Mud Pumps Applications will Continue Increasing in Onshore Drilling, Account for 80% of Global Mud Pump Sales by 2021: Future Market Insights

Future Market Insights (FMI) survey on mud pumps market reveals key factors impacting the pace of the market growth through 2031. The survey also offers comprehensive overview of key factors affecting growth across segments in terms of product type, driving system, and application. It also discloses popular strategies adopted by market leaders to increase mud pumps sales globally.

DUBAI, U.A.E, Sept. 15, 2021 /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.

Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-8990

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.

Discover more about the mud pumps analysis with figures and data tables, along with the table of contents. , Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-8990

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

We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-8990

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 

Explore FMI's Extensive Coverage on the Industrial Automation Domain

Foodservice Equipment Market: Future Market Insights (FMI) provides a deeper insights on the new trends of global Foodservice Equipment Market while incorporating the impact of ongoing trends, and growth & restraining factors during the forecast period of 2019 to 2029. Market dynamics have been presented on the basis of prominent drivers, trends and opportunities prevailing across key geographies for the aforementioned decade.

Aviation Test Equipment Market: ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) provides incisive coverage on the global Aviation Test Equipment Market over the forecast period of 2015 and 2025. Additionally, to find the effect of COVID-19 on the Aviation Test Equipment Market in general, the study monitor global Aviation Test Equipment sales in 20+ high-growth markets and addresses their end-user in particular. 

Shell and Tube Heat Exchangers Market: ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers in-depth insights on key factors of global shell and tube heat exchangers market. The study offers detailed study on key trends that influence the demand for shell and tube heat exchangers. The report covers global demand in more than 20 high potential markets, in addition to an in-depth analysis of the impact of COVID-19 on the global shell and heat exchangers market

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com 
For Media Enquiries: press@futuremarketinsights.com 
Website: https://www.futuremarketinsights.com/ 
Report: https://www.futuremarketinsights.com/reports/mud-pumps-market 
Press Release Source: https://www.futuremarketinsights.com/press-release/mud-pumps-market

Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg