The global mud pumps market 2020 and its shares are preparing for new strategies that could help the market to regain its position post novel coronavirus. Market Research Future digs information and comes up with a prediction that the global mud pumps market expects a steady growth at a ~8.0% CAGR. The growth pace will be happening in the years from 2018 to 2023 (forecast period), and in this period, the market expects a towering valuation.
Top Impacting Factors
The mud pump market is chiefly driven by the factor of rising demand for oil & gas. Mud pumps are mostly used to move a massive amount of sludge and mud during the oil well drilling process. Countries such as India, Russia, China, U.S., Canada, Oman, Saudi Arabia, Argentina, and Venezuela have a large number of oil wells. The rising number of wells is anticipated to motivate the demand for mud pumps across the globe.
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Mud pumps market is further anticipated to expand. It has tremendous scope during the forecast period owing to its functionality in rugged and hostile environments as well as for being bulky and robust. To add in this, the electric mud pumps will lead the market owing to the advantage of eliminating the harmful carbon emission, which is done in the case of fuel engine pumps.
Furthermore, the primary motivator for the global mud pumps market is the escalating exploration activities that are taking place in various regions of the world to satisfy the surged energy demand. The number of drilled wells has augmented in current years, which has undoubtedly impacted the growth of the mud pumps market in both oil & gas and mining sectors.
On the contrary, significant market restraint for the global mud pumps market is the drift towards the cleaner sources of energy to diminish the carbon emissions, which will undoubtedly decrease the oil & gas demand and therefore will have a negative impact on the growth of the global Mud Pumps Market.
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.
The global level segmentation of mud pumps market is conducted over segments of type, component and application.
In terms of type segment, mud pumps have included duplex and triplex pumps. Triplex pumps are estimated to progress in the stake of the ~30.0% lesser weight than duplex pumps offering similar efficiency. The pump transfers the fluids with the help of mechanical movements.
In terms of component segment, mud pumps are segmented as a fluid end and power end.
In terms of application, mud pumps have included oil & gas industry and building industry. As oil and gas fields are maturing, operators must drill wells with large offset, high laterals, widening their applicability by using mud motors, and high-pressure pumps. To fulfil the demand, drilling companies boost their mud pumping installation capacity, with higher flexibility. In case of point, LEWCO has developed W-3000 mud pump model for oil drilling, which can handle power up to 3000 HP.
Regionally, North America is leading in the wake of tight oil and shale gas sources due to the augmented number of wells in the regions. Also, due to the well-established production sector and stable exploration industry, North America occupies the largest market for the mud pumps. The onshore exploration activities of oil & gas have improved in the North America region, which has positively boosted the growth of the mud pumps market in the region.
Asia Pacific region is also witnessing upward move for the market, especially in countries such as China and India. This is owing to rapid urbanization and industrialization. Authorities in India, China are working on enhancing their production capacities for reducing the import bills, which eventually help in the growth of the mud pumps market.
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