Permanent Type Packers dominate the Global Oil and Gas packers Market
Rising
Energy Consumption & Growing Reservoir Complexity are the factors driving
the global Oil and Gas Packers Market growth.
According
to TechSci Research report, “Global Oil and Gas Packers Market - By Region,
Competition, Forecast & Opportunities, 2029”. The Global Oil and Gas Packers Market is expected to
register a CAGR of 6.3%. 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. Oil and
gas packers 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. Oil
and gas packers 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 in 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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Based
on location, The onshore segment is the largest segment of the global oil and
gas packers 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 Oil and Gas Packers 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 Oil and Gas Packers 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.
Oil
and Gas Packers Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Type (Permanent Packer, Retrievable Packer),
By Application (Oil Industry, Natural Gas Industry, Other) By Location (Onshore
and Offshore)By Region, Competition”,
has evaluated the future growth potential of Global Oil and Gas Packers 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 Oil and
Gas Packers Market.
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