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Key innovations and trends in the hydraulic pump industry today

Posted by IndustryNet on Wednesday, March 6, 2019

100000351_hydraulic_pumpsHydraulic pumps are the mechanical devices that change mechanical power, converting it to hydraulic energy, and they play a crucial role in the larger industry of hydraulics.

Hydraulic pumps have numerous applications, spanning nearly every industrial or mobile hydraulic machine. As such, they can be found on everything from lifts to mixers to dump trucks to cranes.

Positioning of the hydraulic pump industry within the hydraulics industry

To better understand the position of the hydraulic pump industry within the industry of hydraulics as a whole, consider some key statistics. While there are 99 companies in the hydraulic pump industry, hydraulics as a whole has 1,656 companies.

Related: 11 top companies in the hydraulic pump industry

This means that the hydraulic pump industry accounts for 5.98% of the hydraulic industry's companies. Based on other figures, the hydraulic pump industry accounts for 5.5% of the hydraulic industry's 54,819 jobs and 0.85% of its $23.86 billion average sales.

Hydraulic pump innovations and influences

Expert estimates regarding the future of the hydraulic pump industry vary. Some feel that it will surpass $9.8 billion by 2022 globally while others predict it will reach $10.4 billion by this time.

The demand for hydraulic pumps and their prevalence across various industries is a significant influence on the expected growth of the industry. The increase in knowledge regarding the existence of these pumps has also contributed. Other factors that impact the industry include labor availability and affordability as well as raw material costs.

Number of companies and jobspumphouse

The hydraulic pump industry includes 99 companies and 3,012 jobs. Of those companies, 3% are women-owned. Nine percent (9%) of the companies import raw material, and 62% engage in domestic distribution while 37% engage in international distribution.

Seventy-nine percent (79%) of the hydraulic pump companies are private, and 19% are public.

Job change over the year

One year ago, the hydraulic pump industry had 2,950 jobs. This indicates a job growth of 2.1% in the past year.

Interestingly, 4% of companies in the industry report employment increases while 2% report employment decreases. These figures are more or less in line with those of the hydraulics industry as a whole, which had a job increase of 2.2% over the past year.

Average sales and sales change over the year

The industry's average current sales are $203.3 million. One year ago, this figure was $201.5 million, translating into a growth of 0.87%. Two percent (2%) of hydraulic pump companies report sales growth, with 1% reporting a sales decline.

By comparison, the hydraulics industry as a whole experienced more growth, with sales rising 1.45% in the past year.

Regional data

The distribution of hydraulic pumps is also worth noting. Forty-three (43) companies or 43% are located in the South.

Twenty-nine percent (29%) or 29 companies are in the Midwest. Twenty-six (26) companies, 26.26%, are in the Northeast. Finally, six companies or 6.06% are in the West.

Conclusion

To fully understand the larger hydraulics industry, it is necessary to gain an understanding of the hydraulic pump industry.

This industry is experiencing growth, both in terms of sales and jobs, and experts predict that this trend will continue due to the prevalence of hydraulic pumps in a range of applications.

Looking for hydraulic pump suppliers? Click here to see a complete listing of hydraulic pump suppliers in the U.S.

 Or check out our expert guide: How to drive down costs and improve performance of your pump applications. 

 

 

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