Over 70% Revenue Share Belongs to Onshore Applications of Mud Pumps, PMR Forecasts Impressive Adoption Rate for Quintuplex Pumps
NEW YORK, November 27, 2018 /PRNewswire/ --
According to World Oil, new investments in exploration of new oil wells have taken the U-turn, subsequently pushing shale gas and oil drilling activities most prominently in North America, Argentina, and China
Estimated to surpass the valuation of US$ 800 Mn, the market is pegged for over 4% year on year revenue growth in 2019. Onshore applications of mud pumps hold clear dominance over offshore, and accounts for over 70% share of the mud pumps market revenue.
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Growing oilfield explorations and land drilling activities will continue to encourage mud pumps demand, according to Persistence Market Research. In its recently released intelligence study, PMR offers exclusive insights on the competition landscape of global mud pumps market. The study analyses the market performance over an eight-year projection period, i.e. 2018-2026.
A senior research analyst refers to the global market for mud pumps as a moderately consolidated landscape, around 55% of which belongs to the top 10 performers.
The analyst explains, "Tier 1 manufacturers of mud pumps account for an average 40% value share in market, whereas over 50% share is contributed by Tier 2 companies. While market leaders are zooming in on NPD for R&D investments, innovation and direct distribution are also the most commonly used differentiating strategies". Elaborating further on competition tracking, the analysts says, "Key market players are concentrating more on strengthening their regional footprint and entering new territories. They are thus prominently opting for strategic collaborations and joint ventures with leading regional players, in addition to frequent M&A of regionally active distributors".
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Oil & Gas Industry Makes a Promising Comeback, New Oil Well Explorations to Fuel Sales of Mud Pumps
Owing to the slumping oil & gas industry over the recent past, drilling rig equipment has faced substantially dwindling revenue till 2017. The scenario is however gradually improving since this year.
According to World Oil, new investments in exploration of new oil wells have taken the U-turn, subsequently pushing shale gas and oil drilling activities most prominently in North America, Argentina, and China.
On the backdrop of towering oil & gas prices due to lowering production, a recent appeal by IEA (International Energy Agency) asks the OPEC and non-OPEC countries to up their oil & gas production output. The demand for new oil wells is thus likely to create a plethora of growth opportunities for manufacturers of mud pumps and other drilling equipment.
As oil well explorations at remote sites is constantly on the rise, manufacturers of mud pumps are innovating their existing product lines to cater to demands of remote sites such as efficient operability in a wide range of environmental conditions. Regional oil & gas industry players are focusing on strategically acquiring specialized contractors for remote site projects.
Mud Pumps Market Segmentation by Key Players National Oilwell Varco, Gardner Denver, Schlumberger Limited (Cameron International), WeatherFord International plc, Flowserve Corporation, CNPC Baoji Oilfield Machinery Co., Ltd., Honghua Group Ltd., MHWirthTrevi Group (Drillmec), Bentec GmbH Drilling & Oilfield Systems: https://www.persistencemarketresearch.com/market-research/mud-pumps-market.asp
Quadraplex, Qunituplex, and Hexa: Innovative Types of Mud Pumps Emerge Popular in Market
Although triplex mud pumps have been holding the lion's share of over 65% in the global market revenue primarily due to their lightweight and cost effective attributes, the consistent quest for advanced technological features and superior performance has been introducing a number of innovative mud pumps in the market. The most recent of these innovations include hexa mud pumps, quintuplex mud pumps, and quadraplex mud pumps.
For advanced technology drilling rigs, a majority of manufacturers are prioritizing development of quintuplex mud pumps owing to their ability to deliver a significantly improved flow rate that eventually curtails overall operational costs. PMR projects that the revenue growth of quintuplex mud pumps will reach its peak in 2019, i.e. above 4%.
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Onshore Applications Prominently Drive Sales of Mud Pumps in North America, High Growth Projected for China
Sustained activities for hydrocarbon exploration, coupled with strong presence of a majority of mud pumps manufacturers, enable North America to secure the top market position in terms of mud pumps demand. Onshore applications are likely to witness around 5% year on year revenue growth in the next couple of years, which is clearly due to ever-increasing hydraulic fracturing and shale gas exploration activities in the region.
On the other side, Chinese market for mud pumps is slated for considerable expansion owing to the discovery of new oil reservoirs within Western China, according to Persistence Market Research.
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