October 08, 2021 11:00 ET | Source: Straits Research Straits Research

New York, United States, Oct. 08, 2021 (GLOBE NEWSWIRE) -- The mud motor market is expected to grow at a compound annual growth rate (CAGR) of 4.7% in the forecast period from 2020 to 2029.

The global mud motor market is expected to reach USD 2028.46 million by 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.

COVID-19: Halt in Drilling Activities Lowers the Demand for Mud Motors

The global economy and oil markets are recovering from the historic collapse in demand caused by the COVID-19 in 2020. The countries faced a drop in petroleum consumption to its lowest level in decades due to the travel restrictions and the economic slowdown.

Additionally, the drilling activities were on halt due to the lockdown and social distancing norms. The demand for drilling operations slumped as the oil prices fell earlier in the year. Many oilfield services were pushed to bankruptcy due to the severe losses incurred. Thus, mud motors experienced low demand during the pandemic. Thus, resulting in low demand for mud motors.

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Mud Motor Market by Type

HDD Fosters the Demand for Positive Displacement Motors

Positive displacements motor is a prominent segment and is expected to witness sturdy growth in the coming year. The demand for positive displacement motors is subjected to its properties, such as longer bit life, high LCM tolerance, and low-pressure requirements.

With increasing horizontal drilling activities in North America, the demand for positive displacement motors is expected to rise. Besides, India's hydrocarbon vision 2025 is expected to fuel the demand for positive displacement motors.

According to the Energy Information Administration, Brazil marked a surge in petroleum and other fuels production, estimating 3.7 million barrels per day (b/d) in 2019, compared to 3.4 million in 2018. Petrobras, an oil and gas company in Brazil, is investing USD 46.5 billion in exploration and production planned for 2021–2025, creating a massive demand for a positive displacement pump in Latin America.

Mud Motor Market by Diameter

Diameter is Pivotal in Torque and Power

For the sake of study, we have classified motor diameters as <100mm, 100mm–200mm, and >200mm. The diameter of the motor plays a crucial role as the motor's power is inversely proportional to the square of its diameter and its torque is directly proportional to the cube of its diameter.

Mud Motor Market by Application

Drilling Activities Bolster the Demand for Mud Motor

Mud motors are broadly used in directional drilling applications, whereby they are segmented into vertical, lateral, curve, RSS, and air. The demand for mud motors is subjected to rise with an increase in drilling activities. The mud motors were used in directional drilling for many decades. As many infrastructure projects are pre-planned, the demand is expected to scale up in the future. The Middle East is one of the primary consumers of mud motors due to their mammoth oil and gas sectors.

Mud Motor Market by End-Use

Prevalence of the Oil and Gas Industry

The mud motor finds its primary application in oil and gas. The APAC region is expected to see an upsurge in oil and gas exploration activities in the coming years. According to the Organization of Petroleum Exploring Countries (OPEC), the global oil demand was seen at 105.6 mb/d and is expected to reach 113.1 mb/d by 2025. The overall oil demand is expected to come from emerging and developing industries due to the rising population and income. Again, the growing demand for petrochemicals is expected to be cardinal in the oil and gas industry.

Mud Motor Market by Regions

North America has long emerged as the most eminent region in the global market due to the advanced drilling market and high shell gas reserves harnessed in the U.S. and Canada. The U.S. led the production of oil with around 20% of the world's share in 2020.

The Latin American region is expected to obtain significant growth during the forecast period. The region possesses ultra-deepwater, salt, and unconventional hydrocarbon potential. Further, according to the top three oilfield companies, namely Schlumberger Ltd., Halliburton Co, and Baker Hughes Co., the demand and prices in Latin America strengthened after the COVID-19.

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4.2          Value Chain Analysis: Mud Motors Market

4.4          Porter’s Five Forces Analysis

4.5.3      Measures Taken by Top Players

5              Global Mud Motors Market by Type

5.1.1      Market Size and Forecast (Value)

5.2.1      Market Size and Forecast (Value)

5.3.1      Market Size and Forecast (Value)

6              Global Mud Motors Market by Diameter

6.1.1      Market Size and Forecast (Value)

6.2.1      Market Size and Forecast (Value)

6.3.1      Market Size and Forecast (Value)

6.4.1      Market Size and Forecast (Value)

7              Global Mud Motors Market by Application

7.1.1      Market Size and Forecast (Value)

7.2.1      Market Size and Forecast (Value)

7.3.1      Market Size and Forecast (Value)

8              Global Mud Motors Market by End-Use

8.1.1      Market Size and Forecast (Value)

8.2.1      Market Size and Forecast (Value)

8.3.1      Market Size and Forecast (Value)

8.4.1      Market Size and Forecast (Value)

9.1.1      Market Size and Forecast (Value)

                9.4.5      The Rest of Latin America

9. 6         The Middle East and Africa

10           Competitive Landscape — Manufacturers and Suppliers

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Growing Demand for Oil and Gas to Drive the Global Mud Motors Market

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