Hydraulic Pump Market Set to Witness Explosive Growth by 2030

According to the Market Statsville Group (MSG), the global hydraulic pump market size is expected to grow from USD 8,465.9 million in 2021 to USD 13,190.4 million by 2030, at a CAGR of 4.7% during the study period 2022 to 2030. The need for hydraulic pumps is driven by the increased construction activities worldwide, rising automobile sales, and increased use in the mining industry. Furthermore, government regulations focus toward the reduction of CO2 emissions and increase public awareness regarding energy conservation. Such factors are expected to provide growth opportunities in the hydraulic pump market during the forecast period. Further, the growing investment in R&D by major players coupled with advancing technologies will create lucrative opportunities for the market's growth over the forecasting period.

Global Hydraulic Pump Market Definition

Hydraulic pumps form a mechanical power source that converts mechanical power into hydrostatic energy or hydraulic energy. Such pumps maintain the flow with enough power to overcome pressure induced by load at the pump outlet.

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Global Hydraulic Pump Market Dynamics
Drivers: Growth of Construction, Mining, and Automotive Industries Worldwide
The key factor impacting the growth of the hydraulic pump market is the growth of the application industries. Hydraulic pumps have a huge application in the construction, mining, and automotive industries. Additionally, there is an increase in industrialization and urbanization in developing countries such as India and China. These countries are in a phase of rapid industrialization due to increasing population. This has led to a surge in consumer needs for products accelerating the growth of end-use industries.

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