Mud Pumps Market Overview:

Mud Pumps Market is projected to grow USD 872.2 million at a CAGR of 3.4% during the forecast period 2022 - 2030.

The report offers a comprehensive and in-depth analysis of the effects of the COVID-19 pandemic on the global mud pumps market.

The mud pump is a massive, high pressure (up to 7500 psi) single acting triplex reciprocating pump used to circulate mud in a well with a pressure and a certain flow rate (from 100 to 1300 gallons/minute). Infrequently, a double-acting two-cylinder reciprocating pump, is also used as a mud pump instead of a triplex reciprocating pump. Usually, the rig operator stores two or three mud pumps, one of which is operational, and the others are on standby for any emergency requirements. During the drilling operation, the mud is picked with the aid of mud pumps, which use suction and circulate the mud from the well to the surface.

Market Dynamics

The key factors for this market's growth are increased demand for directional and horizontal drilling, higher pressure handling capabilities, and several new oil discoveries. The global increase in energy demand is boosting the global market for mud pumps. However, high costs of drilling, environmental risks, and changing government regulations for energy and power can impede the industry's growth.

Innovation in technology is the key to further development; for example, MTeq uses Energy Recovery's Pressure exchanger technology in the drilling industry as the ultimate engineered solution to improve productivity and reduce operational costs in the pumping process by rerouting rough fluids away from high-pressure pumps, helping to reduce maintenance costs for operators.

COVID-19 Impact on the Global Mud Pumps Market

The volatility of oil prices has always been a problem for the oil & gas industry. Oil prices have been falling for the last three or four years. However, the ongoing COVID-19 pandemic has led to disruptions in oil demand and significantly affected financial markets. The COVID-19 crisis has affected numerous industries, including energy & power, automotive and chemical industries. However, as a result of the lockdown, people and products are not moving around, following in a severe hit to the demand for transport fuels. China is one of the biggest oil importers and has seen a sharp decline in demand, which has had a tremendous impact on the global oil & gas industry. The Organization of the Petroleum Exporting Committee (OPEC) has released guidelines for oil producers to slash oil production by 1.5 million barrels. Some countries have had to follow this guideline. Nevertheless, few countries continued to produce oil at the same level, resulting in a steady level of production compared to a decrease in oil requirements. This resulted in a significant demand-supply gap in the industry due to the global lockdown in most countries due to the outbreak. The COVID-19 crisis has culminated in an unusual drop in oil prices, with negative repercussions. The rapid cut in oil production has raised strategic challenges for leading oil & gas companies.

The mud pumps market has also been impacted by reduced upstream activities. The mud pump is a large high-pressure single acting triplex reciprocating pump used to circulate mud in pressure wells. However, the operations of oil & gas exploration may be halted to some extent. If production stops, the oil wells will be sealed, which could risk the loss of the asset on a permanent basis. This would result in huge losses and lower than zero dividends from the oil companies to the pension funds, particularly in North America and Europe. On 15 May 2020, the Energy Information Administration (EIA) announced its prediction of a decline in crude oil production in 2020 and 2021 due to a fall in demand for petroleum products due to the pandemic. EIA expects that US crude oil production will average at 11,7 million barrels each day in 2020 and 10,9 million barrels each day in 2021. These levels will be lower than the average of 12.2 million barrels per day in 2019.

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Market Segmentation

The global market for mud pumps has been segmented into type, component, and application. 

Based on type, the global mud pumps market has been segmented into duplex and triplex pumps. Triplex pumps are projected to progress because of the 30.0% lesser weight compared to duplex pumps offering similar efficiency. The pump transports the fluids with the help of mechanical movements. 

Based on components, the global mud pumps market has been segmented into fluid end and power end.

Based on application, the global mud pumps market has been segmented into the oil & gas industry and building industry. As oil and gas fields mature, operators must drill wells with massive offsets, high laterals, expand their applicability by using mud motors and high-pressure pumps. In order to satisfy the demand for drilling companies, they expand their installation capacity for mud pumping with greater flexibility. For example, LEWCO has developed the W-3000 mud pump model for oil drilling, which can handle power up to 3000 HP.

Regional Analysis

Regionally, the global mud pumps market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.

North America is dominant because of tight oil and shale gas sources, trailed by the Asia Pacific due to an expansion in the number of wells in the regions, especially in countries like China and India due to rapid urbanization and industrialization. Authorities in countries like India and China are working to boost their production capacity to reduce import bills, which eventually lead to the growth of the market for mud pumps.

Key Players

Notable players in the global mud pumps market include Flowserve (U.S.), Grundfos (Denmark), Ebara Corporation (Japan), Halliburton (U.S.), Sulzer (Switzerland), KSB Group (Germany), Weir Group (U.K), and SRS Crisafulli, Inc (U.S.)., Shijiazhuang Industrial Pump Factory Co. Ltd (China), Excellence Pump Industry Co.,Ltd (China), Tsurumi Pump (Japan), Kirloskar Ebara Pumps Limited (India), Xylem Inc (U.S.), and Goulds Pumps (U.S.) are among others.