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Kenneth Research recently added a report on the Global Mud Pumps Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Mud Pumps Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Mud Pumps Market is valued approximately at USD 802.65 Million in 2019 and is anticipated to grow with a healthy growth rate of more than 4.4% over the forecast period 2020-2027. Mud pumps are gaining significant demand from oil & gas industry. It is used for moving and circulating drilling fluids and other alike fluids in and out of the drilled wells for exploration. Mud pumps are a piston/plunger cylinder system that are used to transfer fluid at substantially high pressure. The rapid growth in oil & gas industry across the globe is the key factor attributing to the growth of mud pumps market over the forecast years. For instance: According to the Energy Information Administration (EIA), in 2019, United States was the largest producer of oil across the world. The US produced over an average of 17.87 million barrels per day (b/d) in 2019 which accounts for 18% of the world's oil production, that is a rise from over 15.6 million b/d in 2017. Similarly, According to the International association of oil & gas producers, China is the largest oil producer in the Asia Pacific region which accounts to produce over 5 million barrels of oil per day and it is estimated that output of oil production in China would grow by 50% to 6 million barrels per day by 2025. In addition, growing construction activities across the emerging economies is the factor driving the growth of mud pumps market over the forecast years. However, high cost of mud pumps market is the factor restraining the market growth.
The regional analysis of the global Mud Pumps market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to rapid growth in oil & gas industry across the globe. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2022-2031. Factors such growing construction activities across the emerging economies creating a lucrative opportunity for the growth of the cancer vaccine market in the Asia-Pacific region.
Major market player included in this report are:
Flowserve
Grundfos
Halliburton
Sulzer
KSB Group
Ebara Corporation
Weir Group
Tsurumi Pump
Excellence Pump Industry Co., Ltd
Kirloskar Ebara Pumps Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Product Type offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Product Type:
Duplex
Triplex
Quintuplex
By Driven System:
Electric
Fuel engine
By Application:
On-shore
Offshore
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global Mud Pumps Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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Myra Fletcher
Myra Fletcher is a research expert and freelance writer. She is very dedicated to her work and writing. She enjoys writing on current news in any industry and concludes the news with a highly professional report. She has almost 8 years of experience in the same field. She has strong professional skills in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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