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Hydraulic Pump Market Is Driven By The Rising Demand For Industrial Sector
A hydraulic pump is a mechanical source of power that converts mechanical power into hydraulic energy. t generates flow with enough power to overcome pressure induced by the load at the pump outlet. When a hydraulic pump operates, it creates a vacuum at the pump inlet, which forces liquid from the reservoir into the inlet line to the pump and by mechanical action delivers this liquid to the pump outlet and forces it into the hydraulic system. Hydrostatic pumps are positive displacement pumps while hydrodynamic pumps can be fixed displacement pumps, in which the displacement (flow through the pump per rotation of the pump) cannot be adjusted, or variable displacement pumps, which have a more complicated construction that allows the displacement to be adjusted. Hydrodynamic pumps are more frequent in day-to-day life.
By Hexaresearch Report Hydraulic Pump Market is driven by the rising demand for mobility and the industrial sector. Asia-Pacific was the largest market accounting for over one-third of the market share in the year 2016 owing to growing agriculture and construction industry in countries such as India and China. North America and Europe followed the suit, where the regions are expected to grow over the forecast period.
Availability of fire resistant and wear and corrosion free hydraulic pump along with flourishing industrial and construction segment are among the key drivers for the hydraulic pumps market. However, resilient competition from low-cost manufacturers is expected to be among the restraints for hydraulic pumps market over the forecast period.
In terms of application, mobility segment dominated global market accounting for over half of the market share in the year 2016. The segment is expected to show promising growth owing to the use of hydraulic pumps in mining, agriculture, construction, and earthmoving equipment. Industrial segment is expected to grow at a CAGR of 5.4% owing to the prevailing demand in industries which involve heavy and repetitive work.
A growing focus on research and development by hydraulic pump companies and government initiatives to minimize CO2 emission and energy consumption along with the demand for quality products and cost-effective solution is expected to upsurge the global hydraulic pumps market over the forecast period.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives. For more details visit: https://www.hexaresearch.com/
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