Onshore Type Packers dominate the Global Oil & Gas packers Market
Rising
Energy Consumption & Growing Reservoir Complexity are the factors driving
the global Retrievable Packer Market growth.
According to TechSci
Research report, “Global Retrievable Packer Market - By Region, Competition,
Forecast & Opportunities, 2029”.
The Global Retrievable Packer Market is expected to register a CAGR of 4.5%. The global demand for oil and gas is
expected to grow in the coming years, due to the increasing population and
economic development. This will lead to an increased demand for oil and gas
packers, which are used to seal and protect oil and gas pipelines and
equipment. The offshore oil and gas industry is growing rapidly, due to the
depletion of onshore reserves. This is leading to an increased demand for oil
and gas packers, which are used in offshore drilling operations. The oil and
gas industry is a high-risk industry, and there is a need for safety and
security measures to protect workers and the environment. Retrievable Packer play
an important role in ensuring safety and security, by sealing and protecting
oil and gas pipelines and equipment. The oil and gas industry is constantly
evolving, and there is a need for new and innovative technologies to improve
efficiency and safety. The introduction of new technologies, such as packer
less completions, is driving the demand for oil and gas packers. The oil and
gas industry is increasingly focused on environmental sustainability. Retrievable
Packer can help to reduce emissions and improve efficiency, which is driving
the demand for these products.
A retrievable packer
is a type of packer that is moved and pulled up by a running string or
production line, as opposed to a permanent production packer that is placed in
a casing or liner before the production line is started. In Australia, the
Browse gas project will be developed during the forecast period. With an
estimated dry gas capacity of 15.4 trillion cubic feet, the wells are likely to drive future packer gathering
demand. The deep and ultra-deep space offshore Africa continued to attract oil
exploration and oil producers to increase their activities, especially in
southern and western Africa. Major projects have either been initiated or approved, which in turn creates opportunities
for the packaging market. In Russia,
Gazprom Neft continues exploration at its Bazhenov field and plans to produce
40,000 tons of oil shale per day by 2023. Therefore, significant demand
for packers can be expected during the
forecast period. With a total gas
production of 3,989 billion cubic meters, the
oil and gas market is growing, and at the same time the need for cargo
packers is also increasing. Due to the COVID-19 epidemic, the initial phase of
the projects is expected to be delayed. However, in the subsequent forecast
period, significant growth in the packer market is expected as new projects are
launched and wells are completed.
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Retrievable Packer Market.”
Based on location, The
onshore segment is the largest segment of the global Retrievable Packer market,
due to the high demand for oil and gas in onshore operations. The offshore
segment is the second largest segment, and is growing rapidly due to the
increasing number of offshore drilling activities.
Based on Region, the
North America region has established itself as the leader in the Global Retrievable
Packer Market with a significant revenue share in 2022. As of 2021, North
American oil production was 1,074.7 million
tons (MT), which was more than the region's 2020 production of 1,058.7
million tons (MT). The increase in oil
production during the year reflects the increase in new wells that require the
installation of packers to prevent
casing wear. It is likely to lead
the packaging market in the region.
Key
market players in the Global Retrievable Packer Market include:
- Schlumberger Limited
- Halliburton Company
- Weatherford
International
- Baker Hughes (now part
of GE)
- National Oilwell Varco
- Packers Plus Energy
Services Inc.
- TAM International
- NCS Multistage
- Rubicon Oilfield
International
- Omega Completion
Technology
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“Increasing oil and gas production and rapidly increasing
drilling and completion activities in oil and gas fields are likely to drive
the market for oil and gas packers. However, fluctuating oil prices are
expected to slow down upstream operations and limit the market for oil and gas
packers. The development of the gas
hydrates industry, which is still in the research phase, and the production
need for new technologies are likely to
create several opportunities for the oil and gas packaging market in the
future. Due to the rapidly growing
primary refining industry, North America is expected to be the fastest growing
market for oil and gas packagers during the forecast period. In 2021, the
region produced 4.8% more crude than
last year, which is likely to have a positive impact on the packaging market. .,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Retrievable
Packer Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028
Segmented
By Application (Oil Industry, Natural Gas Industry, Other) By Location (Onshore
and Offshore)By Region, Competition”, has evaluated the future growth
potential of Global Retrievable Packer Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Retrievable Packer Market.
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