Mud Pump Market Growth with Worldwide Industry Analysis to 2025
The mud pump market is largely driven by the rising demand for oil & gas. Mud pumps are largely used to move massive amount of sludge and mud during the oil well drilling process. Countries such as the U.S., China, Canada, Russia, India, Saudi Arabia, Oman, Argentina, and Venezuela have a large number of oil wells. The rising number of wells is anticipated to drive the demand for mud pumps across the globe.
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Based on type, the mud pump market can be segmented into duplex pumps, triplex pumps, and others. Both duplex and triplex pumps have respective advantages and disadvantages. However, triplex pumps are gradually anticipated to significantly replace duplex pumps. Some of the key advantages of triplex pumps over duplex pumps are 30% lower weight for similar power output, smooth discharge, lower operating costs, ability to displace large volumes of mud at a higher pressure than their equivalent duplex counterparts. In terms of operation, the market can be categorized into single acting pumps and double acting pumps. Single acting pumps are those pumps that have only one side of the piston working for sucking of mud. On the other hand, double acting pumps discharge mud form one side of the piston and simultaneously suction occurs on the other end.
In terms of geography, the global mud pump market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is a key region of the mud pump market, due to the increase in number of oil wells in the region. China and India are significant contributors to the high number of well drilled in the region. In year 2016, China had 15,800 wells for oil and/or gas. North America is another key region of the mud pumps market. The U.S. is constantly adding new oil wells. This has elevated the demand for mud pumps in the region. North America is also a prominent region of the mud pump market, as the region is a prominent producer of oil & gas. Its major source is tight oil and shale gas, which requires extensive drilling. Middle East & Africa is also a lucrative region of the mud pump market, primarily due to the presence of a large number of crude oil and natural gas reserves and infrastructure development in GCC and South Africa.
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Key players operating in the global Mud Pump market include Sulzer AG, SRS Crisafulli, Inc, Flowserve Corporation, Xylem Inc., Grundfos Group, The General Electric Company, and KSB Group.
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