Global Mud Motor Market To Foray Ahead With A Strong CAGR Of 5% Over The Forecast Period Of 2019-2026

The oil and natural gas industry over the time has become fiercely competitive. The companies in the oil and natural gas industries are increasingly looking forward to impart operational efficiency within the supply chain and adopting advanced technologies for oil and gas exploration. This positive shift in the market has positively impacted the growth of the mud motor market. The global mud motor market is pegged to grow with a CAGR of over 5% over the forecast period of 2019-2026. The Mud motors offers greater control in the drilling operations and have high drilling rates along with low accident rate. These characteristics of mud motors has led to their increasing acceptance in the oil and natural gas industry. The demand for crude oil is surging at an unprecedented rate due to increasing demand for petroleum-based products around the world. As per OPEC the global demand for crude oil in the year 2014 stood at 91 million barrel per day which is projected to increase to 108.5 million barrel per day. Growing number of oil refineries and expanding refining capacity amid a strong recovery in demand have created lucrative opportunities for the global mud motor market.

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Oil Exploration initiatives to drive the market

The growing demand of crude oil has pushed the oil and gas sector to explore new oil fields. The government initiatives to promote oil exploration in different countries along with strategies adopted by various key market players to promote oil exploration are primary drivers for the growth of mud oil market. As per the Organization of Petroleum Exporting Countries, in 2016, estimates show that around 65.5% of global oil reserves are in Middle East region. In 2016, Venezuela proven oil reserves stood at the top in OPEC countries accounting for 24.8%, Saudi Arabia followed Venezuela which accounted for 21.9% of the OPEC total crude oil reserves. These countries are essentially oil based economies and hence are continuously investing in oil exploration activities. Further As per the Government of India in 2016, the government has introduced a policy named Hydrocarbon Exploration and Licensing Policy (HELP) with an aim to enhance domestic oil and gas production activities in India. The new policy frames up uniform licensing approach, marketing and pricing freedom, open acreage licensing policy and revenue sharing model to promote oil companies in India.