Gear Pumps Market - Forecasts from 2024 to 2029

Gear Pumps Market - Forecasts from 2024 to 2029

The gear pumps market is expected to grow at a CAGR of 4.88% reaching a market size of US$1,561.29 million in 2029 from US$1,118.771 million in 2022.

Gear pumps are a type of positive displacement pump that uses the meshing of gears to pump fluids and consist of two or more gears that mesh together and rotate within a casing. Gear pumps are known for their simplicity, reliability, and efficiency, and as gears rotate, fluid is drawn into the pump's inlet and forced out of the discharge port. Gear pumps are commonly used in industrial and commercial applications like oil & gas, automotive, pulp & paper, and food & beverage. The global gear pump market is expected to be driven by the increasing demand for gear pumps from various end-use industries and the ongoing technological advancements in pump design.

High efficiency

The need for effective pumping solutions has grown as industries aim for higher productivity and cost-effectiveness. Gear pumps have become the standard option for many applications due to their ease of use, dependability, and smooth operation. They are adaptable to a variety of industrial processes due to their capacity to manage a broad range of viscosities and provide steady flow rates.

These pumps increase the overall efficiency of the system by reducing energy losses and providing a steady and dependable fluid flow. Gear pumps are being used more often in industries like manufacturing, petrochemical, automotive, and chemical processing to improve their lubrication and fluid transfer procedures. In addition, gear pumps are appealing for applications where space is a crucial consideration due to their small size and simplicity of maintenance.

Increasing demand in the oil & gas industry

The growing oil and gas sectors are driving a surge in demand for gear pumps in the market. The need for dependable and effective fluid transfer mechanisms has increased as these industries see rapid global expansion, which has greatly increased demand for gear pumps. Gear pumps are essential to the oil and gas sector for several uses, including fuel transfer, hydraulic systems, and lubrication, which guarantees the efficient running of equipment during the extraction, extraction, and refining phases.

Gear pumps are essential to the chemical industry's ability to handle and transfer chemicals precisely, which improves the productivity and security of production processes. The growing need for energy and chemicals worldwide due to population expansion and industrialization highlights the vital role gear pumps play in enabling fluid transfer in these vital industries. As the oil and gas and chemical industries continue to grow and change, manufacturers in the gear pump market are well-positioned to benefit from this growing demand by offering creative and dependable solutions.

High demand in the petrochemical industry

Gear pumps are vital parts of the petrochemical industry. Pitch, bitumen, lubricating oil, diesel oil, and crude oil are among the products they produce. Hazardous materials including sodium silicate, mixed chemicals, acids, polymers, isocyanates, and others are also transported by them. One of the main reasons driving the manufacturers in this market to expand their global production capacity is the growing demand for petrochemicals in a variety of applications, including automotive, packaging, home goods, and medical equipment. For instance, to stay competitive in the rapidly changing industry and be prepared for the future, Bharat Petroleum Corporation Limited (BPCL) is planning to invest a substantial INR 30,000 crores in petrochemical projects over the next five years, starting in May 2022.

Technological advancements

Technology breakthroughs and environmental concerns have caused a major shift in the gear hydraulic pump market toward greater sustainability and efficiency. Advancements in design and materials science are transforming the market and fostering a movement toward reliable, high-capacity pumps that are compact and have less of an impact on the environment. The growing emphasis on IoT integration and smart pump solutions, which are poised to redefine operational functionalities, is another noteworthy trend for the market's growth.

Adoption of intelligent pumps

The integration of intelligent technologies into gear hydraulic pumps is another significant market trend. These ingenious pumps are equipped with embedded controllers and sensors that enable real-time operation monitoring and control. This allows for predictive maintenance, increased system efficiency, and optimized performance. The use of intelligent pumps is more prevalent in industries where accuracy and dependability are crucial, such as manufacturing, automotive, and aerospace.

Asia Pacific is witnessing exponential growth during the forecast period

The industrialization of nations like China, India, and Japan is driving up demand for chemicals and crude oil, among other things. China's oil consumption has increased significantly as a result of the nation's expanding automobile fleet. Furthermore, China's Ministry of Natural Resources announced the opening of foreign direct investments in the oil and gas industry to meet the country's demand for these resources and increase domestic energy supplies. Its goal is to give international businesses permission to search for and extract gas and oil in the nation. Asia Pacific's construction industry is expanding at an exponential rate. China has been primarily propelled by multiple advancements in the building industry, both residential and commercial, bolstered by the expanding economy.

Market key launches
In October 2022, Hydreco introduced its initial line of crushing and screening plant motors and gear pumps made of aluminium. The company based in Dorset, UK, is producing its first aluminium pumps with the launch of the HY line. Only the aluminium pumps will be produced at Hydreco's newly constructed Parma, Italy facility, which is scheduled to open in 2021. Groups 1 and 2 pumps are currently offered in versions with cast iron and aluminium bodies, and a group 3 pump with a cast iron body will be released shortly after the most recent group 3 aluminium version. Although the cast iron pumps are currently manufactured in the UK, the long-term goal is to move all cast iron pump production to the Parma facility, according to Michele Guiati, managing director of Hydreco Hydraulics Italia.
In June 2022, the leading manufacturer, manufacturer, and marketer of high-performance gear pumps and motors, Marzocchi Pompe S.p.A., said it finished the R&D stages needed to introduce the new FTP - Fluid Transmission Pump line of helical rotor pumps. The new FTP family is primarily intended for low-pressure applications, which also call for the use of low-viscosity fluids. A few instances are machine tool lubrication circuits, cooling systems, lift systems, and wind turbine blade speed control systems. These are new target markets for the company in comparison to the current framework.

Segmentation:

By Type
Internal Gear Pump
External Gear Pump
By Application
Oil & Fuel
Paints & Ink
Chemical
Solvents & Adhesives
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Other