The global mud pumps market is estimated to continue growth at a healthy clip owing to its wide-scale application in offshore and onshore drilling rigs. The global sales of mud pumps are estimated to surpass a valuation of US$ 1 Bn by 2026, as per the latest research report by Future Market Insights (FMI). Role of mud pumps in ensuring seamless circulation of fluids at constant pressure levels is one of the key aspects supporting growth of mud pumps market.
As per the FMI study, triplex mud pumps (with three pistons) remain the most commonly used type, on account of wide-spread applications in multiple verticals. One of the primary advantages of triplex mud pumps over other types is their ability to move large volumes at high pressures, which is a key reason boosting their adoption in challenging applications, such as deep hole drilling. As per the FMI estimation, triplex mud pumps will hold more than 74% share of the overall $ opportunity in the global mud pumps market by 2026 end. Triplex mud pumps will outsell other variants in the mud pumps market and this status quo is likely to remain unaltered over the forecast period, unveils the report.
Electric Pumps to Gain Preference
Electric mud pumps will continue to be highly-favored by end-users over the fuel engine driven variants, finds the research study. Buoyancy of electric mud pumps can be attributed to their performance excellence and wide-spread recognition for their easy operations, reasonable costs, and unique designs. On account of their unparalleled features and usage characteristics, electric mud pumps find extensive use in power stations, mines, and oil & gas industry. In addition, electric mud pumps are also estimated to witness decent sales over the forecast timeline, by virtue of low mechanical vibrations, augmented reliability, and upgraded efficiency.
Maximum Adoption Anticipated in Oil and Gas Industry
Among onshore and offshore drilling rigs in the Oil and Gas Industry, onshore drilling will register high demand for mud pumps. According to the research study on mud pumps market, the onshore segment is likely to retain its hegemony and account for an absolute $ opportunity of more than US$ 280 Mn during the forecast period. Owing to high cost-effectiveness, end-users are transferring multi-phased projects to onshore drilling and are actively moving away from the offshore one. In addition, high production remains another key aspect enhancing visibility of onshore drilling over offshore.
For More Detailed Insights on Mud Pumps Market
According to the FMI analysis, North America will continue to be highly lucrative for the manufacturers of mud pumps, with the US and Canada spearheading demand. In addition, promising resurgence of drilling procedures for ramping up the production volumes of oil and gasis also likely to create favorable grounds for growth of mud pumps market.China, owing to rising production of oil & gas, is foreseen to create sustained opportunities for the manufacturers of mud pumps market. Leading countries in the Middle East and Africa (MEA) region, on account of heavy reliance on an oil-led economy, will emerge as profitable regions for the key stakeholders in the mud pumps market.
Sensing the diverse end-user requirements, manufacturers of mud pumps are offering products in varying configurations on the basis of requirements as well as ratings of drilling rigs. Manufacturers are vying to offer value-added services for repair and maintenance, which remains a key enabler of long-term customer retention. Some of the leading players in the mud pumps market include MHWirthTrevi Group (Drillmec), Weatherford International plc, Schlumberger Limited (Cameron International), Gardner Denver, CNPC Baoji Oilfield Machinery Co., Ltd, Bentec GmbH Drilling & Oilfield Systems, Flowserve Corporation, and several others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.