NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the electrohydraulic pump market is expected to be worth US$ 1,392.7 Million in 2024. By 2034, the market is projected to be valued at US$ 2,565.6 Million. The adoption of electrohydraulic pumps in various industries is likely to expand at a CAGR of 5.50% from 2024 to 2034.
With the emphasis on smart, automated manufacturing processes amidst Industry 4.0, there has been a great demand for highly advanced, energy-efficient hydraulic systems across a broad spectrum of industries in the last few years. Electrohydraulic pumps are hydraulic systems powered by electric motors, enabling precise fluid pressure and flow control in various industrial applications. Low Profile Hydraulic Bottle Jack
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Electrohydraulic pumps find wide applications in various industries such as manufacturing, construction, and aerospace. Over the years, its significance in the metal-forming industry has also witnessed exponential growth due to its ability to provide precise force and motion control, which is essential for shaping and molding metals. Post-pandemic recovery of the manufacturing and machine tools industry has had a significant impact on the demand for electrohydraulic pumps in industries all over the world.
Electrohydraulic pumps are also utilized by construction and infrastructural development sectors for powering hydraulic systems in construction machinery. These pumps are integrated with excavators, cranes, loaders, and other heavy construction equipment to provide hydraulic power for lifting, digging, and other operations. In countries like India, China, and the United States, where infrastructural projects are always in full swing, the demand for electrohydraulic pumps is likely to surge considerably.
Key Takeaways from the Electrohydraulic Pump Industry:
"The current market scenario, where industries all over the world are investing Billions of dollars in technological upgrades in their factory units, is beneficial for the electrohydraulic pump industry. Key players in the industry can quickly leverage this opportunity by incorporating the latest technologies. They can also switch to pumps made from lightweight and sustainable materials to cater to the demands of eco-conscious consumers and businesses", - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape for Electrohydraulic Pump Market:
The market for electrohydraulic pumps is characterized by the presence of several players who have gained a loyal consumer base spread across various sectors and industries. The majority of this consumer base is metal forming and precision engineering companies with the financial and technical capacity to invest in advanced hydraulic systems. This cut-throat competition often consists of innovations and advanced features, ensuring that companies stay at the forefront of meeting the requirements of manufacturing units in various industries.
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Key Players Operating in the Global Electrohydraulic Pump Industry:
Electrohydraulic Pump Market Segmentation Analysis:
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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.
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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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