Mud Pumps Market Latest Technology and Market Trends & Forecast 2020 - 2030

(Markitwired via Comtex)

The global mud pumpsmarket is estimated to continue growthat a healthy clip owing to its wide-scale application in offshore and onshoredrilling rigs. The global sales of mud pumps are estimated to surpass a valuationof US$ 1 Bn by 2026, as per the latest research report by Future MarketInsights (FMI). Role of mud pumps in ensuring seamless circulation of fluids atconstant pressure levels is one of the key aspects supporting growth of mudpumps market.

As per the FMI study, triplex mud pumps(with three pistons) remain the most commonly used type, on account ofwide-spread applications in multiple verticals. One of the primary advantagesof triplex mud pumps over other types is their ability to move large volumes athigh pressures, which is a key reason boosting their adoption in challengingapplications, such as deep hole drilling. As per the FMI estimation, triplexmud pumps will hold more than 74% share of the overall $ opportunity in theglobal mud pumps market by 2026 end. Triplex mud pumps will outsell othervariants in the mud pumps market and this status quo is likely to remainunaltered over the forecast period, unveils the report.

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Electric Pumps to Gain Preference

Electric mud pumps will continue to behighly-favored by end-users over the fuel engine driven variants, finds theresearch study. Buoyancy of electric mud pumps can be attributed to theirperformance excellence and wide-spread recognition for their easy operations,reasonable costs, and unique designs. On account of their unparalleled featuresand usage characteristics, electric mud pumps find extensive use in powerstations, mines, and oil & gas industry. In addition, electric mud pumpsare also estimated to witness decent sales over the forecast timeline, byvirtue of low mechanical vibrations, augmented reliability, and upgraded efficiency.

Maximum Adoption Anticipated in Oil andGas Industry

Among onshore and offshore drillingrigs in the Oil and Gas Industry, onshore drilling will register high demandfor mud pumps. According to the research study on mud pumps market, the onshoresegment is likely to retain its hegemony and account for an absolute $opportunity of more than US$ 280 Mn during the forecast period. Owing to highcost-effectiveness, end-users are transferring multi-phased projects to onshoredrilling and are actively moving away from the offshore one. In addition, highproduction remains another key aspect enhancing visibility of onshore drillingover offshore.

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According to the FMI analysis, NorthAmerica will continue to be highly lucrative for the manufacturers of mudpumps, with the US and Canada spearheading demand. In addition, promisingresurgence of drilling procedures for ramping up the production volumes of oiland gasis also likely to create favorable grounds for growth of mud pumpsmarket.China, owing to rising production of oil & gas, is foreseen tocreate sustained opportunities for the manufacturers of mud pumps market.Leading countries in the Middle East and Africa (MEA) region, on account ofheavy reliance on an oil-led economy, will emerge as profitable regions for thekey stakeholders in the mud pumps market.

Sensing the diverse end-userrequirements, manufacturers of mud pumps are offering products in varyingconfigurations on the basis of requirements as well as ratings of drillingrigs. Manufacturers are vying to offer value-added services for repair andmaintenance, which remains a key enabler of long-term customer retention. Someof the leading players in the mud pumps market include MHWirthTrevi Group(Drillmec), Weatherford International plc, Schlumberger Limited (CameronInternational), Gardner Denver, CNPC Baoji Oilfield Machinery Co., Ltd, BentecGmbH Drilling & Oilfield Systems, Flowserve Corporation, and severalothers.

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