The electro-hydraulic pump is a newer version of the hydraulic pump that uses less fuel and emits less pollution. The market for electro-hydraulic pumps is experiencing growth due to the wide range of applications for electro-hydraulic pumps in electric power steering and electro-hydraulic systems and circuits. Furthermore, technological advancements and increased awareness of electrohydraulic pump characteristics propel the electrohydraulic pumps market growth. The advantages associated with electro-hydraulic pumps, such as silent operation, high dependability and flexibility, decreased emissions, and high performance, have raised demand for these pumps in a variety of applications, propelling the expansion of the electro-hydraulic pumps market.
COVID-19 Impact Analysis:
- COVID-19 pandemic has shut-down the production of various products in the electro-hydraulic pump industry attributed to the lockdown in countries worldwide. This has hampered the growth of market from the last few months, and is likely to continue during 2021.
- COVID-19 has already affected the sales of electro-hydraulic pump in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for electro-hydraulic pump was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are badly affected by the spread of the coronavirus, thereby halting/decreasing the demand for electro-hydraulic pump.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. The electro-hydraulic pump companies can afford a full lockdown only for a few months, after which the players have to modify their investment plans.
- The electro-hydraulic pump manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Electro-hydraulic pumps are more efficient than traditional pumps, there has been a move toward electro-hydraulic pumping, which has influenced the growth of the electro-hydraulic pumps market throughout the forecast period. The global electrohydraulic pumps market is expected to grow rapidly during the projected period due to rise in demand for electrohydraulic pumps in various applications such as electric power steering and electro-hydraulic systems and circuits. Few challenges like the drop in oil prices over the last several years has had a significant influence on the pump sector, which is expected to slow the growth of the electrohydraulic pumps market globally.
Reduction of fuel consumption and carbon dioxide emission
Electrohydraulic pumps are the advanced version of the hydraulic pump, which reduces emissions and fuel consumption. The electrohydraulic pump industry is experiencing growth due to surge in adoption of electrohydraulic pumping units. In turn, demand for electrohydraulic pumps is likely to rise in the coming years. This is due to the fact that mobile hydraulic systems combine a gas or diesel engine with a hydraulic pump, which minimizes fuel consumption and CO2 emissions. Increased awareness of the benefits of electrohydraulic pumps is expected to boost market expansion across a variety of applications.
Electrohydraulic pumps provide power-on-demand functionality
Electrohydraulic pumps have a power-on-demand feature, which means that the electrohydraulic motor pump only spins when flow and pressure are needed for job activities. Another key reason likely to drive the global electrohydraulic pumps market is this. Furthermore, equipment makers are moving toward electrohydraulic solutions, which is projected to drive the market in the approaching years. This is due to the fact that electrohydraulic pumps are up to 80% more efficient than standard pumps. By adjusting the speed and direction of the electric motor, electrohydraulic pumps may regulate the volume and direction of hydraulic flow. This is expected to drive the growth of the global electrohydraulic pump market.
Key benefits of the report:
- This study presents the analytical depiction of the global electrohydraulic pumps industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global electrohydraulic pumps market share.
- The current market is quantitatively analyzed to highlight the global electrohydraulic pumps market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global electrohydraulic pumps market analysis based on competitive intensity and how the competition will take shape in coming years.
Electrohydraulic Pumps Market Report Highlights
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