Over the past decades, fluid technology has been widely used in industrial and mobile applications, such as mining, forestry, construction, and agriculture machinery. In hydraulic/ fluid pumps, two types of displacement pumps are used, namely, fixed and variable displacement pumps. In a fixed displacement pump, amount of displacement (gpm) does not varied, only by changing the drive speed to the pump. Also to control the amount of flow in fixed displacement pumps, the speed of the pump has to be adjusted, which is not energy efficient and requires manual control. These two factors make fixed displacement pump undesirable for industrial applications, so variable displacement pumps are preferred, as they follow management via valves that control the speed of hydraulic actuators. A variable displacement pump is used to convert mechanical energy into hydraulic energy, in which the flow rate and the outer pressure can be adjusted at the same time when the pump operates. As a result, it is comparatively more expensive and complex but is more efficient. Also, variable displacement pumps can be controlled to produce energy whenever needed. Therefore, no heat is developed and no energy is wasted. Furthermore, as the requirement of energy conservation surges across the world, the engineers at various industries such as construction, mining, and automotive are constantly looking to reduce energy consumption at production sites. Growing construction activities, along with rapid industrialization are some of the major factors expected to propel the market growth during the forecast period [2020-2026]. Technological advancement, increasing sales in the automotive industry, and rise in investment in infrastructure among others are some of the factors escalating the growth of the global variable displacement pumps market.
The global variable displacement pump market is projected to grow at a CAGR of 4% during the forecast period. According to the new market research report published by Global Market Estimates, the global variable displacement pumps market, based on type is segmented into piston pumps and vane pumps. Piston pump segment dominates the market owing to its wide volumetric & pressure efficiency range and low weight. Hydraulic piston pumps are widely used in the automotive industry, marine auxiliary power, mobile & construction equipment, machine tools, and oil field equipment among others. Vane pump segment is also expected to grow at a significant market share during the forecast period. These pumps are operated with lower flow pulsation and produce less noise while maintaining a relatively high speed.
The global variable displacement pumps market by application comprises hydraulic and IC engines. The hydraulic segment accounts for maximum market share due to its increasing usage in manufacturing industries. These pumps are especially attractive on offshore platforms, remote locations, and agriculture areas among others.
In terms of the end-user industry, the global variable displacement pumps market is classified into construction, mining, automotive, agriculture, material handling, plastic, and forestry among others. The construction segment is expected to hold the largest market share during the forecast period. Rapid urbanization and growing construction activities in developing nations such as India, and China are driving the market growth. These pumps are effective for dealing with high viscosity, hence especially used in dewatering purposes in the construction sector.
Despite the increasing demand for variable displacement pumps in various industries due to increasing innovation, population, construction activities among others; the high cost of variable displacement pumps, availability of an alternative, and strict government laws and regulations are some of the factors hampering the market growth of variable displacement pumps during the forecast period.
On the basis of region, the global variable displacement pumps market is segmented into, North America, Europe, Asia Pacific, Middle East Africa and Central & South America. The Asia Pacific region is expected to dominate the global variable displacement pumps market. Factors such as improving lifestyles of the urban population, economic growth, and increased investment in industries such as construction, automotive, and agriculture are driving the market growth. China is the largest construction market in the world and Indian auto industry is the fourth largest in the world. Middle East & Africa is expected to witness considerable growth because of increased construction and mining activities. Thus, the presence of leading oil & gas companies in this region is expected to boost the market of variable displacement pumps.
Thus, an increase in innovation, high demand for high-performance, and efficient variable displacement pumps offer numerous growth opportunities to vendors and others for market expansion. The key players operating in the global variable displacement pumps market are Bosch Rexroth AG, Parker Hannifin Corp., The Oilgear Company, Atos Spa, and Casappa Spa among others. It can be concluded that with continuous technological advancement and economic growth in automotive, mineral, and oil & gas industries the variable displacement pumps market has large potential to grow, which creates huge business opportunities in forthcoming years.
Browse through the report description @: Global Variable Displacement Pumps Market Size, Trends & Analysis - Forecasts To 2026