Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Gear Pumps Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global gear pump market is expected to grow at a compound annual growth rate (CAGR) of 4.53%, increasing from USD 1,075.018 million in 2021 to USD 1,465.749 million by 2028.
Gear pumps are a type of positive displacement pump that utilizes meshing gears to pump fluids. They consist of two or more gears that mesh together and rotate within a casing.
Gear pumps are known for their simplicity, reliability, and efficiency, making them suitable for various industrial and commercial applications, including oil and gas, automotive, pulp and paper, and food and beverage. The market's growth is driven by rising demand from diverse industries and ongoing technological advancements in pump design.
Key Market Trends and Drivers
Several key trends and drivers are influencing the growth of the global gear pump market:
- Expanding End-Use Industries: Gear pumps find applications in a wide range of industries, including automotive, oil and gas, food and beverage, and more. In the automotive sector, gear pumps are used in fuel injection systems, contributing to improved engine performance and efficiency. The growing demand for electric vehicles (EVs) and hybrid vehicles further drives the need for specialized gear pumps for cooling, lubrication, and hydraulic systems. In the oil and gas industry, gear pumps are used in various applications, such as crude oil refining, lubrication, and hydraulic systems. Additionally, the food and beverage industry relies on gear pumps to transfer and process liquids and semi-liquids like dairy products, syrups, and sauces. The increasing consumption of these products, especially in emerging markets, fuels the demand for gear pumps.
- Global Automotive Growth: The global production of passenger cars has been on the rise, with the International Organization of Motor Vehicle Manufacturers (OICA) reporting an increase from 57.05 million units in 2021 to 61.59 million units in 2022. This growth in automotive production drives the demand for gear pumps used in various vehicle systems, including those in traditional internal combustion engine vehicles as well as electric and hybrid vehicles.
- Oil and Gas Industry: The oil and gas sector continues to be a significant user of gear pumps. These pumps play essential roles in exploration and production activities, as well as in refining and transporting petroleum products. The projected increase in global oil consumption, according to the International Energy Agency (IEA), further underscores the importance of gear pumps in this industry.
- Asia-Pacific Dominance: The Asia-Pacific region is poised to hold a significant market share in the gear pump market due to factors such as a growing population, increased automobile usage, and urbanization. Countries like China, Japan, and India are experiencing substantial demand for gear pumps. Government initiatives and policies supporting electric and hybrid vehicle development and hydrocarbon exploration and production are contributing to market growth in the region.
Market Segmentation
The global gear pump market is segmented based on various factors:
By Type:
- Internal Gear Pump
- External Gear Pump
By Application:
- Oil & Fuel
- Paints & Ink
- Chemical
- Solvents & Adhesives
- Others
By End User:
- Oil & Gas
- Automotive
- Pulp & Paper
- Food & Beverage
- Others
By Geography:
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Others
The global gear pump market is driven by the increasing demand from diverse industries and significant growth in end-use sectors like automotive, oil and gas, and food and beverage. Gear pumps play a crucial role in various applications, contributing to improved efficiency and performance across industries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $1.07 billion |
| Forecasted Market Value (USD) by 2028 | $1.47 billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Companies Mentioned
- Del Pd Pumps & Gears Pvt.
- Gear Pump Manufacturing LLC
- KRACHT GmbH
- MAAG Group
- Northern Pump
- Rickmeier GmbH
- Teral Inc.
- Tuthill Pumps
- Verder Group
- Viking Pump (IDEX Corporation)
For more information about this report visit https://www.researchandmarkets.com/r/4ju5al
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