The Economic Demand for Hydraulic Pumps in 2017
02 November 2017BCC Research published a “Global Markets for Hydraulic Pumps” report back in 2014 that examined the future economic impacts and growth for this industry on a global scale. At the time, according to the report, they estimated that the market would increase from $7.5 billion in 2013 to $7.9 billion in 2014, both of which were fairly accurate estimates.
The report also estimated the growth in the market would reach $10.1 billion by 2019 with $3.2 billion growth in 2019 just in North America. A recent update to the report in January 2017 provides some new figures that still continue to support the growth of the hydraulic pump industry.
According to the new update, the global market had reached $8.9 billion in 2015. For 2016, the market reached $9.3 billion and was expected to continue to have a compound annual growth rate (CAGR) of three percent from 2016 through 2021.
This is a slight change from the 2014 report, which estimated a 4.9 percent CAGR from 2014 through 2019. However, the global market is expected to reach around $9.6 billion for 2017 and reach $10.7 billion by 2021.
Hydraulic pumps and motors are used in many industries, including earth-moving, construction, agriculture, manufacturing, and mining. As demand for pumps and motors increases, it is creating new opportunities in the industry.
For more information about this industry or help in choosing the right hydraulic motors, pumps, and hydraulic systems, please feel free to contact White House Products Ltd. at +44 (0) 1475 742500 today!
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