Oil and Gas Packer Market Growth Analysis | 2023-2028

Market Highlights

The Oil and Gas Packer Market is likely to grow at a significant CAGR of 3% during the forecast period.

Oil and gas packers have cylindrical shapes, are made of rubber-like material, and may be externally expanded to seal a wellbore that has a smaller initial outside diameter. Packers are pliable, elastomeric components used in the oil and gas sector to stop leaks and overflow. Retrievable and permanent inflatable packers are the two types of packers most frequently employed to create a seal between the outside of the production tubing and the interior of the wellbore wall and casing liner. It is a mechanical device made to facilitate sealing while obstructing fluid communication across the annular area between conduits.

The market is anticipated to be driven by factors, such as rising upstream activity in the Middle East and North America. The demand for packers is also being fuelled by rising natural gas production and consumption, particularly from shale seams. Contrarily, it is anticipated that the number of upstream activities will be delayed or stopped, which will impede the expansion of the market under study due to the recent high volatility of crude oil prices and the detrimental effects of the COVID-19 pandemic on the oil demand.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Location of Deployment Type

• Onshore 
• Offshore 

By Type

• Retrievable 
• Non-Retrievable 

By Region

• North America 
• Europe 
• Asia-Pacific 
• Rest of the World 

By Location of Deployment Type

The oil and gas packer market is segmented into onshore and offshore. Onshore is expected to remain the larger location of deployment type in the market during the forecast period. Oil explorers and producers have continued to expand their operations in Africa's offshore deep and ultra-deep space, particularly in Southern and Western Africa. The launch of or approval of significant projects has opened up opportunities for the packer sector.

By Type

The market is segmented into retrievable and non-retrievable. A retrievable packer is a form of packer that is run and extracted on a running string or production string, as opposed to a permanent production packer, which is installed in the casing or liner before the production string is run. The Browse gas project in Australia is anticipated to be developed during the forecast period. Multiple wells in the future are projected to fuel the demand for retrievable packers due to their estimated capacity of 15.4 trillion cubic feet of dry gas.

Regional Analysis

North America is expected to remain the largest market for oil and gas packer during the forecast period. Approximately, 18% and 23% of the world's output of crude oil and natural gas, respectively, came from the United States in 2019. The Permian Basin led aggressive drilling in its shale reserves, which contributed to the output increase in 2019. Between 2018 and 2025, it is anticipated that 97 new oil and gas projects in the country will cost approximately USD 76 billion. A demand for completion and well-intervention projects is anticipated as a result of this strong growth in new projects.

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the oil and gas packer market:

• Halliburton Company
• Weatherford International plc
• Baker Hughes Company
• Dril-Quip, Inc 
• Ensign Energy Services Inc.
• Wellcare Oil Tools Pvt Ltd
• Schlumberger Limited
• National-Oilwell Varco Inc.
• Workstrings International  
• Hunting PLC

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s oil and gas packer market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Deployment portfolio, geographical reach, regional presence, and strategic alliances

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