Pune, India -- (SBWIRE) -- 07/27/2018 -- Market Synopsis of Global Oil Field Chemicals Market:-

According to a recent study report published by the Market Research Future, The global market of Mud Pumps is booming and expected to gain prominence over the forecast period. The global Mud Pumps market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).

New oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. For example, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. Additionally, global increasing demand for energy has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the demand of Mud Pumps market. However, high cost of drilling, environmental risks and strict government regulations for drilling as well as increasing focus on renewable energy may hinder the market growth of the market.

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Industry Top Key Players:-

Some of the key players in the Submersible pump market which have been profiled in the report are Flowserve Corporation (U.S.), Grundfos Group (Denmark), Xylem Inc. (U.S.), Halliburton (U.S.), The General Electric company (U.S.), Sulzer AG (Switzerland), KSB Group (Germany), SRS Crisafulli, Inc (U.S.), and Ebara Corporation (Japan).

Industry News:-

Energy Recovery, Inc. the leader in pressure energy technology for industrial fluid flows, today announced the release of MTeq, a pumping solution engineered to increase productivity and reduce operating costs in the mud pumping process in Oil & Gas drilling applications by rerouting abrasive fluids away from high-pressure pumps. In conjunction with the MTeq product launch, Energy Recovery announces a partnership with Sidewinder Drilling LLC as its first early-stage partner for the solution.

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Mud Pumps Market - Segmentation

Global Mud Pumps Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.

Segmentation:

Based on Type, the market has been segmented into triplex mud pumps and duplex mud pumps. Triplex mud pumps dominates the type segment of global market. Triplex mud pumps are positive-displacement reciprocating pumps that are configured with three plungers. Triplex pumps used in well service activities generally are capable of handling a wide range of fluid types.

Based on Components, the market has been segmented into fluid end and power end.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.

Regional Analysis of Mud Pumps Market:

Asia Pacific dominates the Mud pump marketing mainly due to the heavy investment in the infrastructural and manufacturing sector. Favorable government policies such as "Make In India" is also expected to boost the market for Mud pump in India. Countries in the Middle East region such as Saudi Arabia, Qatar, and UAE are also expected to provide ample growth opportunities for the players in Mud pump market mainly due to the recent surge in the oil and gas industry.

North America dominates the Mud Pumps market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market. Additionally, most of the major mud pumps manufacturer are operating in this region. This has the positive influence on the growth of the market.

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Intended Audience:-

Mud pump manufacturers
Mud pump Suppliers
Research and Development (R&D) Companies