June 13, 2024

Gear Pumps Market Size to Cross USD 12.8 Billion by 2033

The global gear pumps market size is projected to grow around USD 12.8 billion by 2033 from USD 9.1 billion in 2023, rising at a CAGR of 3.40% from 2024 to 2033.

Key Takeaways

  • Asia Pacific held the largest share of the market in 2023.
  • By product type, the external gear pump segment held the largest segment of the gear pumps market in 2023.
  • By product type, the internal gear pump segment is expected to grow at a significant rate during the forecast period.
  • By operating pressure, the 100-300 bar gear pump segment held the dominating share of the gear pumps market in 2023.
  • By operating pressure, the above 300 bar segment is expected to grow at a notable rate.
  • By end-user, the construction diagnostics segment held the largest share of the market in 2023.
  • By end-user, the oil and gas segment is expected to grow at a notable rate.

Gear Pumps Market Size 2024 To 2033

Introduction

The gear pumps market has witnessed substantial growth in recent years, playing a pivotal role in various industrial sectors. Gear pumps are positive displacement devices widely used for fluid transfer applications, owing to their reliability, simplicity, and efficiency. These pumps operate on the principle of intermeshing gears, creating a continuous flow of fluid. As industries continue to prioritize efficiency and precision in fluid handling, the gear pumps market has evolved to meet diverse needs across sectors such as automotive, oil and gas, chemicals, and manufacturing.

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Growth Factors:

Several factors contribute to the sustained growth of the gear pumps market. The increasing demand for reliable and efficient fluid transfer solutions in industrial processes is a key driver. Gear pumps are known for their ability to handle a wide range of viscosities and maintain a steady flow, making them ideal for applications in hydraulic systems, lubrication, and other critical processes. Moreover, advancements in pump design and materials have enhanced the durability and performance of gear pumps, further fueling their adoption in various industries.

Gear Pumps Market Scope

Report Coverage Details
Global Market Size in 2023 USD 9.1 Billion
Global Market Size by 2033 USD 12.8 Billion
Growth Rate from 2024 to 2033 CAGR of 3.40%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product Type, By Operating Pressure, and By End-User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Gear Pumps Market Dynamics

Drivers

The primary drivers of the gear pumps market include the expanding industrial sector, where these pumps are integral to processes such as material handling, hydraulic power systems, and lubrication. The automotive industry, in particular, relies heavily on gear pumps for power steering and transmission systems. Additionally, the oil and gas sector utilizes gear pumps for fluid transfer and lubrication in exploration and extraction operations. The versatility of gear pumps, coupled with their ability to handle diverse fluids, positions them as a preferred choice across multiple industries.

Restraint

Despite the positive growth trajectory, the gear pumps market faces challenges, including competition from alternative pumping technologies and limitations in handling high-pressure applications. In certain industrial contexts, centrifugal pumps or diaphragm pumps may offer advantages over gear pumps, impacting their market share. Furthermore, the maintenance requirements of gear pumps, though generally low, can be a consideration in cost-sensitive industries.

Opportunity

Opportunities in the gear pumps market lie in the ongoing advancements in pump technology and the exploration of new applications. Innovations in materials and design are driving the development of more efficient and durable gear pumps, expanding their potential applications. The demand for customized and specialized gear pumps for niche industries presents manufacturers with opportunities to cater to specific market needs. Additionally, the rising emphasis on energy-efficient solutions creates avenues for the integration of gear pumps in systems that prioritize sustainability.

Region Snapshot

The gear pumps market exhibits regional variations influenced by industrialization, infrastructure development, and economic activities. In North America, the market is driven by the demand for gear pumps in the oil and gas industry, while Europe experiences growth due to its strong industrial base. Asia-Pacific, particularly China and India, is a key region for the gear pumps market, propelled by rapid industrial expansion and infrastructure projects. The Middle East and Africa showcase demand in sectors like mining and construction, contributing to the overall global growth of the gear pumps market. As industries worldwide continue to evolve, the gear pumps market is expected to witness dynamic growth patterns across different regions.

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Recent Developments

  • In December 2021, Shimadzu Corporation introduced its newly advanced Serenade SRP 300 series of gear pumps. It offers a low-noise design that decreases noise by up to 30 % in contrast to preceding models.
  • In May 2021, EnviroGear announced that its G Series internal gear pumps are now available with jacketing to improve the G Series’ stability and temperature control.
  • In October 2021, Hydreco launched new external gear pumps for movable applications, such as forestry, construction equipment, municipal machines, earthmoving machinery, and agricultural.

Gear Pumps Market Companies

  • Bosch Rexroth AG
  • Bucher Hydraulics GmbH
  • CASAPPA S.p.A.
  • Daikin Industries, Ltd.
  • Danfoss
  • Eaton Corporation plc
  • Kawasaki Heavy Industries, Ltd.
  • KYB Corporation
  • Parker-Hannifin Corporation
  • Viking Group, Inc.

Segments Covered in the Report

By Product Type

  • External gear pump
  • Internal gear pump

By Operating Pressure

  • Less than 100 Bar
  • 100–300 Bar
  • Above 300 Bar

By End-User

  • Construction
  • Mining
  • Chemical and Petrochemical
  • Oil and Gas
  • Automotive
  • Agriculture
  • Others

By Geography

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

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