September 15, 2023 06:28 ET | Source: Research and Markets Research and Markets
Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Gear Pumps Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering. Progressive Automatic Lubrication Systems For Grease
The global gear pump market is expected to grow at a compound annual growth rate (CAGR) of 4.53%, increasing from USD 1,075.018 million in 2021 to USD 1,465.749 million by 2028.
Gear pumps are a type of positive displacement pump that utilizes meshing gears to pump fluids. They consist of two or more gears that mesh together and rotate within a casing.
Gear pumps are known for their simplicity, reliability, and efficiency, making them suitable for various industrial and commercial applications, including oil and gas, automotive, pulp and paper, and food and beverage. The market's growth is driven by rising demand from diverse industries and ongoing technological advancements in pump design.
Key Market Trends and Drivers
Several key trends and drivers are influencing the growth of the global gear pump market:
The global gear pump market is segmented based on various factors:
The global gear pump market is driven by the increasing demand from diverse industries and significant growth in end-use sectors like automotive, oil and gas, and food and beverage. Gear pumps play a crucial role in various applications, contributing to improved efficiency and performance across industries.
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