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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Mud Motors Market Share
Positive displacement motors account for a significant share of the mud motors market. This mud motor equipment uses hydraulic force to generate power to carry out drilling activities. Positive displacement motors are witnessing heightened deployment in the oil and gas sector as they bolster control during drilling trips by maintaining constant pressure. Over the forecast period, the increasing expansion of the oil and gas sector is driving the growth of the mud motors industry.
In addition, positive displacement motors perform a variety of drilling operations such as straight-hole drilling, coring, performance drilling, under-reaming, and milling, among others. In some of these drillings, positive displacement motors can push the penetration rate while decreasing casing wear.
The oil and gas segment, based on end-use, accounts for a healthy share of the mud motors industry due to the heightened usage of these motors by oil and gas companies. Mud motors rotate the bit without disturbing the drill string, which is a major advantage of the motors. It also allows the workers to move the bit in the preferred direction.
Over the forecast period, the increase in oil and gas exploration activities funded by various governments and emerging oil and gas companies is expected to bolster the growth of the mud motor market. Moreover, the rising demand for crude oil and petroleum to power conventional industrial plant operations is likely to boost the incorporation of mud motors in the oil and gas sector, leading to the mud motors market growth.
Mud Motors Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market for mud motors reached a value of USD 1.85 billion in 2023.
The global mud motors market is estimated to grow at a CAGR of 4.60% in the forecast period of between 2024 and 2032.
By 2032, the market for mud motors is expected to reach a value of USD 2.78 billion.
The increasing applications of mud motors in oil and gas sectors, advancements in drilling techniques, and increasing usage in boating and fishing activities are the major drivers of the market.
The key trends in the market include the growing innovations aimed towards developing mud motors with sophisticated designs, applications of mud motors in horizontal drilling, and increasing usage by laypersons for hobby boating.
The market is categorised according to the mud motor type, which includes positive displacement motors and turbine motors.
Based on the end use, the market is divided into oil and gas, and boating and fishing.
Mud motors are used for fishing due to their great mobility and flexibility to reach various parts of water bodies.
The main function of a mud motor is to generate a torque to facilitate drilling.
The market key players are Halliburton Energy Services, Inc., NOV Inc., Scientific Drilling International, Horizontal Technology, Inc., and Cougar Drilling Solutions among others.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
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