Global Oil and Gas Packer Market Size, Share, Growth Opportunities, Research Report, 2021-2028

The GMI Research predicts that the Oil and Gas Packer Market is experiencing an expansion in demand over the forecast period. This is mainly due to their potential to rescue, increasing production and consumption of natural gas, escalating upstream activities, and soaring investments in the shale.

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Introduction of the Market

Oil and gas packer is a cylindrical-shaped rubber-like material to fit in a wellbore with a smaller initial outside diameter which can be extended externally to block the wellbore. Packers are adaptable and elastic elements used to restrict the leakages and overflow in the oil and gas industry. There are two types of packers which include retrievable and permanent inflatable, used to offer a seal between the outside and the inside of the wellbore wall and casing liner.

Leading Market Players:

· Halliburton

· International Drilling Services Ltd. (IDS)

· Work strings International

· Hunting PLC

· Schoeller-Bleckmann Oilfield Equipment AG

· Schlumberger Limited

· China Dril-Quip

· American Oilfield Tools, Inc.

· National Oilwell Varco

· Zhong Weatherford

· General Electric

Oil and Gas Packer Market Dynamics

The surging implementation of packer as a downhole tool in the exploration of oil and gas wells led by the rapid economic expansion because of the swift industrialization and globalization is the biggest driver stimulating the growth of the global oil and gas packer market. In addition, the mounting consumption and production of oil and gas due to the accelerating demand for fossil fuels across the world has strengthened the market size. According to the estimates US Energy Information Administration (EIA), the consumption of petroleum and other liquid fuels around the world reached 96.0 Million b/d in March 2021, which has expanded by 4.7 Million b/d from March 2020. Also, the worldwide consumption of petroleum and liquid fuels in the fiscal year 2021 averaged to be 97.7 Million b/d. This amplification in consumption has generated robust demand for the investigation of oil, which uses the packer to seal and evade the leakages in well. Moreover, the aggravating need for fossil fuels across the emerging and developed nations will further supplement the market growth.

However, as per the oil and gas packer market report, reducing oil prices with inadequate investments by the major players to develop novel vessels will further hamper the market growth. Moreover, the accelerating sales with favourable government schemes and initiatives may reduce the oil and gas packer market share.

Oil and Gas Packer Market Segmentation:

Segmentation by Type

· Retrievable Packer

· Permanent Packer

Segmentation by Application

· Natural Gas Industry

· Oil Industry

Segmentation by Region:

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· North America

o United States of America

o Canada

· RoW

o South Africa

o UAE

o Brazil

o Saudi Arabia

About The Organization

GMI Research provided business insights and market research reports for small & medium enterprises and large organizations. The research team assist the clients to acknowledge the influence of market dynamics like size, share, drivers, growth opportunities, and other market aspects. Our team of analysts and industry experts conduct market intelligence studies to make sure all accurate and fact-based research reaches various sectors such as FMCG, Technology, Energy, and Healthcare. The prime emphasis is to keep our clients updated about the leading opportunities and challenges across different range of industries. Our step-by-step guidance helps clients reach a managerial and actionable decision.