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Positive displacement motors are primarily used for directional drilling. These motors are utilized to convert the liquid fuel flow inside the equipment into rotational energy to power the drill bits at high rpm. A down hole motor is used in the oil field to drive the drill bit or other down hole tools during directional drilling or performance drilling applications. As drilling fluid is pumped through the positive displacement motor it is used for converting the hydraulic power of the fluid into mechanical power to cause the bit to rotate at the time of directional drilling.This capability is used while drilling in sliding mode, when the drill-string is not rotated from the surface. Positive displacement motors can also be used for performance drilling, straight hole drilling, coring, under reaming, and milling operations.
COVID-19 pandemic has shut-down the production of various products in the positive displacement motor marketindustry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of positive displacementmotor marketindustrysignificantly from last few months, as is likely to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
Increase in usage of liquid fuel is considered to be a key factor driving the positive displacement motor market. According to currentscenario there is rapid rise in urbanization and industrialization in developing countries that is increasing the consumption ofliquid fuel. To meet their demand, manyoil & gas companies have expanded their production through exploration & production (E&P) activities in new and existing oil & gas production sites to have production according to demand and fulfillthe rising demand across different end-user sector in the market. Increase in deepwater and ultra-deepwater exploration activities drive the investments for offshore drilling and consequently that helps in increasing the market of positive displacement motor.
Automation technologiesthat are bringing advancement in industry are increasingly being applied to several operations in the drilling process to enhance process efficiency. Real-time data acquisition, wireless communication, sensors, GPS, and innovations are being incorporated in drilling equipment.
Integration of IoT enhances the recovery of hydrocarbons available in the reserve, by minimizing the chances of risks and uncertainties in the process. This is expected to improve the accuracy of E&P activities for oil & gas companies by providing better data and decision-making abilities.
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