DUBAI, U.A.E,/PRNewswire/ -- The global mud pumps market is projected to surpass US$ 1.1 Bn by 2031, in comparison to the valuation of US$ 872.2 million estimated in 2021, as per FMI's analysis. Owing to the increasing application across mining and oil & gas industries, the market for mud pumps is anticipated to expand at a CAGR of 3.4% over the assessment period, from 2021 to 2031.
Increasing exploration activities undertaken to meet the growing demand for energy across various the world is spurring the sales of mud pumps. Governments of several countries are adopting initiatives for expanding the mining operations.
For instance, in March 2021, Coal India Ltd. (CIL) announced approving 32 new coal mining projects, as per a report by the India Brand Equity Foundation. As mud pumps assist in reaching greater depths every hour and save rig operator time and money, they are increasingly being utilized in mining activities.
The rise in adoption of such initiatives will facilitate the mining industry's growth, consequently, providing lucrative sales opportunities for the market players.
Onshore drilling application accounts for the lion's share, contributing nearly 80% of the revenue in the market. In response to the increasing demand for 7500 psi mud pumps for onshore oil well drilling activities in the countries such as Saudi Arabia, China, the U.S., Oman, and India among others, the segment is projected to grow by 1.4X over the next ten years.
"Manufacturers are emphasizing on developing advanced configuration mud pumps with compact structure to make them suitable for high-pressure drilling operations. Launch of such novel mud pumps will facilitate the market growth in the coming year," says the FMI analyst.
Key Takeaways from FMI's Mud Pumps Market Analysis
- Favored by the increasing demand from the oil & gas industry in the U.S., the North America market is forecast to expand by 1.2X over the assessment period 2021-31.
- China is projected to emerge as a remunerative market for mud pumps in the coming year, owing to the discovery of new oil reservoirs in Western China.
- The market in India is estimated to grow at a rapid pace, on the back of increasing government initiatives to expand mining and oil & gas sector in the country.
- Triplex mud pumps are expected to account for a substantial revenue share, driven by the extensive adoption for deep oil well drilling activities.
- Based on driven system, electric pumps are gaining immense traction among end use industries due to stringent regulatory norms concerning environment friendliness.
Key Drivers
- Rising oil & gas exploration activities in countries such as China, Saudi Arabia, and others are propelling the demand for mud pumps.
- Rapid expansion of the mining and oil & gas industries will create sales opportunities.
- Government initiatives undertaken to encourage investment in new mining projects will spur the sales of mud pumps.
Key Restraints
- High cost of mud pumps is a key factor hindering the growth of the market.
- Lesser adoption of mud pumps due to lack of awareness in developing and underdeveloped countries is restraining the market growth.
Competitive Landscape
Leading players operating in the global mud pumps market are currently emphasizing introducing novel products to meet the changing consumer preferences. Other market players are aiming at adopting strategies such as collaboration, mergers & acquisitions, and partnership in order to strengthen their market position. For instance,
- In 2019, Xylem, a large American water technology provider, announced introducing its new product named, Flygt N3069. It is a stainless steel submersible pump specially designed to address the rigid pumping obstacles. The product launch will assist the company to expand in consumer base in acquaculture and industrial foods applications.
- In 2021, Sulzer, a leadering in fluid engineering company, announced the acquisition of a key supplier of water treatment technology, Nordic Water.The acquisition will assist the Sulzer to expand its offering to the water treatment sector.
Leading players in the mud pumps market profiled by FMI are:
- 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.
- Herrenknecht Vertical GmbH
More Valuable Insights on Mud Pumps Market
FMI, in its new report, offers an unbiased analysis of the global mud pumps market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in mud pumps market with detailed segmentation:
Product Type:
- Duplex
- Triplex
- Quintuplex
Driven System:
- Electric
- Fuel Engine
Application:
- Onshore
- Offshore
Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into mud pumps market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for mud pumps market between 2021 and 2031
- Mud pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Mud pumps market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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