The global external gear pump market is poised for steady growth over the next decade, according to a new report released by Future Market Insights (FMI). The market is projected to reach a valuation of USD 247.6 million in 2024 and expand at a modest 3.9% CAGR through 2034. By the end of the forecast period, it is anticipated to attain a value of USD 370 million.
External gear pumps, known for their efficiency, durability, and cost-effectiveness, are witnessing increasing demand across various industrial sectors. Factors such as expanding commercial applications, advancements in the automotive sector, and rising activity in the chemical, oil & gas, and food & beverage industries are driving market growth.
Market Growth Drivers
- Robust Demand from the Oil & Gas and Chemical Sectors: The oil & gas and chemical industries remain key contributors to the external gear pump market. These industries rely heavily on gear pumps for transferring viscous fluids, lubricants, and chemicals with precision and consistency. As global energy needs and chemical production volumes rise, demand for external gear pumps is expected to remain strong.
- Growing Food & Beverage Industry Applications: The food and beverage industry is another crucial end-use sector for external gear pumps. These pumps are widely utilized in processing operations for the controlled movement of syrups, oils, sauces, and other food-grade liquids. The rising global demand for packaged and processed food products is creating lucrative growth opportunities for gear pump manufacturers.
- Strengthening Automotive Sector: Global initiatives aimed at strengthening the automotive sector are further boosting demand for external gear pumps. These pumps play a critical role in automotive applications, including lubrication, fuel delivery, and hydraulic systems. Increasing vehicle production, particularly in emerging economies, is expected to favor product sales in the coming years.
Regional Insights
- North America and Europe Lead the Way: North America and Europe are expected to remain prominent markets due to established industrial infrastructure and a high demand for automation solutions. The presence of key industries, such as chemicals, oil & gas, and automotive manufacturing, in these regions continues to drive external gear pump adoption.
- Asia-Pacific Emerging as a Growth Hub: The Asia-Pacific region, led by countries such as China, India, and Japan, is projected to witness significant growth during the forecast period. Rapid industrialization, investments in infrastructure, and robust growth in the automotive and manufacturing sectors are key factors supporting the regional market expansion.
- Middle East and Africa Witness Steady Growth: The Middle East and Africa, driven by substantial oil & gas activities, are emerging as steady contributors to the global external gear pump market. These regions continue to witness large-scale energy projects, which positively impact product demand.
Market Challenges
Despite its positive growth trajectory, the external gear pump market faces certain challenges:
- Competition from Advanced Pump Technologies: Increasing adoption of advanced pumping solutions, such as centrifugal and screw pumps, in specific industrial processes could pose a challenge to external gear pump providers.
- Economic Slowdowns Impacting Key Industries: Fluctuations in economic activity, particularly in industries like oil & gas and automotive, can hamper market growth.
However, the ongoing focus on cost-effective and energy-efficient pumping systems is expected to counterbalance these challenges over the long term.
Key Market Trends
- Technological Advancements: Gear pump manufacturers are increasingly investing in R&D to introduce innovations, such as smart pumps with IoT-enabled monitoring systems. These advancements are expected to improve pump efficiency, longevity, and real-time performance monitoring.
- Sustainability and Environmental Concerns: The focus on sustainable practices and reduced emissions is leading to the development of eco-friendly and energy-efficient external gear pumps.
- Rising Demand for Customization: End-users are demanding customized external gear pump solutions tailored to specific operational requirements. Manufacturers are responding by offering specialized pumps to enhance industry-wide applications.
Competitive Landscape
The global external gear pump market features a competitive environment with leading players focused on expanding their product portfolios and strengthening their regional presence. Key manufacturers are prioritizing mergers, acquisitions, and technological innovations to gain a competitive edge.
Key Players:
- Bosch Rexroth AG
- Eaton
- Parker Hannifin
- Sundyne
- Turolla
- Others
Market Segments Covered:
By Product Type:
- Motorless
- Electric
- Two Shaft
By End Use:
- Construction
- Chemical Processing
- Material Handling
- Mining
- Automotive Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Except Japan
- Japan
- The Middle East and Africa
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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