Mud pumps are high-pressure pumps used for circulating mud in wells. It is used for sucking up mud during operations and pushing the mud from the wellbore to the surface. The global mud pumps market report by Market Research Future (MRFR) covers trends, opportunities, and novel niches. It estimates projections on revenue and growth for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic has brought forth several limitations and opportunities for the market and highlighted in the full report.
Market Scope
The global mud pumps market is projected to gain revenues at a CAGR of more than 8.0% during the forecast period.
Massive demand for horizontal and directional drilling and discoveries of new oil wells are major drivers of the market. Innovation in mud pumps for improving productivity can be a gamechanger for the industry. For instance, MTeq’s mud pump utilizes its proprietary Pressure Exchanger technology for rerouting fluids from high-pressure pumps.
Moreover, the increase in sales of shale gas coupled with investments from oil and gas producers can drive the demand for mud pumps. Onshore investments can trigger the need for mud pumps in the coming years. The use of oil rigs in conjunction with high-pressure mud pumps can yield higher gains from oil wells.
The COVID-19 pandemic has disrupted the oil & gas sector and dampened the demand for commodities. New guidelines by the Organization of the Petroleum Exporting Committee (OPEC) for cutting oil production by 1.5 million barrels during the period can dampen the demand for mud pumps.
However, high costs of drilling and changing policies for energy and power can hamper market growth.
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Segmentation
Regional Analysis
North America is predominant due to large reserves of tight oil and shale gas sources, followed by Asia Pacific due to the increased number of wells in the regions, especially in countries such as China and India due to the rapid urbanization and industrialization. Authorities in countries such as India, China are working on enhancing their production capacities for reducing the import bills, which ultimately help in the growth of mud pumps market. Discovery of new oil reservoirs in China can trigger the demand for mud pumps.
North America, on the other hand, can command a large market share owing to investments in Canada and the U.S. known for its abundant reserves of shale gas. Replacement of old pumps with mud pumps for eliminating particles that can become a obstacle during extraction can facilitate sales in the region.
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Competitive Outlook
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