Global rise in construction activities, surge in sales of automobiles along with their increasing usage in mining industry, and rush in demand for renewable energy propel the growth of the global hydraulic pump market. The mobile application segment accounted for nearly three-fifths of the total market share in 2016. On the other hand, the Asia-Pacific region generated the highest revenue in 2016.

Portland, July 09, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydraulic pump market garnered $7.89 billion in 2016 and is expected to hit at $10.40 billion by 2022, registering a CAGR of 4.7% from 2016 to 2022. The report provides a detailed analysis of top investment pockets, top-winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Global increase in construction activities, rising sales of automobiles along with their increasing usage in the mining industry, and surge in demand for renewable energy fuel the growth of the global hydraulic pump market. On the other hand, the high cost of maintenance checks the growth to some extent. Nevertheless, upgradation of existing machinery & equipment, an upturn in demand from emerging economies are expected to create lucrative opportunities for the key players in the industry.

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The mobile application segment to lead the trail during 2016–2022-

Based on the application, the mobile application segment accounted for nearly three-fifths of the total market share in 2016 and is expected to continue its dominance till 2022. The industrial application segment, on the other hand, is projected to grow at the fastest CAGR of 5.5% throughout the forecast period.

The gear pump segment to dominate during the estimated period-

Based on product type, the gear pump segment contributed to more than half of the total market revenue in 2016 and is projected to retain its top position during the study period. Simultaneously, the piston pump segment is anticipated to showcase the highest CAGR of 6.2% by 2022.

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Asia-Pacific to remain lucrative during the forecast period-

Based on geography, the Asia-Pacific region generated the highest revenue in 2016, contributing to nearly two-fifths of the total market. The same region is also predicted to garner the fastest CAGR of 5.55 during 2016–2022.

Leading market players-

The key market players analyzed in the global hydraulic pump market report include Eaton Corporation Plc, Danfoss Power Solutions, Parker Hannifin Corporation, Hydac International, Bosch Rexroth Ltd., Toshiba Machine Co. Ltd., Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd., and Actutant Corporation, These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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