Future Market Insights (FMI) survey on mud pumps market reveals key factors impacting the pace of the market growth through 2031. The survey also offers comprehensive overview of key factors affecting growth across segments in terms of product type, driving system, and application. It also discloses popular strategies adopted by market leaders to increase mud pumps sales globally.
The global mud pumps market is projected to surpass US$ 1.1 Bn by 2031, in comparison to the valuation of US$ 872.2 million estimated in 2021, as per FMI’s analysis. Owing to the increasing application across mining and oil & gas industries, the market for mud pumps is anticipated to expand at a CAGR of 3.4% over the assessment period, from 2021 to 2031.
Increasing exploration activities undertaken to meet the growing demand for energy across various the world is spurring the sales of mud pumps. Governments of several countries are adopting initiatives for expanding the mining operations.
For instance, in March 2021, Coal India Ltd. (CIL) announced approving 32 new coal mining projects, as per a report by the India Brand Equity Foundation. As mud pumps assist in reaching greater depths every hour and save rig operator time and money, they are increasingly being utilized in mining activities.
The rise in adoption of such initiatives will facilitate the mining industry’s growth, consequently, providing lucrative sales opportunities for the market players.
Onshore drilling application accounts for the lion’s share, contributing nearly 80% of the revenue in the market. In response to the increasing demand for 7500 psi mud pumps for onshore oil well drilling activities in the countries such as Saudi Arabia, China, the U.S., Oman, and India among others, the segment is projected to grow by 1.4X over the next ten years.
“Manufacturers are emphasizing on developing advanced configuration mud pumps with compact structure to make them suitable for high-pressure drilling operations. Launch of such novel mud pumps will facilitate the market growth in the coming year,” says the FMI analyst.
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Key Takeaways from FMI’s Mud Pumps Market Analysis
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Leading players operating in the global mud pumps market are currently emphasizing introducing novel products to meet the changing consumer preferences. Other market players are aiming at adopting strategies such as collaboration, mergers & acquisitions, and partnership in order to strengthen their market position. For instance,
Leading players in the mud pumps market profiled by FMI are:
More Valuable Insights on Mud Pumps Market
FMI, in its new report, offers an unbiased analysis of the global mud pumps market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in mud pumps market with detailed segmentation:
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