[300 Pages Report] As per Future Market Insights (FMI) analysis, the mud pumps market sales will total US$ 872.2 Mn in 2021. Demand outlook remains fairly positive as the market is forecast to register 3.4% CAGR between 2021 and 2031
Despite challenges posed by COVID-19 outbreak, the mud pumps market registered 1.0% year-on-year growth between 2020 and 2021. Dynamic pricing trends adopted by original equipment manufacturers (OEMs) will create attractive prospects for growth of the market in the coming years.
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Mud pumps Market Future Outlook Remains Positive in Comparison to Sales Registered in 2016-2020
The mud pumps market is projected to grow at a CAGR of 3.4% approximately by the end of 2021. Rising exploration activities to fulfill surging demand for energy across various regions are boosting sales of mud pumps. Demand will continue to grow amid the rising popularity of electric mud pumps owing to their smooth functioning, low vibration and low noise.
Flygt N3069 technology is equipped for delivering greater pumping efficiency and minimizing energy consumption and greenhouse gas emissions up to 25%. Other market players are adopting strategies such as mergers & acquisitions in order to strengthen their market position.
For instance, in 2021, Sulzer, a global leader in fluid engineering, finalized the acquisition of Nordic Water, a key supplier of water treatment technology. The acquisition of Nordic Water aligns with the developmental strategy of Sulzer focused on achieving a profound understanding of wastewater treatment applications and fostering monumental sales across the globe, thereby leveraging the scale of the combined business.
With increasing incorporation of new launches and dependency on sustainable solutions, the global mud pumps market is expected to witness a substantial growth in the upcoming years.
Key Segment
Product Type:
- Duplex
- Triplex
- Quintuplex
Driven System:
- Electric
- Fuel Engine
Application:
- Onshore
- Offshore
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Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
Key Takeaways Of Mud Pumps Market Study
- 68% of mud pumps market revenue remains concentrated in three countries
- Led by strong gains in the US, North America will maintain its position as regional powerhouse exhibiting 1.2X growth through 2031
- Stringency in regulatory norms will boost uptake of electric pumps on back of their excellent operability and environmental friendliness
- Triplex pumps continue to be preferred over duplex pumps; with 30% lower weight, they offer excellent mud displacement and smoother discharge
- The top 10 players in the market are expected to hold more than 50% of the market share through 2031
“Enhancing efficiency points of mud pumps will be key focus area of manufacturers. This can be done by finding issues that threaten pump integrity and increase emissions such as excessive degradation of seals, valves and flanges”, says the FMI Analyst
COVID-19 Temporarily Clouds Mud Pumps Outlook
Energy transitions are greatly impacting the oil and gas outlook. Rig operators and drilling equipment manufacturers are now looking at a scenario where investments towards ongoing supply must be balanced out against emission control. Fuel demand destruction is a huge challenge in the ongoing pandemic as well as a rapidly decarbonizing world.
Containment strategies that have been instituted in North America and Europe will have a less adverse effect on demand for oil as compared to China. With the discovery of new oil wells and reservoirs in China, an improving market landscape in China in the second quarter of 2020 will bode well for the deteriorating demand for oil and subsequently the mud pumps industry.
Supply wise, geopolitics have continued to be a wild card for the oil and gas industry. With supply gluts prevailing major OPEC nations have been forced to cut output. While supply will see a comfortable trajectory through 2025, oil and gas and the pumps industry will see a visible contraction through 2020 with recovery expected in 2021.
Market Growth Characterized By Organic Strategies Undertaken By Key Players
Bigger players in the mud pumps market landscape have a huge advantage of continuous cash flow. Thus they are showing greater resiliency by channelizing their resources and acquiring shale players, oil and gas service companies without having to rely heavily on organic product portfolios.
Many are already investing in non-traditional markets with a very negligible impact on their bottom line. A significant number of market players are putting in almost 20% of their capital expenditures towards the setting up of on-shore and off-shore drilling equipment and mud pump systems. While this accrues to be a large chunk of investment, in actuality it is tantamount to just over 5% of its yearly revenues.
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To Know More About Mud Pumps Market
A new market research report published by Future Market Insights (FMI) on the global mud pumps market report provides in-depth insights into the market demand trends and assessment of opportunities during the forecast period. The report analyses the mud pumps market through four different segments- product type, drive system, application, and region. The mud pumps market report also offers detailed analysis of pricing analysis by different product type and demand across end-use industry.