|Base Year Market Size
|USD XX Billion
|Forecast Year Market Size
|USD 2028.46 Million
|Fastest Growing Market
It is expected that the global mud motor market size will reach USD 2028.46 million by 2026. It is anticipated to register a CAGR of 4.7% during the forecast period (2021–2026).
The mud motor is a progressive cavity positive displacement pump used in oil and gas drilling operations, fishing, etc. The global mud motor market is expected to reach USD 2028.46 million by 2026. The demand for mud motors is expected to grow due to increased fishing activities, demand for boating, and rising oil and drilling operations. In addition, demand for Horizontal Directional Drilling (HDD) and the development of unconventional hydrocarbons resources is expected to bolster the mud motor market.
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 to reduce bearing load and provide an adjustable penetration rate, among other advantages.
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 energy demand, specifically oil and gas, North America has long emerged as the most eminent region in the global market. In 2017, North America’s demand for gas was pegged at 15.8 mboe/d in 2015, is estimated to reach 18.6 mboe/d by 2030.
It signals the region’s vast potential in the mud motors market 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 American mud pumps market is expected to witness significant growth in the coming years as the region possesses ultra-deepwater 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.
|By Motor Types
|By End Users
|By Power Output
|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 TomaHawk Downhole LLC
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The mud motors market is segmented under 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 primary components in bottom-hole drilling assemblies. Thus, the positive displacement segment is expected to register 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 several 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 also 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 are classified into drilling and vertical. Lateral, curve, RSS, and air applications are included under the umbrella of vertical applications. With the 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 used in drilling oil and natural gas wells. 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 oil demand 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.