The Latin America Hydraulic Pumps Market was valued at USD 402.7 Million in 2019 and is projected to reach USD 450.3 Million by 2027 expanding at a CAGR of 2.1% during the forecast period, 2020-2027. Hydraulic pumps are a source of power for many complex devices. These pumps use hydraulic cylinders or hydraulic motors to move massive volumes of fluids; therefore, they are widely used in several industrial equipment. The pumps transform mechanical energy of the drive (i.e. torque and speed) into hydrostatic (flow and pressure) energy. Hydraulic machines-fitted with a pump can be used to do various activities, such as raising, lowering, opening, closing, or spinning parts. Hydraulic pumps operate on the concept of displacement, which includes the presence of mechanically enclosed pump chambers. The fluid is transferred through these chambers from the inlet (suction port) of the pump to the outlet (pressure port). Sealed chambers ensure that there is no direct connection between the two pump ports.
Every industry aims at achieving high production rate by producing superior quality goods at a lower cost, in less time, and by delivering them to the consumer at the right time. This, in turn, increases the preference of manufacturing industries to hydraulic pumps. Growing importance of positive displacement pumps, particularly rotary pumps, has been a key trend. Rise in competition between the manufacturing companies in the region to increase their productivity is projected to fuel the demand for hydraulic pumps. End-users are expected to experiment by selecting the optimal pump for challenging tasks. Increase in environmental awareness has propelled the hydraulic pumps market.
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Based on types, the Latin America hydraulic pump market is segmented into the gear pump, vane pump, piston pump, and screw pump. The gear pump segment accounts for major market share, while the vane pump segment is expected to expand at significant CAGR during the forecast period. The gear pump segment is projected to hold a major share of the market during the forecast period owing to its wide applications in end-use industries. Increase in use of piston pumps is expected to drive in different industrial applications.
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