According to “Mud Pumps Market 2019 Global Industry Forecast To 2023” report, the global Mud Pumps Market is expected to grow at 11.25% CAGR and reach remarkable market value during 2019 and 2023. Mud Pumps market has been segmented based on type (duplex pumps, triplex pumps, and others), component (fluid end and power end), application (oil and gas industry, and building industry), and Regions. Report provides Mud Pumps Market Regional, Segments, Key Players historic and forecast analysis to 2023.
Key Players Profiled in the latest report by Market Research Future include:
National Oil Varco Inc., Gardner Denver Inc., Schlumberger Limited, Weatherford International Plc., Trevi-Finanziaria Industriale S.p.A., China National Petroleum Corporation, MhWirth, BenTech GmbH Drilling Oilfield systems, Honghua Group Limited, American Block Inc., White Star Pump Company LLC, Ohara Corporation, Flowserve Corporation, Mud King Products, Inc. and Herrenknecht Vertical GmbH.
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Mud Pumps Market 2019 Highlights:
Mud pumps are generally used for circulating and moving drilling fluids or other similar fluids using high pressure. General applications for mud pumps are found in the mining and oil well drilling and is used to drill at a specific flow rate. Mud pumps come in different sizes and configurations. However, for typical petroleum drilling rig, a triplex mud pump is considered is the optimal choice. Although, occasionally, a double cylinder reciprocating mud pump is used as a substitute for a triple-cylinder reciprocating mud pump in several countries.
As per the Market Research Future (MRFR) analysis, the global mud pumps market is anticipated to accrue a CAGR of more than 8% over the forecast period. Various factors driving the global mud pumps market include increased demand for directional and horizontal drilling and several new oil discoveries. Further, high-pressure handling capabilities is another factor fostering the growth of the global mud pumps market. Additionally, burgeoning demand for energy all over the world is also contributing to the growth noted in the global mud pumps market.
Market Segmentation:
The global mud pumps market is studied for the segments based on type, component, application, and region. By type, the global mud pumps market is segmented into duplex pumps and triplex pumps. The triplex pumps segment is projected to have high demand owing to them weighing almost 30% less as compared to duplex counterparts. Additionally, they offer similar efficiency, smooth discharge, lower operating costs, and an ability to discharge larger volumes of mud at high pressure, compared to duplex pumps.
Based on the component, the global mud pumps market is segmented into power end and fluid end. Based on application, the global mud pumps market is segmented into oil & gas industry, mining industry, and building industry. The oil and gas industry segment is projected to ascend at a lucrative rate during the forecast period. Maturation of the oil & gas industry coupled with reasonable operational costs is contributing to the growth of the global mud pumps market.
Detailed Regional Analysis:
The global mud pump market is segmented, based on region, into North America, Asia Pacific, Europe, and Rest of the World. North America is anticipated to dictate the global mud pumps market through the forecast period. Such acceleration in growth can be accredited to the rise in oil & gas exploration activities, and stable economic conditions. Further, consistent oil well drilling rig sales in the region are fostering the mud pumps market growth. Presence of a well-established production sector in the region is another factor contributing to the upscaling of the mud pumps market through the review period.
Asia Pacific is projected to gain traction in the second half of the assessment period. This can be owed to the growth observed in the oil & gas industry, along with an increasing number of wells present in the region. Developing countries such as India and China are predicted to lead the country-specific mud pumps market. This can be attributed to the burgeoning industrialization and rising emergence of urbanization in these regions. Governments present in these countries are also working on the enhancement of their production capacities. These activities are undertaken with the motive of reducing import bills, which in turn, is fostering lucrative growth in the global mud pumps market.
Competitive Analysis:
The global mud pump market is noted to be consolidated with limited key players holding significant shares in the market. Further, acquisitions, collaborations, and the introduction of new products are some other major strategies undertaken by market vendors to capture larger share in the market.
Report Scope:
Study Period: 2019 to 2023.
Base Year: 2019.
Key Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Mud Pumps Market, By Type
5.1 Introduction
5.2 Duplex Pump
5.2.1 Market Estimates & Forecast, 2018-2023
5.2.2 Market Estimates & Forecast By Region, 2018-2023
5.3 Triplex Pump
5.3.1 Market Estimates & Forecast, 2018-2023
5.3.2 Market Estimates & Forecast By Region, 2018-2023
5.4 Others
5.4.1 Market Estimates & Forecast, 2018-2023
5.4.2 Market Estimates & Forecast By Region, 2018-2023
6 Global Mud Pumps Market, By Component
6.1 Introduction
6.2 Fluid End
6.2.1 Market Estimates & Forecast, 2018-2023
6.2.2 Market Estimates & Forecast By Region, 2018-2023
6.3 Power End
6.3.1 Market Estimates & Forecast, 2018-2023
6.3.2 Market Estimates & Forecast By Region, 2018-2023
7 Global Mud Pumps Market, By Application
7.1 Introduction
7.2 Oil & Gas Industry
7.2.1 Market Estimates & Forecast, 2018-2023
7.2.2 Market Estimates & Forecast By Region, 2018-2023
7.3 Building Industry
7.3.1 Market Estimates & Forecast, 2018-2023
7.3.2 Market Estimates & Forecast By Region, 2018-2023
8 Global Mud Pumps Market, By Region
Continued…
List of Tables:
Table 1 Global Mud Pump Market: By Region, 2018-2023
Table 2 North America Mud Pump Market: By Country, 2018-2023
Table 3 Europe Mud Pump Market: By Country, 2018-2023
Table 4 Asia-Pacific Mud Pump Market: By Country, 2018-2023
Table 5 RoW Mud Pump Market: By Country, 2018-2023
Table 6 Global Mud Pump Market By Type: By Regions, 2018-2023
Continued…
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