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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.
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Report Metric |
Details |
|
Market Value in 2019 |
US$ 402.7 Million |
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Market Growth Rate (from 2020 to 2027) |
2.1 % |
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Historical Data |
2017, & 2018 |
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Base Year |
2019 |
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Forecast Period |
2020 – 2027 |
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Units Considered |
Value (US$ Million) |
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Market Segments |
By Type, By Application, and By Country |
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Regional Scope |
Latin America |
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Country Scope |
Mexico, Guatemala, Nicaragua, El Salvador, Honduras, Panama, Costa Rica, Belize, and Others |
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Key Companies Profiled |
KSB SE & Co. KGaA, Danfoss, Hydac, Continental Hydraulics Inc., Bosch Rexroth AG, Eaton, Northman co.,ltd, PARKER HANNIFIN CORP, Ruhrpumpen Group, and Pentair |
|
Customization Scope |
Report customization available on request |
|
Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
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