ability to meet deadlines.

Technology Trends

Gradual shift to fire-resistant fluids in gear pumps.

The steady shift to fire-resistant fluids in gear pumps is one of the most recent market trends gaining popularity. Efforts are being made to move to liquids that are both reliable and efficient in order to overcome the lack of energy sources. The excessive workload on these pumps leads to more burst lines, which raises the risk of fire. As a result of fires in gear pumps, there has been an increase in demand for higher quality and standards. The growing usage of fire-resistant fluids aids in optimum lubrication and corrosion-free pump maintenance. Because of the high-water content in the fluid, it vaporizes faster, and the steam helps smooth out the ruptured lines, reducing the risk of fire, resulting in increased usage in the coming years.

Post COVID-19 Recovery

Due to enforced lockdowns and imposed limits by separate regulatory bodies in the wake of the recent COVID-19 outbreak, numerous industries’ operations have either been temporarily halted or are operating with reduced personnel. This is no different in the Global Gear Pump market, and this aspect is expected to have a substantial negative impact on the industry’s revenue growth. Additionally, the high costs associated with the installation and maintenance of these machines is a factor that could limit the worldwide Gear Pump market’s revenue growth throughout the research period.

Market Size and Forecast

The gear pump market registered a revenue of about USD 5 billion in 2021. The Global Gear Pump Market is expected to grow at a CAGR of 4.2% to reach a Market Size of USD 6.4 Billion in 2027.

Construction Industry to Dominate the Market

In the construction business, hydraulic pumps, particularly gear pumps, are widely employed. The market for construction equipment is likely to be driven by the widespread use of construction equipment in operations such as excavation, earthmoving, and lifting and material handling.

Manufacturers are expanding their investments in machine tools in both developed and developing countries in order to improve their production processes and systems.

The building industry and hydraulic systems will benefit from the maturation of both of these areas in the coming years.

The market is being propelled forward by an increase in construction activity as well as rising construction spending in various countries.

According to a World Bank poll, building investment is expected to exceed $11.9 trillion by 2020.

Asia-Pacific to Witness the Highest Growth

In Asia and the Pacific, agriculture is putting the greatest demand on water, as expanding populations, fast urbanization, and energy, industrial, and home use have depleted water supplies.

For agriculture, most Asian countries rely substantially on groundwater. Around 80% of Asia’s freshwater is utilized to irrigate crops, with much of it being wasted. Hydraulic pumps are projected to gain in popularity since they aid in exponentially improving productivity due to their ease and accuracy of control.

In comparison to mechanical and electrical systems, hydraulic pumps have fewer moving parts. They become simpler and easier to manage as a result.

Simple controls can be used to speed up, slow down, or halt the flow of water, making it simple for farmers. As outdated system design is one of the factors challenging irrigation performance in APAC, it creates an opportunity for hydraulic pumps growth.

Market Outlook

The gear pump market registered a revenue of about USD 5 billion in 2021. The Global Gear Pump Market is expected to grow at a CAGR of 4.2% to reach a Market Size of USD 6.4 Billion in 2027.

The global hydraulic pumps market is predicted to grow significantly throughout the forecast period, owing to the increasing use of these pumps in the industrial and automotive industries, where they offer advantages such as high efficiency and compatibility with a wide range of fluid types. Due to increased investments in construction activities in emerging nations such as India and China, Asia-Pacific is likely to maintain its dominance with the greatest share of the hydraulic pumps market. According to the National Mining Association, processed minerals utilized in industries such as construction, industry, and agriculture would be worth USD 630 billion in 2020. The primary application area of the hydraulic pumps in such sectors is fluid transfer. Such factors are likely to drive the hydraulic pumps market in the Asia-Pacific.

Technology Roadmap

Technology has brought about a tectonic shift in every segment of the modern economy and the Global Gear Pump segment is no different, the advancement in technology fueled by the innovation is poised to bring about a paradigm shift in the technology adopted to deliver the new and advanced pump technologies such as the fire-resistant gear pumps which is a gamechanger in the segment.

Distribution Chain Analysis

The Supply Chain of the Global Gear Pump Market is as in the below image

Competitive Landscape

The market is fragmented, with suppliers developing new pump hardware to cater to various industry verticals such as agriculture, oil & gas, petroleum, and others.

To improve product sales and stay competitive, businesses focus on technology advancements, new product creation, and market expansion. Parker Hannifin Corp., for example, provides precision-engineering solutions for both industrial and mobility applications. The business also announced the development of the PGP130 series of fixed displacement external gear pumps, which are ideal for transferring high-pressure fluid in applications such as mining, oil and gas, and construction.

Key Market Developments

In September 2020, Alfa Laval won a contract to supply Framo pumping systems for two FPSO (Floating Production, Storage and Offloading) vessels to operate outside the coast of Brazil. The orders have a total value of approximately USD 16.5 million (SEK 155 million), with deliveries scheduled for 2021. The two orders comprise marine pumping systems for firewater and seawater lift service.

In April 2020, Gardner Denver High-Pressure Solutions has launched its new, next-generation, cost-efficient fluid end: the Gardner Denver VX Hydraulic Fracturing Pump Fluid End (VX). The lightweight VX has been designed for use with GD-2500Q hydraulic fracturing pumps as a replacement for the larger and heavier Gardner Denver SGWS fluid end.

Competitive Factors

gear pump manufacturers are focusing on long-term supply contracts and the launch of new products to strengthen their position in the worldwide market.

For example, Haldex s Systems recently introduced a novel and unique mobile gear pump that may reduce noise levels by up to 10 decibels (A) or 80 percent in low-speed applications, such as forklifts and warehouse trucks. The firm and the University of Dresden in Germany collaborated on the development of this pump.

gear pumps and parts are offered at low prices by manufacturers in order to be very cost competitive.

Furthermore, gear pump manufacturers have a large stock of spare parts on hand, allowing them to provide further value to their clients. Manufacturers are also focusing on offering custom pump designs and manufacturing to serve diverse customer requirements.

Key Market Players

Some of the Key Players in the Global Gear Pump Market are

Bosch Rexroth AG manufactures drive and control technologies. The Company provides such systems in the fields of electric drives and controls, industrial hydraulics, linear technology, and pneumatics. Bosch Rexroth markets its products worldwide.

Bailey International, L.L.C. provides flow control equipment. The Company manufactures and distributes hydraulic cylinders, components, pumps, motors, power units, valves, bearings, bushings, rod ends, joints, rods, tubes, and accessories. Bailey International serves customers worldwide.

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business worldwide.

Parker-Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use. The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots. Kawasaki Heavy Industries offers engineering and construction services to Industrial plants.

Danfoss A/S offers HVAC products. The Company develops and manufactures district heating and cooling, power modules, centrifugal and reciprocating compressors, high pressure pumps, condensing units, refrigeration and air conditioning, motors, and other related products. Danfoss serves customers worldwide.

Permco, Inc. designs and manufactures replacement parts for the mining industry. The Company offers gears, pumps, motors, flow divders, intensifiers, and accessories. Permco serves its clients in the State of Ohio.

Roper Pump Company produces pump products. The Company’s products include gear pumps, progressive cavity pumps, flow dividers, and power sections for the industrial, oil and gas, power generation, and transportation markets throughout the world.

Viking Pump, Inc. manufactures displacement pumps and flow-control systems for fluid-handling applications. The Company offers rotary vane, industrial lobe, and internal and external gear pumps and accessories. Viking Pump serves abrasives, adhesives and sealants, bio-diesel, food, oil refining, water treatment, and sugar industries in the United States.

Strategic Conclusion

The Global Gear Pump Market is at the saturation state of growth and it is poised to grow at an average CAGR of 4.2% to reach a Market Size of US$ 6.4 Billion in 2028 from a value of US$ 5 Billion in 2021. The Market is driven by factors such as Rising Demand for High-Performance Gear Pumps, Flourishing Construction Industry to Create Sustained Demand and Wider applications associated with the gear pump are expected to drive the industry growth.

Though Growth Bottlenecks exist in the form of challenges such as Availability of low-cost Alternative pump solutions and Managing lead time of the product. There exist lucrative growth opportunities in the emerging markets which can boost the revenue of the Global Gear Pump Market.

References

Appendix

SMEs – Small and Medium Enterprises
USD – US Dollars
CAGR – Compounded Annual Growth Rate
CO2 – Carbon-di-Oxide
GDP – Gross Domestic Product
APAC – Asia Pacific Countries