Market Research Future published a research report on “Global Mud Pumps Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Mud pumps are high-pressure pumps used for circulating mud in wells. It is used for sucking up mud during operations and pushing the mud from the wellbore to the surface. The global mud pumps market report by Market Research Future (MRFR) covers trends, opportunities, and novel niches. It estimates projections on revenue and growth for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic has brought forth several limitations and opportunities for the market and highlighted in the full report.
The global Mud Pumps Market is projected to gain revenues at a CAGR of more than 8.0% during the forecast period. Massive demand for horizontal and directional drilling and discoveries of new oil wells are major drivers of the market. Innovation in mud pumps for improving productivity can be a gamechanger for the industry. For instance, MTeq’s mud pump utilizes its proprietary Pressure Exchanger technology for rerouting fluids from high-pressure pumps.
Moreover, the increase in sales of shale gas coupled with investments from oil and gas producers can drive the demand for mud pumps. Onshore investments can trigger the need for mud pumps in the coming years. The use of oil rigs in conjunction with high-pressure mud pumps can yield higher gains from oil wells.
The COVID-19 pandemic has disrupted the oil & gas sector and dampened the demand for commodities. New guidelines by the Organization of the Petroleum Exporting Committee (OPEC) for cutting oil production by 1.5 million barrels during the period can dampen the demand for mud pumps.
However, high costs of drilling and changing policies for energy and power can hamper market growth.
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Ebara Corporation, Grundfos, Halliburton, Flowserve, Sulzer, SRS Crisafulli, Inc., Weir Group, KSB Group, and others are key players of the global mud pumps market.
Based on type, mud pumps can be segmented as duplex and triplex pumps. Triplex pumps are expected to witness high demand due to weighing 30.0% less than duplex pumps while offering similar efficiency. The pump transfers the fluids with the help of mechanical movements. It displaces huge volumes of mud at a high pressure range as compared to its counterpart.
Based on component, mud pumps can be segmented as fluid end and power end.
Based on application, mud pumps can be segmented as oil & gas industry and building industry. As oil and gas fields going mature, operators must drill wells with large offset, high laterals, widening their applicability by using mud motors, and high-pressure pumps. To fulfill the demand, drilling companies are increasing their mud pumping installation capacity with higher flexibility. For instance, LEWCO has developed the W-3000 mud pump model for oil drilling, which can handle power up to 3000 HP.
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North America is predominant due to large reserves of tight oil and shale gas sources, followed by Asia Pacific due to the increased number of wells in the regions, especially in countries such as China and India due to the rapid urbanization and industrialization. Authorities in countries such as India, China are working on enhancing their production capacities for reducing the import bills, which ultimately help in the growth of mud pumps market. Discovery of new oil reservoirs in China can trigger the demand for mud pumps.
North America, on the other hand, can command a large market share owing to investments in Canada and the U.S. known for its abundant reserves of shale gas. Replacement of old pumps with mud pumps for eliminating particles that can become a obstacle during extraction can facilitate sales in the region.
Table of Contents:
- Mud Pumps Market Overview
- Manufacturers Profiles
- Sales, Revenue and Market Share By Manufacturer
- Global Mud Pumps Market Analysis By Regions
- North America By County
- Europe By County
- Asia-Pacific By Regions
- South America By County
- Middle East And Africa By Countries
- Market Segment by Type
- Global Mud Pumps Market Segment by Application
- Market Forecast
- Sales Channel, Distributors, Traders and Dealers
- Research Findings and Conclusion
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