|Forecast Period :||2018-2026|
|Base Year :||2018|
|Leading Market Segments :||Positive Displacement|
|Value in 2018 :||$1411.48 Million|
|Research covered :||100+ Countries|
Global Statistics Representing Mud Motor Market Scenario
The global mud motors market was valued at USD 1411.48 million in 2018. It is anticipated to register a CAGR of 4.7% during the forecast period (2019–2026) to attain a value of USD 2028.46 million by 2026.
A mud motor or a drilling motor is a positive displacement drilling motor that uses the drilling fluid’s hydraulic horsepower to drive the drill bit. Mud motors find extensive applications as they reduce bearing load and provide an adjustable penetration rate, among other advantages.
While the mud motors market can be segmented by an array of criteria, the most prominent segmentation parameters are motor type, diameter, application, and end user.
Positive displacement and turbine are the two key motor types used in mud motors. Positive displacement motors (PDMs) find application in directional drilling projects and are key components in bottom-hole drilling assemblies. Thus, the positive displacement segment is expected to register string growth during the forecast period. Selection of the correct downhole motor is crucial in designing the buttonhole assembly (BHA) with mud motors to overcome cost-intensive challenges such as wellbore crookedness, string failures, and improper build rate. Technologically- and mechanically-advanced PDMs provide enhanced performance; for instance, a reduced-length positive displacement motor with an equidistant power section stator can provide superior motor performance and reliability at high operating temperatures.
Mud motors are available in a number of diameters; for the sake of this study, we have classified them as <100mm, 100mm–200mm, and >200mm. A motor’s power is inversely proportional to the square of its diameter while its torque is directly proportional to the cube of its diameter. Thus, the diameter is an important aspect in mud motor selection as it affects the motor’s torque and power.
Mud motors find a multitude of applications, which can broadly be broadly classified into drilling and vertical. Lateral, curve, RSS, and air applications have been included under the umbrella of vertical applications. Attributing to the versatile applications of mud motors in metalworking, woodworking, and construction, the drilling segment is expected to gain significant traction and register a CAGR of 4.9% during the forecast period. According to Reports Monitor, the drilling segment was valued at USD 1,169.07 million in 2018, which is projected to grow to a value of USD 1,710.49 million by 2026.
Oil, natural gas, boating, and fishing are the key end-use sectors considered in this study on the mud motors market. Mud motors are extensively used in drilling oil and natural gas wells and in the exploration of drilling rigs. Thus, the demand for mud motors is expected to trail the growth of the oil and gas industry. According to the Organization of the Petroleum Exporting Countries (OPEC), global demand for oil was pegged at 95.4 mb/d in 2016 and is projected to reach 102.3 mb/d by 2022. These figures underscore the potential that mud motors possess in the oil industry.
What are the Key Findings
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To better assess the global mud motors market, we have studied it across four key regions, namely North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA)
With a voracious demand for energy, specifically oil and gas, North America has long emerged as the most eminent region in the global market. According to a report published by the Organization for Economic Cooperation and Development in 2017, North America’s demand for gas was pegged at 15.8 mboe/d in 2015, which is estimated to reach 18.6 mboe/d by 2030. This signals the region’s vast potential in the mud motors market with demand that is expected to remain strong in the coming years. The mud motors market was valued at USD 173.37 million in 20XX and is expected to grow to USD 279.50 million by 2026 with an anticipated CAGR of 5.1% during the forecast period.
Consolidation and restructuring of South-East Asia’s oil and gas industry, alongside increasing expenditure on upstream activities will accrue a substantial share for the region’s mud motors market. For instance, in Malaysia, Petroleum Nasional Berhad (Petronas), a state-owned corporation, has allocated USD 6.6 billion for upstream expenditure.
The Latin America mud pumps market is expected to witness significant growth in the coming years as the region possesses ultra-deep water salt formations and undiscovered oil resources. For instance, it is estimated that over 100 exploration wells are anticipated to drill in Latin America outside Brazil in the next five years due to potential undiscovered oilfields in Guyana, Trinidad, and Colombia.
Future Developments Expected to Influence the Mud Motor Market
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National Oilwell Varco, SlimDril International, Whole Solutions Inc., Downhole Drilling Services, LLC, Enteq Upstream, Newsco International Energy Services Inc., LORD Corporation, SOKOL, Beaver Dam Mud Runners, COPPERHEAD MUD MOTORS, and TomaHawk Downhole, LLC are among the key players operating in the mud motors market.
Mud Motor Market Segmentation
By Motor Type
By End User
Which Details are Covered in the Mud Motor Market Report?
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