Despite challenges posed by the COVID-19 outbreak, the mud pumps market registered 1.0% year-on-year growth between 2020 and 2021. Dynamic pricing trends adopted by original equipment manufacturers (OEMs) will create attractive prospects for growth in the market in the coming years.
According to an analysis by Future Market Insights (FMI), sales of mud pumps will reach US$ 872.2 Mn in 2021. The market is anticipated to grow at a 3.4% CAGR between 2021 and 2031, so the demand outlook is expected to remain largely positive.
By the end of 2021, the mud pump market is anticipated to expand at a CAGR of roughly 3.4%. Mud pump sales are increasing as exploration activities increase to meet the soaring demand for energy in various regions. Demand will continue to grow amid the rising popularity of electric mud pumps owing to their smooth functioning, low vibration, and low noise.
Studies in the pump industry show that by developing more energy-efficient pumps, manufacturers can take advantage of the enormous potential of mud pumps.
The performance of mud pumps is influenced by the pump design as well as a variety of other elements like pipes, panel boards, and power. For maximum efficiency, manufacturers are therefore intensely concentrating on changes to the overall pumping system.
Mud pumps are becoming a popular innovation in offshore drilling systems. For instance, mud pump systems capable of 7500 psi are becoming more common in on-shore drilling.
The high demand for multidirectional drilling is one of the main factors influencing this.
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