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A mud motor is a drilling motor that uses the drilling fluid’s hydraulic horsepower attached to the drill string in order to provide supplementary power while drilling activity. The demand for global mud motors market is expected to register string growth over the forecast period owing to increase in fishing activity, demand for boating at tourist places, increase in oil & gas exploration activities. For instance, as per the Organization of the Petroleum Exporting Countries (OPEC), global demand for oil in 2016 was booked around 95 mb/d. The aforesaid instance reflects that mud motors possesses potiential in the oil industry. In addition, growing demand in natural gas industry is growing at higher rate as requirement of horizontal drilling activity is increasing in the oil & gas industry. Furthermore, upgradation in mud motors technology like ability to sustain higher limits of drilling at differential pressures, reliablity in performance in harsh drilling environment, is accelerating the growth of the market.
Key Market Driver -
• Increase in focus of exploration activity in oil and gas industry. • Upgradation in technology to reduce operational cost and improve productivity
Key Market Restraint -
Rising stringency of government regulations.
Key players operating in the global mud motors market are National Oilwell Varco, Schlumberger Limited, Scientific Drilling International Inc., Horizontal Technology, Inc., Cougar Drilling Solutions Inc., BICO Drilling Tools, Inc., Gyrodata Incorporated', APS Technology Inc., Dynomax Drilling Tools Inc., Rubicon Oilfield International and among others.
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North America is experiencing dominance in global mud motors market owing to the parameters such as adoption of advance drilling technology to deal with drilling operation to extract shale gas. Furthermore, mud motors are gaining impetus in fishing activity in many regions mainly in Florida, U.S as this motors have higher torque to push mud which is mainly applied in shallow water fishing.
Asia Pacific is expected to have significant growth over the forecast period, owing to the growth in the oil & natural gas industry.
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