Mud Pumps Market will reach a market value of US$ 1.08 Bn by 2026

Posted by Pradnya on July 31st, 2019

Mud pumps or Drilling mud pumps are a reciprocating piston or plunger pump used in onshore and offshore oil field drilling rigs. Mud pumps are used to circulate the drilling fluid at high pressure (about 7,500 psi) in the down string and carry back the sand and rock produced by drilling bits in the process of crushing. Mud Pumps ensure that the drilling fluid is circulated to the bottom of the well at constant high pressure to clear out the drilling debris. Mud pumps are also referred to as the Heart of a Drilling Rig. Mud pumps are an essential equipment used during drilling and thus, the global market for mud pumps is expected to witness significant growth during the forecast period of 2018-2026 and will reach a market value of US$ 1.08 Bn by 2026.

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Based on product type, the mud pumps can be classified into duplex, triplex and quintuplex. Duplex mud pumps are generally double acting pumps and use two pistons to circulate the drilling fluid. Duplex mud pumps are not common nowadays because of the better alternatives available in the market. Triplex mud pumps are the most commonly used option in drilling rigs. In triplex mud pumps, three pistons are used to circulate the drilling fluid. The triplex mud pumps segment will continue to dominate the Mud Pumps market in terms of global market share and is expected to account for more than 74% share of the total absolute dollar opportunity in the mud pumps market by the end of 2026.

In the Oil & Gas Industry, Mud Pumps find applications: Onshore Drilling Rigs and Offshore Drilling Rigs. The onshore segment will lead the global mud pumps market and is expected to account for absolute dollar opportunity of US$ 282 Mn by the end of the forecast period.

Based on Drive Type, mud pumps are categorized into Electric or Fuel Engine Driven mud pumps. Fuel Engine driven mud pumps are more commonly used due to their better suitability for remote locations. The fuel engine segment in the mud pumps market is estimated to witness significant growth rate over the forecast period. The electric segment of mud pumps is estimated to witness decent growth due to various technological advantages, such as reduced mechanical vibrations, increased reliability and increased efficiency.

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