Mud motors or drilling motors play a vital role in the success of any drilling project as they rotate bit without rotating drill string. Normal rotation of the bit while using a mud motor can be from 60 rpm to over 100 rpm. Hence, it became possible to angle and maintain the bit in the desired direction. Rising demand for HDD services (Horizontal Directional Drilling) is expected to be a major enabler for the mud motors market. The demand for mud motors is expected to grow in tandem with the ever-increasing demand for oil and gas. According to the World Oil Outlook 2017, global oil demand was pegged at 86.5 mboe/d in 2015 and is projected to reach 100.7 mboe/d by 2040.
On the flip side, increasing focus on the use of renewable energy sources and government is promoting solar energy are expected to hinder the growth of the mud motors market.
Geographically, the mud motor market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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North America is the largest and fastest growing market for mud motors, owing to growing consumption of oil and increasing adoption of advanced technologies. The U.S. is the largest consumer of oil in the world, and the nation is witnessing steady growth in energy demand at an annual growth rate of 2%. Furthermore, the number of active rigs in the U.S. was 510 in 2016 and increased to 1032 by 2018, which indicates the established and potential market for mud motors in the near future.
Southeast Asia is expected to hold a substantial share of the global mud motors market. Growing energy demand is compelling Southeast Asian countries to alter policies in favour of companies. For instance, Thailand’s government has resumed the auction for its Erawan and Bongkot gas blocks in the Gulf of Thailand to secure constant gas supply for power generation.
Growing oil & gas industry, alongside significant investments, is expected to propel the growth of the mud motor market in Latin America during the forecast period, 2019–2026. Latin America is expected to register the fastest growth in the global mud motors market with a CAGR of 5.1%.
The mud motor market has been segmented by motor type, diameter, application, and end user.
Based on motor type, the market can be segmented into positive displacement and turbine. The turbine segment is expected to gain significant traction in the global mud motors market. Mud turbines are a part of downhole drilling tools that are widely used in several large-scale industrial applications, mostly in the oil and gas industry while digging wells. According to Reports Monitor, the global production of mud turbines was pegged at 11,784 units in terms of volume in 2018 and it is anticipated to reach a volume of 91,763 units by 2026, registering a CAGR of 2.9%.
On the basis of diameter, the market can be segmented into <100mm, 100mm–200mm, and >200mm. Selection of the mud motor, a critical step to the success of a drilling project, depends on various factors, including lobe ratio, external diameter, and stages (the number of full twists made by stator).
In terms of application, the mud motor market can be segmented into drilling and vertical. The vertical segment can be further segmented into lateral, curve, RSS, air, and others. Vertical drilling mud motors are expected to gain significant traction in the global mud motors market as these motors reduce the drags and torque, while improving wellbore quality and helps to extend the horizontal reach. According to Reports Monitor, the global vertical drilling mud motors market was valued at USD 309.62 million in 2018, and it is projected to attain a value of USD 475.44 million by 2026.
By end user, the market can be segmented into oil, natural gas, and boating & fishing. The boating & fishing segment is expected to hold a considerable share of the global mud motors market during the forecast period, 2019–2026. This can be attributed to the adoption of mud motors in boats specifically used for fishing in shallow waters as these motors have high torque to push mud. Gator hunting, waterfall hunting, and extremely shallow water fishing have become popular in the U.S., mainly Florida, which is further providing impetus to the segment’s growth.
Mud Motor Market Segmentation
By Motor Type
By End User