The global gear pump market is forecasted to grow at a compound annual growth rate of four per cent between 2017-21, according to market research firm Technavio.
The report also lists earth-moving, mining, material handling, agriculture and forestry, and automotive as major application segments for the growth in demand for gear pumps.
The report found in 2015, that the Americas accounted for close to 37 per cent of the overall market share.
Industrial and economic development in South America is also likely to boost the demand for hydraulic equipment during 2017-2021. According to the key findings, growth in mature markets such as North America and the EU will continue to be driven by an increase in replacement of legacy equipment, parts, and other accessories.
Technavio’s research found that increasing manufacturer investment in machine tools to enhance production processes will lead to the growth of the gear pump market.
“In both developed as well as developing countries, manufacturers are significantly increasing their investments in machine tools to enhance their production processes and systems to reap more profits, which will indirectly lead to the growth of the gear pump market,” Technavio engineering tools research lead analyst Anju Ajaykumar said.