Oil and Gas Packer Market In-Depth Analysis, Forecast till 2027
Registering a CAGR of 3.3% over the forecast period, the market value of Oil and Gas Packer is expected to reach US$ 1,405.70 million in the year 2027.
Growth opportunities in the Oil and Gas Packer Market look promising over the next six years. This is mainly due to the growing applications of packer as a downhole tool in the oil and gas exploration wells due to growing rapid economic growth owing to industrialization.
Key Drivers
The increasing implementation of packers as a downhole in the exploration of oil and gas wells led by the surging economic growth owing to rapid globalization and industrialization accounts for one of the crucial drivers responsible for the growth of the oil and gas packer market. Also, the growing consumption of oil and gas because of the accelerating demand for fossil fuels throughout the world, resulting in the sealing and avoiding the leakages of fluid, has strengthened the market size. For example, in accordance with the US Energy Information Administration (EIA) estimates, the total consumption of petroleum and other liquid fuels reached 96.0 Million b/d with an average of 97.7 Million b/d in March 2021, increasing from 4.7 Million b/d from March 2020. The augmenting drilling activities and the growth in fossil fuel requirements in developing and developed nations have promoted the oil and gas packer market size.
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Functions of Packer:
· Optimizing the size of well flow conduit for attaining the designed production or injection flow rates.
· Prevention of the casing of production from corrosion during the production of fluids.
· Assist separate multiple producing zones in the oil & gas industry.
· Protection of downhole movement of the tube string by endangering compression loads or axial tension on the string.
· Provision of a seal between the tubing and casing in the oil and gas wells.
However, the reducing prices of crude oils and low investment by major market players for inception will restrain the market growth. Additionally, favourable government strategies to promote the sale of electric vehicles are anticipated to decrease the market growth.
Type Segment Drivers
Based on the type, a retrievable packer is predicted to expand at a higher CAGR in the market over the forecast period. This is mainly owing to the better strength, durability, and corrosion resistant feature. Additionally, the low cost and implementation in several installation purposes will further stimulate the market growth.
Oil and Gas Packer Market’s leading Manufacturers:
· Challenger International Inc.
· Zhong Weatherford
· Schoeller-Bleckmann Oilfield Equipment AG
· National Oilwell Varco
· American Oilfield Tools, Inc.
· China Dril-Quip
· General Electric
· Schlumberger Limited
· Hunting PLC
· Workstrings International
· International Drilling Services Ltd. (IDS)
· Halliburton
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Oil and Gas Packer Market Segmentation:
Segmentation by Type
· Retrievable Packer
· Permanent Packer
Segmentation by Application
· Natural Gas Industry
· Oil Industry
Segmentation by Region:
· North America
o United States of America
o Canada
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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