The gear pump market is projected to grow by USD 470.3 million, with a CAGR of 4.5% from 2023 to 2028. The growth is driven by the mechanization of agriculture and the expansion of the agriculture machinery industry. Emerging economies are investing heavily in chemical manufacturing facilities, increasing demand for gear pumps. However, the downturn in the mining industry in China presents a challenge to market growth. Gear pumps play a key role in sectors like construction, water treatment, and automotive, meeting the demand for efficient and reliable fluid transfer solutions.
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The gear pump market is segmented based on end-user applications and geography.
APAC
Countries: China, India, Japan
The Asia Pacific (APAC) region is expected to witness significant growth, driven by the construction industry's expansion in developing economies like China and India, and increasing investments in the defense sector, particularly in Japan, China, and India.
North America
Countries: US
North America is forecast to contribute 31% to the market growth, with a significant focus on heavy industry and agriculture machinery.
Europe
Countries: Germany
The European market remains stable with moderate growth driven by the demand in the automotive and construction sectors.
South America
Middle East and Africa
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Some of the key companies of the Gear Pump Market are as follows:
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