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Market ScenarioThe Global Mud Pumps Market is presumed to register 8.0 % CAGR during the forecast period (2018-2023) owing to the growing demand for horizontal and directional drilling, asserts Market Research Future (MRFR). Mud pumps are special purpose pumps used for moving and circulating drilling fluids in mining and onshore and offshore oil and gas. Mud pumps are piston-cylinder systems used to transfer fluids at high pressure. Such pumps are operated in hostile and rugged environments; therefore, they are robust and bulky.
Competitive Dashboard
The major players operating the global market are Grundfos (Denmark), KSB Group (Germany), Weir Group (U.K), Goulds Pumps (U.S.), Ebara Corporation (Japan), Shijiazhuang Industrial Pump Factory Co. Ltd (China), Flowserve (U.S.), SRS Crisafulli Inc (U.S.), Tsurumi Pump (Japan), Excellence Pump Industry Co. Ltd (China), Kirloskar Ebara Pumps Limited (India), Halliburton (U.S.), Xylem Inc (U.S.), and Sulzer (Switzerland).
Drivers and Constraints Impacting the Market
There has been a growing demand for mud pumps due to several properties such as easy installation, easy handling and cleaning, and cost-effectiveness. Mud pumps also discharge mud smoothly which makes it ideal equipment, thereby driving the global market during the review period. With the rising demand for horizontal and directional drilling, new oil discoveries, and higher-pressure handling capabilities, the global market for mud pumps is anticipated to trigger over the assessment period. Moreover, innovation in technology further drives the market. For instance, MTeq uses Energy Recovery’s Pressure exchanger technology in order to reduce operating costs and improve productivity in the pumping process.
On the flip side, environmental risks associated with drilling, high cost of drilling, and changing government mandates for power and energy are considered to pose a threat to the market growth during the assessment period.
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Global Mud Pumps Market: Segmental Analysis
The Global Mud Pumps Market has been segmented on the basis of Type, Component, Application, and Region.
By Mode of Type, the global mud pumps market has been segmented into duplex pump, triplex pump, and others. Among these, the triplex pump segment is anticipated to progress during the assessment period as they are lighter in weight than duplex pump offering the same efficiency.
By Mode of Component, the global mud pumps market has been segmented into fluid end and power end.
By Mode of Application, the global mud pumps market has been segmented into oil and gas industry and building industry. Among these, oil and gas fields are maturing these days. With the growing segment, operators are expected to drill wells with large offset, widening their applicability using mud motors. In order to fulfill the demand, drilling companies are increasing their mud pumping installation capacity. For instance, LEWCO has developed a mud pump model which can handle power up to 3000 HP.
Regional Insights
Geographically, the mud pumps market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, North America is predominant as its major source is shale gas tight oil which requires extensive drilling. Moreover, the U.S. is constantly adding new oil wells which are triggering the demand for mud pumps in this region.
Asia Pacific holds a significant share in the market owing to the growing number of wells in this region. The growth is noticeable in countries such as India and China due to rapid industrialization and urbanization.
The Middle East and Africa is also a lucrative region for mud pumps owing to the presence of a number of natural gas and crude oil reserves in this region.
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Table of Content
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.3 Research Process
2.4 Market size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain/Supply Chain Analysis
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4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
To be Continue ………..,
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