NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the internal gear pump market is worth US$ 529.1 Million in 2023. The demand for internal gear pumps is expected to surge at a CAGR of 4.2% over the forecast period. The global internal gear pump industry is estimated to reach US$ 857.2 Million by 2034, rising from US$ 552 Million in 2024.
The internal gear pump industry is being propelled by several key drivers that underscore its significance in various sectors. One notable driver is the increasing demand for efficient and reliable pumping solutions across industries such as oil and gas, chemicals, and automotive.
Internal gear pumps are lauded for their ability to handle diverse fluids with precision, making them a preferred choice in applications requiring consistent and controlled flow rates. Additionally, advancements in technology, including the integration of smart sensors and monitoring systems, enhance the performance and reliability of internal gear pumps, further driving their adoption in critical processes.
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The internal gear pump industry is poised for growth with promising opportunities on the horizon. As industries increasingly prioritize sustainability, the inherent design advantages of internal gear pumps, such as their ability to handle viscous fluids and offer precise metering, position them as environmentally friendly alternatives. Moreover, the rising focus on process optimization and energy efficiency presents an avenue for the internal gear pump industry to thrive.
Key Takeaways from the Global Internal Gear Pump Market Study Report:
- The United States enjoys the presence of some leading internal gear pump manufacturers, and the market is expected to advance at a 3.8% CAGR through 2024.
- In Europe, the United Kingdom is currently leading the market, with sales of internal gear pumps projected to progress at a 3.8% CAGR through 2024.
- China is the leading manufacturer of internal gear pumps in Asia, and the market is anticipated to follow a 4.7% CAGR through 2034.
- The market in India is expected to witness lucrative industrial growth at 4.9% CAGR through 2034.
“The higher adoption of gear pumps due to their better resistance to abrasive or corrosive fluid drives their demand in various industries. The integration of automation and smart control features with hydraulic gear pumps has also increased its attractiveness industries purposes in recent years,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape in the Internal Gear Pump Market:
The global hydraulic internal gear pump market has turned highly fragmented and competitive after the emergence of many regional manufacturers in the last few years. Advanced industrial technologies are now accessible to equipment manufacturers across all countries after globalization which is driving the growth of regional players.
Recent Developments by the Internal Gear Pump Manufacturing Industries:
- In April 2021, EnviroGear company introduced its E Series magnetically coupled seal-less internal gear pumps. It is an eco-friendly, long-lasting positive displacement pump with an inventive design that efficiently stops leaks and minimizes mechanical wear, improving both the environment's and site workers' safety. Also, with its unique between-the-bearing support mechanism, it stands out from the competition based on its superior manufacturing and short lead times.
- In May 2021, Eckerle company developed an EIPC internal gear high-pressure pump created specifically for use in injection molding machine technology. This innovative product can be used in speed-regulated fixed hydraulic functions that are run at set pressures of as high as 250 bar. Along with a great price-to-performance ratio for systems where cost factor is a key consideration, it also has an extended lifespan and operates with minimum sound and vibration. The company also claims the Eckerle EIPC industrial pump can tolerate a high peak pressure of up to 320 bar and is simple to pair up to produce many pumps.
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Key Players Operating in the Global Internal Gear Pump Industry:
- Bosch Rexroth
- Sumitomo Precision
- Viking Pump
- Dover
- NOP
- Voith
- Tuthill
- Yuken
- SPX FLOW
- Bucher Hydraulics
- Haight Pumps
- Hydac International
- Daido Machinery
- HSP
- Shangai Heshan Pump
- Taibang
- Chongqing Huanzhou Pumps
- Hannuo Pump
Internal Gear Pump Market Segmentation Analysis:
By Product Type:
- Steel Pumps
- Cast Iron Pumps
- Other Pumps
- Heavy-duty Pumps
By End-use Industry:
- Chemical Industry
- Marine Industry
- Oil & Gas Sector
- Food & Beverage Companies
- Other End-use Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one Million data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The group briefly analyzes critical trends, including competitive landscape, profit margin, and research development efforts.
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.
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