27 June 2019, Global oil
and gas packer market is anticipated to witness an exponential
growth in the forecast period. Oil and gas packers are cylindrical in shape,
and are made up of a rubber-like material, which could be compressed as and
when required. The oil and gas packers seal the well walls, thereby stopping
any vertical flow of fluid in that section of the well.
The factors that propel the growth of the
market include increasing applications of packer as a downhole tool, increase
in manufacture of shale oil and gas, growing demand for energy driven by rapid
economic growth and industrialization, and increase in drilling activities to
fulfill the increasing need for fossil fuel. On the other hand, there are
factors that may hamper the growth of the market including variations in oil
and gas charges. Oil and gas packer market is anticipated to expand at a significant
CAGR in the upcoming period as the scope, product types, and its applications
are increasing across the globe.
Oil and gas packer market could be explored
by type, application, and geography. Market could be explored by type as
Retrievable Packer and Permanent Packer. The key applications that could be
explored in the market include Natural Gas Industry, Oil Industry and Other.
Get Sample Copy of this Report @
The “Retrievable Packers” segment led
the market in 2017 and will continue to lead in the forecast period. The key
factors that may be attributed to the growth of market includes low cost of
retrievable Packers than Permeant packer and numerous installations during the
well lifecycle.
North America accounted for the major
share of the oil and gas packer industry in 2017 and will continue to lead in
the forecast period. The factors that could be attributed to the growth include
increasing demand from end user segment, rising drilling activities in North
American region and increase in drilling activities relating to oil and gas
extraction in the Canada and U.S. North America is followed by APAC region.
Some of the key players that fuel the
growth of the oil and gas packer market comprise GENERAL ELECTRIC, Dril-Quip,
National Oilwell Varco, Halliburton, Weatherford and Schlumberger. The leading
companies are taking up partnerships, mergers and acquisitions, and joint
ventures in order to boost the inorganic growth of the industry.
Browse Related Category Market
Reports @
No comments:
Post a Comment