Mud Pump Market Introduction:
- Mud pumps are special-purpose pumps, particularly used for moving and circulating drilling fluids and other similar fluids in several applications such as mining and onshore and offshore oil & gas. Mud pumps are piston/plunger cylinder systems that are used to transfer fluids at substantially high pressures. These pumps are operated in rugged and hostile environments. Thus, they are bulky and robust.
- Mud pump is also referred to as mud drilling pump or drilling mud pump. It is a reciprocating piston/plunger pump designed to circulate drilling fluid under high pressure (up to 7,500 psi or 52,000 kPa) down the drill string and back up the annulus. Mud pump is an important part of the equipment used for oil well drilling.
- In terms of application, the global mud pump market can be segmented into mining; and onshore & offshore oil & gas. The onshore & offshore oil & gas segment is expected to expand at a significant pace during the forecast period owing to the rise in application of mud pumps in onshore & offshore oil & gas applications.
Key Drivers of Mud Pump Market
- Growth in applications of mud pump for oil & gas applications is expected to boost the market during the forecast period. Mud pumps are largely used to move massive amount of sludge and mud during the oil well drilling process. Countries such as the U.S., China, Canada, Russia, India, Saudi Arabia, Oman, Argentina, and Venezuela have a large number of oil wells. Rise in number of wells is anticipated to drive the demand for mud pumps across the globe.
- Rapidly expanding mining industry is expected to boost the consumption of mud pumps during the forecast period. Growth in mineral extraction activities is fueling the global demand for mud pumps in mining. Rise in inclination of foreign investors in the mining industry in Asia pacific is boosting the mud pump market. Governments of various countries are strongly supporting the mining sector by permitting foreign investments in mining projects.
Restraints of Global Mud Pump Market
- Dearth of universal directives pertaining to applications of mud pump is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of mud pump. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investment in the mud pump market, thereby adversely affecting the market.
- Lack of awareness and less adoption of mud pump in many developed and underdeveloped countries is projected to restrain the market during the forecast period
COVID-19 impact on Mud Pump Market
- The COVID-19 outbreak is hampering the demand for mud pumps in many applications. Many governments across the globe have enforced lockdowns to curb the spread of the disease. This has resulted in slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. This is adversely affecting the demand for mud pumps.
- Key players operating in the mud pump market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials.
Asia Pacific to Hold Major Share of Mud Pump Market
- In terms of geography, the global mud pump market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is a key region of the global mud pump market, due to the increase in number of oil wells in the region. China and India are significant contributors to the high number of wells drilled in the region. In 2016, China had 15,800 wells for oil and/or gas.
- North America is also a prominent region of the global mud pump market, as the region is a prominent producer of oil and gas. Its major source is tight oil and shale gas, which requires extensive drilling. The U.S. is constantly adding new oil wells. This has boosted the demand for mud pumps in the region.
- Middle East & Africa is also a lucrative region of the global mud pump market, primarily due to the presence of a large number of crude oil and natural gas reserves and infrastructure development in GCC and South Africa
Prominent Players in Global Mud Pump Market
Major players operating in the global mud pump market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- Sulzer AG
- SRS Crisafulli, Inc
- Flowserve Corporation
- Xylem Inc.
- Grundfos Group
- The General Electric Company
- KSB Group
- Power Zone Equipment Zone Inc.
- Malhar Pumps
Mud Pump Market, by Type
- Duplex Pumps
- Triplex Pumps
Mud Pump Market, by Operation
- Single Acting Pumps
- Double Acting Pumps
Mud Pump Market Segmentation by Application
- Onshore & Offshore Oil & Gas
Mud Pump Market Segmentation by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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