Press Release

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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