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Mud Pumps Market Segmented By Duplex, Triplex, Qunituplex Product in Onshore, Offshore with Electric and Fuel Engine
The report covers comprehensive information about market trends, volume (Units) and value (US$ Mn) projections, competition and recent developments and market dynamics in the global mud pumps market for the study period of 2013 to 2026.
The global mud pumps market is expected to reach a little over US$ 1,085 Mn over the forecast period, registering a CAGR of 4.4%. Growth in drilling activities in the oil & gas Industry to increase hydrocarbon production and ease of the mud circulation operation in drilling holes are some of the factors expected to lay a robust foundation for the growth of the global mud pumps market.
Mud pumps can be classified on the basis of the number of pistons into duplex, triplex and quintuplex, which consist of two, three and five pistons respectively. The triplex segment is expected to dominate the mud pumps market in terms of value as well as volume during the entire forecast period.
Triplex mud pumps find extensive usage in circulating drilling fluid with high pressure for deep oil well drilling application. These usage characteristics make them preferable for use, primarily in onshore and offshore oil well drilling applications.
By the end of 2026, the triplex segment is projected to grow 1.42X its size in 2018 by value, creating an absolute dollar opportunity of nearly US$ 234 Mn during the forecast period.
Mud pumps are widely utilized in the oil & gas industry. On the basis of the mode of operation, mud pumps can be classified as electric and fuel engine mud pumps.
Fuel engine mud pumps use petroleum oils as the key liquefying agent. These types of mud pumps release hazardous gases into the environment. In order to contain the hazardous impact of fuel engine mud pumps on the environment, regulatory authorities are compelling manufacturers and consumers to opt for electric mud pumps, which do not emit volatile organic compounds and operate with low noise and low vibration. Electric mud pumps offer smooth operations in drilling rigs and are environment-friendly, which is why they dominate the market for mud pumps.
The electric mud pumps segment is projected to grow with a 4.5% CAGR during the forecast period in view of the tightening emission control regulations and is expected to create an absolute $ opportunity worth US$ 134 Mn between 2018 and 2026.
Among all the applications analyzed in this global mud pumps market study, the onshore application of mud pumps is expected to register about 1.43X growth in terms of value between 2018 and 2026. The offshore application of mud pumps is projected to register moderate growth during the entire forecast period, led by land oil field discoveries.
In terms of incremental $ opportunity, onshore and offshore segments are expected to compete within large margins. The onshore application of mud pumps is expected to occupy over an 86% share in terms of value by the end of 2026.
Increasing oil-well exploration activities, stable economic conditions and consistent growth in oil well drilling rig sales in the region are expected to drive the demand for mud pumps in the region.
The comparatively well-established production sector in the region and increasing oil and gas industry and hydrocarbon consumption will create a healthy platform for the growth of the mud pumps market. Some regions including China and Europe are expected to gain traction in the latter half of the forecast period, owing to the anticipated growth of the oil & gas industry in these regions. North America is expected to register above-average 1.1X growth in the market. All the other regions are anticipated to exhibit moderate growth during the same period.
Apart from Europe and China, all other regions are anticipated to lose market value share over the forecast period. China and Europe are collectively expected to register a CAGR of 4.3% by value.
The global mud pumps market is consolidated with limited market players holding considerable double-digit market shares as of 2017. Globally, the top 12 players in the mud pumps market collectively hold between 53% and 58% of the market share.
Over the past few years, the mud pumps market has witnessed significant technological advancement from the competition perspective. Acquisitions, collaborations and new product launches are some of the key strategies adopted by prominent players to expand and sustain in the global mud pumps market.
Some of the key players involved in this market study on the global mud pumps market include National Oil Varco Inc., Schlumberger Limited, Gardner Denver Inc., Weatherford International Plc., China National Petroleum Corporation, Trevi-Finanziaria Industriale S.p.A., MhWirth, BenTech GmbH Drilling Oilfield systems, American Block Inc., Honghua Group Limited, White Star Pump Company LLC, Flowserve corporation, Ohara Corporation, Mud King Products, Inc. and Herrenknecht Vertical GmbH.