Oil and Gas Packer Market Growth Rate, Trends and Future Opportunities
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. 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.
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.
Firma: Million Insights
Ansprechpartner: Tom Clark
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