Oil and Gas Packer Market

Introduction of the Oil and Gas Packer Market Report

Oil and gas packer is cylindrical shape, made with a rubber-like material to fit into a wellbore with a smaller initial outside diameter which can be expanded externally to seal the wellbore. Packers are flexible, elastomeric elements used to stop the leakages and overflow in oil and gas industry. There are two common types of the packers including retrievable and permanent inflatable which are used to provide a seal between the outside of the production tubing and the inside of the wellbore wall and casing liner. It is mechanical device designed for blocking fluid’s communication through the annular space between conduits by facilitating sealing.

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Oil and Gas Packer Market Key Drivers

One of the biggest factors that contributing to the growth of the oil and gas packer market includes the increasing applications of packer as a down hole tool in the oil and gas exploration wells due to growing rapid economic growth owing to industrialization and globalization. Increase in drilling activities around the globe with surge in the need for fossil fuel in the developing and developed countries have impelled the oil and gas packer market growth. Increasing oil and gas consumption and production due to growing population demand for the fossil fuels across the globe have impelled the oil and gas packer market growth.

For instance, according to the US Energy Information Administration (EIA) estimates, the total world’s consumption of the petroleum and other liquid fuels reached 96.0 Million b/d in March 2021 which was increased by 4.7 Million b/d from March 2020. Also, the global consumption of petroleum and liquid fuels in fiscal year 2021 is average 97.7 Million b/d. This increase in the oil and petroleum consumption have created massive demand for the oil exploration activities which in turn uses the packer in the oil and gas wells to seal and avoid the fluid leakages.

Functions of Packer:

• • Providing a seal between the tubing and casing in the oil and gas wells.
  • Prevent downhole movement of the tube string by generating compression loads or axial tension on the string.
  • To optimum size of well flow conduit for fulfilling the designed production or injection flow rates.
  • Protect the production casing from corrosion during the production of fluids.
  • Facilitate separate multiple producing zones in the oil & gas industry.

Restraining Factor for the Oil and Gas Packer Market

Decreasing crude oil prices across the globe and lack of the investments by the leading players for establishment of new oil wells may hinder the oil & gas packer market growth. Rising electric vehicle sale in with favourable government schemes and initiatives may decline the demand for the oil and gas packer market.

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Type- Segment Analysis

Based on the type, retrievable packer expected to grow at the fastest rate in the global oil and gas packer market during the study period; this is primarily attributed to its high durability, strength and corrosion resistant properties. It has also low cost and can be used for numerous installation purposes during the oil and gas well lifecycle.

Application – Segment Analysis

Based on the application, oil industry segment is projected to have the largest market share over the forecast period in the global oil and gas packer market in 2020, owing to rising demand for the oil production globally due to surge in the oil reservoir discoveries with government initiatives for new oil well discoveries. For instance, in July 2019, Oil and Natural Gas Corp (ONGC) has discovered more than 230 Million tonnes of oil reservoirs in the last three years.

Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global oil and gas packer market in 2020 due to rapid expansion of oil and gas extraction activities in the Canada and U.S. For instance, the annual average oil production in United States reached 12.2 Million b/d whereas natural gas production reached 116.8 Billion cubic feet per day (Bcf/d) in 2019. It created massive demand for the growth of the oil and gas packer market in this region.

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Top Market Players

Some of the leading players operating in the market Halliburton, China Dril-Quip, International Drilling Services Ltd. (IDS), American Oilfield Tools, Inc., Workstrings International, National Oilwell Varco, Hunting PLC, Schoeller-Bleckmann Oilfield Equipment AG, Schlumberger Limited, Zhong Weatherford, General Electric, Challenger International Inc., and among others.

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Key Developments:

• • In 2020, Halliburton launched a new technology DynaTrac Real-Time Wireless Depth Correlation System that reduces uncertainty and rig-time to accurately position packers, perforating guns and the bottom-hole assembly without moving the work string.
  • In 2018, Schlumberger Technology Corporation’s division Hexacom launched the e-commerce platform oilfield marketplace for connecting the oil and gas industry professionals with the services, products, and information. The oilfield market place will provide the products such as drill pipes, packers, liner hangers seamlessly on the online platform that can be ordered easily.

Segments covered in the Report:

The global oil and gas packer market has been segmented on the basis of type, application, and key regions. Based on type, the market is segmented into retrievable packer, and permanent packer. Based on the application, the global oil and gas packer market is divided into natural gas industry, and oil industry.

Key questions answered in this research report:

• • At what pace is global oil and gas packer market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global oil and gas packer market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global oil and gas packer market?
  • Which type generated maximum revenues in 2020 and identifies the most promising type during the forecast period?
  • What are the various areas of global oil and gas packer market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	China Dril-Quip, International Drilling Services Ltd. (IDS), American Oilfield Tools, Inc., Workstrings International, National Oilwell Varco, Hunting PLC, Schoeller-Bleckmann Oilfield Equipment AG, Schlumberger Limited, Zhong Weatherford, General Electric, Challenger International Inc. among others; a total of 12 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Oil and Gas Packer Market by Type

• • Retrievable Packer
  • Permanent Packer

Global Oil and Gas Packer Market by Application

• • Natural Gas Industry
  • Oil Industry

Global Oil and Gas Packer Market by Region

• • North America Oil and Gas Packer Market (Option 1: As a part of the free 25% customization)
    • North America Oil and Gas Packer Market by Type
    • North America Oil and Gas Packer Market by Application
    • US Oil and Gas Packer Market All-Up
    • Canada Oil and Gas Packer Market All-Up
  • Europe Oil and Gas Packer Market (Option 2: As a part of the free 25% customization)
    • Europe Oil and Gas Packer Market by Type
    • Europe Oil and Gas Packer Market by Application
    • UK Oil and Gas Packer Market All-Up
    • Germany Oil and Gas Packer Market All-Up
    • France Oil and Gas Packer Market All-Up
    • Spain Oil and Gas Packer Market All-Up
    • Rest of Europe Oil and Gas Packer Market All-Up
  • Asia-Pacific Oil and Gas Packer Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Oil and Gas Packer Market by Type
    • Asia-Pacific Oil and Gas Packer Market by Application
    • China Oil and Gas Packer Market All-Up
    • India Oil and Gas Packer Market All-Up
    • Japan Oil and Gas Packer Market All-Up
    • Rest of APAC Oil and Gas Packer Market All-Up
  • RoW Oil and Gas Packer Market (Option 4: As a part of the free 25% customization)
    • RoW Oil and Gas Packer Market by Type
    • RoW Oil and Gas Packer Market by Application
    • Brazil Oil and Gas Packer Market All-Up
    • South Africa Oil and Gas Packer Market All-Up
    • Saudi Arabia Oil and Gas Packer Market All-Up
    • UAE Oil and Gas Packer Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Oil and Gas Packer Market All-Up

Major Players Operating in the Oil and Gas Packer (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Halliburton
  • China Dril-Quip
  • International Drilling Services Ltd. (IDS)
  • American Oilfield Tools, Inc.
  • Workstrings International
  • National Oilwell Varco
  • Hunting PLC
  • Schoeller-Bleckmann Oilfield Equipment AG
  • Schlumberger Limited
  • Zhong Weatherford
  • General Electric