Electric mud pumps are in high demand due to their quiet operation and low vibration and noise levels, which will continue to rise along with their growing popularity. The mud pumps market sales will total US$ 872.2 Mn in 2021. Demand outlook remains fairly positive as the market is forecast to register 3.4% CAGR between 2021 and 2031.
The strength of more extensive advancements in the oil and gas area will empower the worldwide mud pumps market to outperform US$ 1.18 Billion by 2031, predicts the latest report from Future Market Bits of knowledge. The extension of average sized organizations, especially in North America, will affect the market.
In the search for shale gas reserves, for instance, is the US company EOG Resources, which has its headquarters in Houston. A startling 92% increase in sales during the third quarter of 2018 served as proof of its success, and at a fair price. The company has also been using its own mud pump systems and drilling equipment.
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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
“Enhancing efficiency points of mud pumps will be key focus area of manufacturers. This can be done by finding issues that threaten pump integrity and increase emissions such as excessive degradation of seals, valves and flanges”, says the FMI Analyst
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Market Growth Characterized By Organic Strategies Undertaken By Key Players
Bigger players in the mud pumps market landscape have a huge advantage of continuous cash flow. Thus they are showing greater resiliency by channelizing their resources and acquiring shale players, oil and gas service companies without having to rely heavily on organic product portfolios.
Many are already investing in non-traditional markets with a very negligible impact on their bottom line. A significant number of market players are putting in almost 20% of their capital expenditures towards the setting up of on-shore and off-shore drilling equipment and mud pump systems. While this accrues to be a large chunk of investment, in actuality it is tantamount to just over 5% of its yearly revenues.
Key Segment
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 the 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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