Press release
Mud Motors Market Expected to Grow to $2.21B by 2028 at 5.7% CAGR Amid Rising Energy Demand
Mud Motors Market Report
As per the report, the mud motors market size has grown strongly in recent years. It will grow from $1.68 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The mud motors market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
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Energy Resource Demand Boosts Mud Motor Market
The increase in demand for energy resources is expected to propel the growth of the mud motor market going forward. Energy resources refer to the sources from which energy can be obtained to perform work, produce heat, and generate electricity. The increasing population growth, economic development, technological advancements, improved living standards, and expanding transportation needs are driving up the demand for energy resources. Mud motors help in energy resource extraction by providing efficient and precise drilling capabilities in the oil and gas industry, enabling the exploration and production of fossil fuels from challenging and complex geological formations. For example, according to the US Energy Information Administration, the US-based statistical agency of the Department of Energy, in percentage terms, the industrial and transportation sectors' energy usage is most susceptible to shifting underlying conditions. Between 2022 and 2050, the industrial sector will experience an energy demand growth of 5% to 32%. Therefore, the increase in demand for energy resources is driving the growth of the mud motor market.
Advanced Steering Systems Enhancing Mud Motor Efficiency
Major companies operating in the mud motor market are developing power steering systems in mud motors to enhance drilling efficiency and optimize performance. The power steering system in mud motors allows for precise navigation and control during drilling, improving efficiency in challenging conditions. It employs hydraulic or electric methods to aid operators in navigating the mud motor through different drilling scenarios. For instance, in November 2021, Halliburton, a US-based oil service company, launched the iCruise Intelligent rotary power steerable system. The iCruise X features an upgraded steering head designed for enhanced durability in fluctuating fluid conditions and high solids content. It excels in high-temperature settings, offers increased steering power, and incorporates improved connections to withstand torsional oscillation and bending at tighter angles. This drilling platform is tailored for extended and challenging operations, aiming to achieve accurate well positioning while minimizing the time required for drilling.
The mud motors market covered in this report is segmented -
1) By Type: Positive Displacement, Turbine
2) By Diameter: 200 millimeters (mm)
3) By Application: Drilling, Vertical
4) By End-User: Oil And Natural Gas, Boating And Fishing, Other End-Users
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Major companies operating in the mud motors market are Schlumberger Limited, Baker Hughes Company, Halliburton Company, NOV Inc., Weatherford International plc, Nabors Industries Ltd., Hunting PLC, Leam Drilling Systems, Scientific Drilling International, Leistritz Advanced Technologies Corp., Cougar Drilling Solutions, Thru Tubing Solutions, Drillmec International Private Limited, BICO Drilling Tools Inc., APS Technology Inc., Rival Downhole Tools, Black Diamond Oilfield Services, GD Energy Products, Horizontal Technology Inc., Drillmec International Private Limited, Toro Downhole Tools, Dynomax Drilling Tools Inc., SOKOL Drilling Motors and Tools, Wenzel Downhole Tools Ltd., Tartan Energy International
Contents of the report:
1. Executive Summary
2. Mud Motors Market Report Structure
3. Mud Motors Market Trends And Strategies
4. Mud Motors Market - Macro Economic Scenario
5. Mud Motors Market Size And Growth
…..
27. Mud Motors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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