Mud Pumps Market Size, Share & Industry Analysis, By Type (Duplex, Triplex, Others), By Operation (Electric, Fuel Engine), By Application (Oil & Gas, Mining, Construction, Others) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Mud pumps are the pumps deployed in the oil and gas industry, mainly to circulate drilling fluids and other kinds of fluids in and out of the drilled wells for exploration. The mud pumps transfer the fluids at a very high pressure inside the well using the piston arrangement. The number of pistons decides the displacement and efficiency of working of the mud pumps, originally only dual piston pumps and three-piston pumps were used, but the technological advancements have seen pumps with five and six pistons to come up. Currently the triplex pumps which have three pistons are used, but the duplex pumps having two pumps are still deployed in the developing countries.
Based on its types, global mud pump market can be segmented into duplex, triplex, and others. The triplex mud pumps will dominate the mud pump marking in the given forecast period owing to its advantages and ongoing replacement of duplex pumps with triplex pumps. Based on operation, the global mud pumps market can be segmented into electric and fuel engine.
Key Market Driver -
Key Market Driver – Increasing exploration activities to satisfy the energy demand.
Key Market Restraint -
Key Market Restraint – Drift towards clean energy generation.
The electric mud pumps will dominate the market during the given forecast period due to the advantage of eliminating the harmful carbon emission which is done in the case of fuel engine pumps. Based on its application, the global mud pumps market can be segmented into oil & gas, mining, construction, and others.
The major market driver for the global mud pumps market is the increasing exploration activities taking place in various regions of the world to satisfy the increased energy demand. The number of drilled wells has increased in recent years, which has certainly impacted the growth of the mud pumps market in both oil & gas and mining sectors.
Key market restraint for the global mud pumps market is the drift towards the cleaner sources of energy to reduce the carbon emissions, which will certainly decrease the demand for oil & gas and therefore will have a negative impact on the growth of the global mud pumps market.
Key Players Covered
Some of the notable companies in the global mud pump market are Mud King Products, Inc. Gardner Denver Pumps, Weatherford, Schlumberger, National Oilwell Varco, China National Petroleum Corporation, Flowserve Corporation, MHWirth, American Block, Herrenknecht Vertical Gmbh, Bentec GmbH Drilling & Oilfield Systems, Drillmec Inc, Sun Machinery Company, Shale Pumps, and Dhiraj Rigs.
Regional Analysis
The global mud pump market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Owing to the well-established production sector and stable exploration industry North America holds the largest market for the mud pumps. The onshore exploration activities of oil & gas have increased at a good rate in the North America region, which has certainly boosted the growth of the mud pumps market in the region.
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The demand from Europe and Asia Pacific has also increased due to exploration activities in both the regions owing to the increased energy demand. The energy demand specifically in the Asia Pacific has increased due to the increased population and urbanization. The Middle East and Africa also hold significant opportunities for the mud pumps market with increased exploration activities in the given forecast period.
Segmentation
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Key Industry Developments
- In August 2018, Henderson which is a leading company in sales and service of drilling rigs, and capital drilling equipment in Texas signed a contract with Energy Drilling Company for the purchase and upgrade of oil field equipment’s which included three 1600hp × 7500psi mud pumps. This will be the first refurbishment completed at Henderson’s new service center and rig yard.
- In January 2018, Koltek Energy Services launched the 99-acre facility for the testing of the oil field equipment in Oklahoma. This will allow the oil field equipment manufacturers to test their equipment at any given time. The company has deployed the MZ-9 pump which has a power rating of 1000Hp.
- Ongoing
- 2023
- 2019-2022
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