Latin America Hydraulic Pumps Market Expected to Reach US$ 450 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Latin America Hydraulic Pumps Market by Type, Application and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 402 Million in 2019 and is expected to grow at a healthy growth rate of 2.1% by the year 2027. The Latin America Hydraulic Pumps market is anticipated to grow owing to by factors such as rapid urbanization and industrialization, increasing investments in the oil & gas and the mining industries. Growing R&D investments and increasing connectivity and convergence are boosting the market growth.

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The Latin America Hydraulic Pumps market is fragmented based on type, application, and country. On the basis of types, the Latin America hydraulic pumps market is segmented into the gear pump, vane pump, piston pump, and screw pump. Based on applications, the Latin America hydraulic pumps market is classified as construction & mining, machine tool, oil & gas, agriculture, chemicals & petrochemicals, automotive, and others. In terms of countries and sub-region, the Latin America hydraulic pumps market has been fragmented into Mexico, Guatemala, Nicaragua, El Salvador, Honduras, Panama, Costa Rica, Belize, and Rest of Latin America.

In year 2020, the hydraulic pumps market is witnessing downtrend owing to the negative impact of COVID 19 pandemic. In this challenging environment, most companies in the manufacturing sector can take concrete steps. Some measures are austere and austerity measures to maintain long-term goals should be moderated. Activities in the manufacturing sector have paused and caused a decline in the demand for related products due to the current lockdowns across the globe. The GDP of all countries is expected to decline due to the outbreak. Economists believe that even after the national lockdown is lifted, countries can take a few quarters for their economy to come back on track. Industry officials feel that complete lockdowns in countries are expected to further strain businesses.

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As per GMR industry analyst Akshay Udavant, “The Latin America Hydraulic Pumps Market is anticipated to witness significant growth during forecast period 2021-2027. The market growth is driven by rapid industrial growth, urbanization, and rising demand for hydraulic pumps in the market. The gear pump segment is estimated to hold major share of the market in 2020 due to its low-cost and increasing demand from various industries. Moreover, the construction & mining segment is projected to constitute 22.52% share of the market in 2027, as gear pumps are widely used in construction and mining equipment due its highly efficient results in manufacturing process. Key players in the market are focusing on adopting various organic and inorganic strategies to expand its portfolio and strengthen its presence in the market.

Key Takeaways from the Study:

• The players including KSB SE & Co. KgaA, Danfoss, Eaton, and Bosch Rexroth AG, together hold approximately 45% of market share of Latin America Hydraulic Pumps market in year 2019.
• Mexico accounts for a major share of the market, followed by Panama. The market in Mexico is predicted to expand at significant CAGR during the forecast period, due to increasing investments in new innovative technologies in several manufacturing industries across the country.
• The gear pump segment is estimated to hold significant share of the market in 2020 due to its low-cost and increasing demand from various industries.
• The construction & mining segment is projected to constitute major share of the market in 2027, as gear pumps are widely used in construction and mining equipment due its highly efficient results in manufacturing process.

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Report Scope:

Target Audience:

• Supply-side: Manufacturers, raw material suppliers, and distributors, retailers
• Demand Side: automotive industry, agriculture industry, mining industry and construction industry.
• Regulatory Side: Concerned government authorities, and other regulatory bodies
• Associations and Industry Bodies: Standards, International Organization for Standardization (ISO), American National Standards Institute (ANSI), New Economics Foundation (NEF), Organization for Economic Co-operation and Development (OECD), Organization of the Petroleum Exporting Countries (OPEC), Civil Aviation Safety Regulations, Hydraulic Pumps and Pressure Regulation, Economic Commission for Latin America and the Caribbean (ECLAC).

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