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 a piston/plunger cylinder systems that are used to transfer fluids at substantially high pressures. These pumps are operated in rugged and hostile environments and thus, are bulky and robust. These pumps can draw power from various sources. However, electricity and diesel are widely used sources. Diesel-driven mud pumps are well suited for remote and isolated applications where electricity is not continuously available. These pumps have two major sub-assemblies namely fluid and power ends. The power end consumes power and drives the fluid end to pump the mud.
The mud pump market is largely driven by the rising demand for oil & gas. 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. The rising number of wells is anticipated to drive the demand for mud pumps across the globe.
Based on type, the mud pump market can be segmented into duplex pumps, triplex pumps, and others. Both duplex and triplex pumps have respective advantages and disadvantages. However, triplex pumps are gradually anticipated to significantly replace duplex pumps. Some of the key advantages of triplex pumps over duplex pumps are 30% lower weight for similar power output, smooth discharge, lower operating costs, ability to displace large volumes of mud at a higher pressure than their equivalent duplex counterparts. In terms of operation, the market can be categorized into single acting pumps and double acting pumps. Single acting pumps are those pumps that have only one side of the piston working for sucking of mud. On the other hand, double acting pumps discharge mud form one side of the piston and simultaneously suction occurs on the other end.
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 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 well drilled in the region. In year 2016, China had 15,800 wells for oil and/or gas. North America is another key region of the mud pumps market. The U.S. is constantly adding new oil wells. This has elevated the demand for mud pumps in the region. North America is also a prominent region of the mud pump market, as the region is a prominent producer of oil & gas. Its major source is tight oil and shale gas, which requires extensive drilling. Middle East & Africa is also a lucrative region of the 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.
Key players operating in the global Mud Pump market include Sulzer AG, SRS Crisafulli, Inc, Flowserve Corporation, Xylem Inc., Grundfos Group, The General Electric Company, and KSB Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.