Overview of the oil and gas packer market
Technavio’s market research analysts have identified the increasing applications of packer as a downhole tool as one of the primary factors that will trigger the growth of the oil and gas packer market in the coming years. Well packer is an instrument that runs into the wellbore at a smaller initial diameter. The diameter is later expanded to seal the wellbore and the packer is needed for the well execution. After the well execution is done, isolation takes place where annulus from the production conduit is removed. The packer, as a downhole instrument, is important for the basic functioning of most wells, producers, or injectors. Packer offers several advantages such as prevention of the production casing from corrosion from produced fluids along with safeguarding from high pressures and helps in separating multiple producing zones. Technavio’s market research analysts predict that this market will post a revenue more than USD 2 billion by 2022.
The increasing shale and oil gas production is one of the key trends in the oil and gas packer market. Shale gas is used by several countries across the world to strengthen their energy security and reduce the emissions. The US reduced it's crude oil imports resulting in surplus crude oil in the market. Extraction of shale resources needs a huge amount of water for hydraulic fracturing and drilling. The decreasing imports by the US resulted in the emergence of hydraulic fracturing, consequently increasing the domestic supply.
Top companies listed in this report
The oil and gas packer market is fragmented due to the presence of several players. This industry research report provides information about the competitive environment among the players in this marketspace. Moreover, our analysts also provide strategies and areas that the vendors should follow to improve their market shares and sustain the competitive environment in the packer market.
The report includes an analysis of a number of companies in this marketspace including -
- Dril-Quip
- GENERAL ELECTRIC
- Halliburton
- National Oilwell Varco
- Schlumberger
- Weatherford
Segmentation by product and analysis of the oil and gas packer market
- Permanent packer
- Retrievable packer
The permanent packer segment accounted for the major share of the packer market during 2017. During the forecast period, this segment will continue to hold the maximum share and grow steadily.
Geographical segmentation and analysis of the oil and gas packer market
- Americas
- APAC
- EMEA
The Americas accounted for the maximum shares of the packer market during 2017. Our analysts have predicted that the Americas will witness steady growth in the market share in the next five years.
Key questions answered in the report include
- What will the market size and the growth rate be in 2022?
- What are the key factors driving the global oil and gas packer market?
- What are the key market trends impacting the growth of the global oil and gas packer market?
- What are the challenges to market growth?
- Who are the key vendors in the global oil and gas packer market?
- What are the market opportunities and threats faced by the vendors in the global oil and gas packer market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global oil and gas packer market?
Technavio also offers customization on reports based on specific client requirement.