Mud Pump Market Size To Expand at a Notable CAGR Of 3.4% During 2022-2030

Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Mud Pump Market. 

Mud Pump Market Overview

Mud pumps are used for moving and circulating drilling fluids or other similar fluids under high pressure. It is generally used for mining and oil well drilling with a certain flow rate (differing from 100 to 1300 gallons/minute). Mud pumps come in multiple sizes and configurations but for typical petroleum drilling rig, a triplex mud pump is the ideal choice. Occasionally a double cylinder reciprocating mud pump is used as a substitute to a triple cylinder reciprocating mud pump in many developing countries.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Mud Pump Market Trends

The global mud pump market is predicted to garner major growth in the coming years. According to the report published by Market Research Future (MRFR), the global mud pump market is estimated to showcase more than 3.4% CAGR during the forecast period. Factors contributing to such growth include an increased demand for directional and horizontal drilling, a number of new oil discoveries, and high-pressure handling capabilities. In addition, a skyrocketed rise in the demand for energy across the globe is also significantly driving the market for mud pumps.

Segmental Analysis

The global mud pump market has been segmented based on different aspects for better understanding. The market has been segmented on the basis of type, component, application, and region. Based on type, the market has been segmented into duplex pumps and triplex pumps. Triplex pumps are projected to showcase exponential rise in demand because they weigh 30% lesser while offering similar efficiency, smoother discharge, lower operating costs, and an ability to displace large volumes of mud at a higher pressure as compared to their duplex counterparts.

On the basis of component, the market has been bifurcated into fluid end and power end. Based upon application, the market has been segmented into oil & gas industry and building industry. The segment of oil & gas industry is predicted to drive the global mud pump market significantly. Maturation of the oil & gas industry, reasonable costs of operation are some factors contributing to such growth.

Detailed

Regional Analysis

The global mud pump market has been regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is projected to showcase domination in the mud pump market during the forecast period. Factors attributing to such growth include increasing oil & gas exploration activities, stable economic conditions, and consistent oil well drilling rig sales in the region. Furthermore, a well-established production sector in the region, lucrative growth in the oil and gas industry, rise in the hydrocarbon consumption are also predicted to drive sizeable growth to the mud pump market.

Asia Pacific is estimated to gain traction in the latter half of the forecast period due to anticipated growth in the oil & gas industry and an increasing number of wells in the region. China and India are projected to be major contributors to the mud pump market due to rapid industrialization and urbanization in the countries. Governments in India and China are working on the enhancement of their production capacities for reduction of import bills, subsequently causing lucrative growth in the mud pump market.

Competitive Analysis

The global mud pump market seems consolidated with limited key players holding sizeable market share. Acquisitions, collaborations and new product launches are some of the key strategies adopted by prominent players to expand and sustain in the global mud pumps market.

Some of the prominent players in the mud pump market include National Oil Varco Inc., Schlumberger Limited, Gardner Denver Inc., Weatherford International Plc., China National Petroleum Corporation, Trevi-Finanziaria Industriale S.p.A., MhWirth, BenTech GmbH Drilling Oilfield systems, American Block Inc., Honghua Group Limited, White Star Pump Company LLC, Flowserve corporation, Ohara Corporation, Mud King Products, Inc. and Herrenknecht Vertical GmbH.

Industry Updates

February 19, 2019: An oil discovery in the remote corner of northwestern China might trigger a surge in shale drilling.

January 23, 2019: Oil and Natural Gas Corporation (ONGC) has signed a three-year contract with Shelf Drilling Ltd., for Ron Tappmeyer jackup.