Market demand drivers are as follows:

(1) Growth in deep/ultra-deep drilling demand oil and gas resource development trend: conventional oil and gas resources are gradually exhausted, 

and the development of shale gas, deep-sea oil and gas and unconventional resources has promoted the drilling demand for deep Wells (> 4,500 meters) and ultra-deep Wells (> 8,000 meters).

(2) Geothermal energy development: The development of deep geothermal resources such as dry hot rock also relies on efficient mud cooling technology.

(3) Industry data: The average annual growth rate of global deep well drilling projects is about 5% to 7% (2020-2025),

 which directly drives the demand for mud cooling equipment.

(4) High-temperature formation challenges Deep Wells: the underground temperature can reach more than 200℃, 

the efficiency of traditional cooling equipment is insufficient, and high temperature adaptability technology needs to be upgraded.

(5) Stricter environmental protection and safety regulations, emission restrictions: mud high temperature volatile harmful substances (such as H₂S), 

need to cool to reduce the risk of volatization.

(6) Equipment safety standards: for example, API 16C specifications put forward higher requirements for the sealing and pressure resistance of mud cooling systems.