Portland, OR -- (SBWIRE) -- 05/17/2018 -- According to the new report published by Allied Market Research, titled, Variable Displacement Pumps Market: Global Opportunity Analysis and Industry Forecast, 2017-2023, the variable displacement pumps market was valued at $3,322 million in 2016, and is expected to reach at $4,478 million by 2023, growing at a CAGR of 4.4% during the forecast period. Asia-Pacific accounted for approx. 36% of market share in 2016, and is expected to witness significant growth during the forecast period.
A variable displacement pump, a type of positive displacement pump, which is used to convert mechanical power into hydraulic energy, that is, flow or pressure. The demand for variable displacement pumps has increased, owing to increase in construction activities globally, rise in sales of automobiles, and growth in application areas in the mining industry. In addition, government regulations and legislations for reducing carbon dioxide and nitrogen oxide emissions and increased awareness about energy savings are expected to propel the market growth. However, the high cost of maintenance and continuous monitoring of these pumps to detect and rectify any failure in the equipment pose a threat to market growth.
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The variable displacement piston pumps segment dominated the type segment of in 2016, with around 56% share, and is expected to grow at the CAGR of 3.7% during the forecast period. The piston pumps market is driven by high demand from oil & gas, chemical, water & wastewater management, and manufacturing industries; and increase in adoption of high efficiency and high-power piston pumps in renewable energy, automotive, mining, agriculture; and other applications. In terms of application, hydraulic machine dominated the market throughout the analysis period; however, IC Engine would witness fastest growth due to increasing adoption in high-pressure application areas such as automotive and mining industry.
The automotive and oil & gas segments collectively accounted for around 28% share of the global variable displacement pumps market revenue in 2016, while the construction segment is anticipated to grow at the highest CAGR of 6.1%. The market for material handling is expected to grow at the third highest CAGR of 5.2%, owing to increase in process automation, upgradation of existing machineries and equipment in factories, and rise in adoption of highly efficient and high-power hydraulic motors and pumps.
In 2016, Asia-Pacific dominated the global market, owing to robust growth of construction and automotive industry. Furthermore, presence of major players is anticipated to boost the market growth in the near future. North America is the second leading revenue contributor to the global market, and is expected to register a CAGR of 4.2% in terms of revenue.
Key Findings of the Variable Displacement Pumps Market:
- The variable displacement piston pumps segment dominated the market, in terms of revenue, in type segment, and is projected to grow at a CAGR of 3.7% during the forecast period.
- Construction segment generated the highest revenue in 2016, and is estimated to grow at the highest growth rate of 6.1%.
- In 2016, Asia-Pacific was the dominant region and is anticipated to grow at the highest CAGR, while China is the major contributor in the market.
- U.S. was the revenue generating country in North America variable displacement pumps market, accounting for around 65% of the market share in the region in the year 2016.
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The key market players profiled are Bosch Rexroth Ltd., Eaton Corporation Plc, Danfoss Power Solutions, Parker Hannifin Corporation, Actutant Corporation, Bailey International LLC, Linde Hydraulics, Dynamatic Technologies Ltd., Hydac International and Toshiba Machine Co. Ltd. Manufacturers have launched innovative displacement pumps to strengthen their foothold in the market. For instance, Eaton Corporation Plc introduced a new series of piston pumps for various mobile applications, called X 20 open system piston pumps to strengthen its position in the market.