The ‘Global Mud Motors Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mud motors market, assessing the market based on its segments like types, end-uses, and regions.
Mud Motors Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 1.77 Billion
• Forecast CAGR (2023-2028): 4.60%
• Forecast Market Size (2028): About USD 2.32 Billion
A mud motor can be defined as a drilling instrument that is situated within the drilling string right at the back of the bit. The use of the mud motor is to operate the cutting heads of the drill bit across the rock surface. The energy from the pressurised fluid is utilised by mud motors to produce the torque that is essential for the drilling activity. In addition, mud motors include a stator, a rotor, the transmission unit, and the bearing assembly. These motors may also be constructed with a bend, that helps them to be utilised for directional drilling purposes. When these are put to use along with a measurement during the course of drilling (MWD) tool, they can be utilised by a machinist to navigate the drill efficiently.
The global mud motors market is propelled by the innovations and developments of drilling methods, resulting in the substantial demand for equipment that can help in performing complicated mining and drilling activities in a difficult geographical environment.
In addition, the booming oil and gas sector is leading to the increasing use of mud motors in rock fields. The flexible characteristics of mud motors in both vertical and horizontal drilling are expanding their usage in the oil and gas sector.
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Moreover, the increase in boating and fishing activities, due to the rising population, is accelerating the use of mud motors, leading to the further progress of the global mud motors market. Also, demand for easy-to-use mud motors that can be driven without any expertise is leading to a surge in the overall demand for mud motors.
Mud Motors Industry Definition and Major Segments
A mud motor, also called a drilling motor, refers to a progressive cavity positive displacement pump (PCPD) that is situated inside the drill string to deliver extra power to the bit while it performs drilling activity. The PCPD pump utilises drilling mud to produce irregular movement in the power unit of the motor which then transfers as a circular power to the drill bit. The mud motor utilises various rotor and stator arrangements to deliver optimal performance for the preferred drilling functionality.
The mud motors market by type, can be segmented into:
• Positive Displacement Motors
• Turbine Motors
On the basis of end-uses, the market has been classified into:
• Oil and Gas
• Boating and Fishing
Based on regions, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Mud Motors Market Trends
A considerable share in the mud motors market is held by the positive displacement motors type. This type of mud motor equipment utilises hydraulic force to produce power to perform drilling activities. Also, positive displacement motors type is observing increased usage in the oil and gas sector since they strengthen the control when drilling trips by sustaining a continuous pressure.
Additionally, a wide range of drilling operations is performed by using positive displacement motors like straight hole drilling, coring, performance drilling, and underreaming and milling, among others.
Based on end-use, the oil and gas segment holds a major share of the mud motors market owing to the increased use of such motors by oil and gas firms. Mud motor proves to be highly beneficial as it spins the drill bit with no disturbance caused to the drill string. It also enables the labourers to turn the bit in the desirable route.
Furthermore, the rise in oil and gas exploration activities financed by several governments and developing oil and gas firms is likely to boost the demand for mud motors in the future years. Besides, the growing demand for crude oil and petroleum to operate traditional industrial plant functionality is anticipated to increase the inclusion of mud motors in the oil and gas sector, resulting in a further progress of the global mud motors market.
Region-wise, North America has become a highly prominent region in the worldwide market because of the developed drilling market and high shell gas resources utilised in the US and Canada. Meanwhile, the Asia Pacific region is projected to witness an expansion in oil and gas exploration activities in the upcoming years. The demand for oil is likely to come primarily from the emerging sectors owing to the growing population and increasing income.
Key Market Players
The major players in the global mud motors market report are Halliburton Energy Services, Inc., NOV Inc., Scientific Drilling International, Horizontal Technology, Inc, and Cougar Drilling Solutions, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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