The hydraulic pump market has observed significant growth in the past few years, due to growing demand for automobiles, construction industry. Also, the industrial sector such as oil & gas, power generation, paper industry, and others is continuously growing and their operations rely on hydraulic pump to operate high efficiency and increase the productivity.

According to a new report published by Allied Market Research, titled, “Hydraulic Pump Market by product type, pressure range, and application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global hydraulic pump market size was valued at $9,725.6 million in 2020, and is projected to reach $13,919.0 million by 2030, registering a CAGR of 3.6% from 2021 to 2030.

The hydraulic pumps includes gear pump, vane pump, , and piston pump. Gear pumps are commonly used in agricultural machinery, mining equipment, automotive, and construction equipment, owing to their superior dirt tolerance and inexpensive cost. The market for construction equipment is expected to be driven by widespread use of construction equipment in operations including excavation, earthmoving, and lifting & material handling. They are also employed in plastic machines and metallurgical equipment where minimal noise is essential.

The agriculture sector is constantly expanding and it has been observed incorporation of cutting-edge new technologies make work simpler by utilizing hydraulics. Crop production and animal management benefit greatly from high-tech agricultural gear. These sophisticated agricultural equipment with smart hydraulics are in high demand as they provide excellent dependability, versatility, and ease of use.

Read more: Hydraulic Pump Market Trends, Growth & Global Analysis by 2030