Market Research Future published a Half-Cooked research report on “Global Mud Pumps Market Research Report – Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Flowserve Corporation (U.S.), Grundfos Group (Denmark), Xylem Inc. (U.S.), Halliburton (U.S.), The General Electric company (U.S.), Sulzer AG (Switzerland), KSB Group (Germany), SRS Crisafulli, Inc (U.S.), and Ebara Corporation (Japan) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Mud Pumps Market.
Mud Pumps Market – Overview
A mud pump is very important part of the equipment used for oil well drilling. Mud pumps are large, reciprocating pumps that are used to circulate the “mud” on a drilling rig. It ensure that drilling mud is circulated to the bottom of the hole at the right pressure and volume to carry drilling debris out of the well hole. For mud pumps pressures are very high, from 5,000 to 7,500 psi, and mud flow rates vary from 100 to 1,300 gallons/minute.
According to a recent study report published by the Market Research Future, The global market of Mud Pumps is booming and expected to gain prominence over the forecast period. The global Mud Pumps market is forecasted to demonstrate an exponential growth by 2027, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2027).
New oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. For example, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. Additionally, global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the demand of Mud Pumps market. However, high cost of drilling, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.
Mud Pumps Market – Competitive Analysis
Global mud pumps Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
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Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Mud pumps equipment manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Pressure Pumping for every application.
Energy Recovery, Inc. the leader in pressure energy technology for industrial fluid flows, today announced the release of MTeq, a pumping solution engineered to increase productivity and reduce operating costs in the mud pumping process in Oil & Gas drilling applications by rerouting abrasive fluids away from high-pressure pumps. In conjunction with the MTeq product launch, Energy Recovery announces a partnership with Sidewinder Drilling LLC as its first early-stage partner for the solution.
Mud Pumps Market – Segmentation
Global Mud Pumps Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Based on Type, the market has been segmented into triplex mud pumps and duplex mud pumps. Triplex mud pumps dominates the type segment of global market. Triplex mud pumps are positive-displacement reciprocating pumps that are configured with three plungers. Triplex pumps used in well service activities generally are capable of handling a wide range of fluid types.
Based on Components, the market has been segmented into fluid end and power end.
Based on Region: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
Mud Pumps Market – Regional Analysis
North America dominates the Mud Pumps market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major mud pumps manufacturer are operating in this region. This has the positive influence on the growth of the market.
Asia Pacific and Europe are the other major market for the Mud Pumps. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe drill bit market is expected to be dominated by countries such as U.K, Norway and Russia. The development of unconventional oil and gas exploration activities such as shale, is driving the market in the region. It is expected to contribute significantly during the forecast period.
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