Robotic Grippers Market Growth Factors, Opportunities, Ongoing Trends and Key Players 2028

In its latest report, Future Market Insights estimates global mud pumps market to surpass US$ 1.18 Bn by 2031, on the back of broader developments in oil & gas sector. The market will also be influenced by mushrooming of mid-sized companies, especially in North America.

For instance, EOG resources, a US company headquartered in Houston, has been extensively dabbling in the exploration of shale gas reserves. Its success was evidenced with an astounding 92% sales in Q3 of 2018 that too in a relatively low-price environment. The company has also been deploying its own drilling rigs and mud pump systems adding to its overall value.

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Key Takeaways Of Mud Pumps Market Study

  • 68% of mud pumps market revenue remains concentrated in three countries
  • Led by strong gains in the US, North America will maintain its position as regional powerhouse exhibiting 1.2X growth through 2031
  • Stringency in regulatory norms will boost uptake of electric pumps on back of their excellent operability and environmental friendliness
  • Triplex pumps continue to be preferred over duplex pumps; with 30% lower weight, they offer excellent mud displacement and smoother discharge
  • The top 10 players in the market are expected to hold more than 50% of the market share through 2031

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COVID-19 Temporarily Clouds Mud Pumps Outlook

Energy transitions are greatly impacting the oil and gas outlook. Rig operators and drilling equipment manufacturers are now looking at a scenario where investments towards ongoing supply must be balanced out against emission control. Fuel demand destruction is a huge challenge in the ongoing pandemic as well as a rapidly decarbonizing world.

Containment strategies that have been instituted in North America and Europe will have a less adverse effect on demand for oil as compared to China. With the discovery of new oil wells and reservoirs in China, an improving market landscape in China in the second quarter of 2020 will bode well for the deteriorating demand for oil and subsequently the mud pumps industry.

Supply wise, geopolitics have continued to be a wild card for the oil and gas industry. With supply gluts prevailing major OPEC nations have been forced to cut output. While supply will see a comfortable trajectory through 2025, oil and gas and the pumps industry will see a visible contraction through 2020 with recovery expected in 2021.

By Segmentation:

Product Type:

  • Duplex
  • Triplex
  • Quintuplex

Driven System:

  • Electric
  • Fuel Engine

Application:

  • Onshore
  • Offshore

Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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