The mud pumps market will be worth US$ 872.2 million in 2021. Between 2021 and 2031, the market is predicted to increase at a 3.4% CAGR, indicating a relatively good demand forecast. Electric mud pumps are in high demand due to their quiet operation and low vibration and noise levels, and this trend is expected to continue.
The global mud pumps industry will approach US$ 1.18 billion by 2031, according to Future Market Insights, owing to the strength of broader advances in the oil and gas sector. The market will be influenced by the expansion of mid-sized firms, particularly in North America.
For example, the Houston-based corporation EOG Resources is on the lookout for shale gas deposits. Sales increased by an astounding 92% in the third quarter of 2018, illustrating the company’s performance at a minimal cost. The company has also used its own drilling and mud pumping technologies.
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Key Takeaways Of Mud Pumps Market Study
Sixty-eight percent of the mud pump market income is still concentrated in three nations. North America will maintain its position as a regional powerhouse, demonstrating 1.2X growth through 2031, led by significant gains in the United States. Stringent regulatory standards will increase the use of electric pumps due to their outstanding operability and environmental friendliness. Triplex pumps are still favoured over duplex pumps because they are 30% lighter and provide better mud displacement and discharge. The top ten market participants are predicted to control more than half of the market by 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
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.
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.
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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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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