Dublin, Nov. 16, 2020 (GLOBE NEWSWIRE) -- The "Oil and Gas Packer Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas packer market is expected to grow at CAGR of more than 3% in the forecast period of 2020-2025.
Factors such as increasing upstream activities in Middle-East and North America are expected to drive the market. Additionally, growing natural gas consumption and production, especially from shale formations, are driving the demand for packers. On the other hand, the high volatility of crude oil prices in recent years coupled with the negative impact of COVID-19 outbreak on the oil demand is expected to delay or halt several upstream activities, in turn, hindering the growth of the market studied.
Key Market Trends
Retrievable Packer to Witness Significant Growth
A retrievable packer is a type of packer that is run and retrieved on a running string or production string, unlike a permanent production packer that is set in the casing or liner before the production string is run.
In Australia, the Browse gas project is expected to be developed in the forecast period. With an estimated capacity of 15.4 trillion cubic feet of dry gas, multiple wells in the future are likely to drive the demand of retrievable packers.
Africa's offshore deep and ultra-deep space has continued to attract oil explorers and producers in increasing their operations, especially in Southern and Western Africa. Significant projects have either started or have been approved, in turn, creating opportunities for the packer market.
In Russia, Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by 2023. With this significant demand for the packers can be expected in the forecast period.
With total gas production of 3,989 bcm, the market of oil and gas is growing and simultaneously driving the need for a retrievable packers.
Due to the COVID-19 outbreak, delay in upstream projects is expected. However, later in the forecast period, with the initiation of new projects and completion of drilled wells, the market of the packers is expected to grow considerably
North America to Dominate the Market
The United States is one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
It is expected that around USD 76 billion will be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025 in the United States. Such robust growth in terms of new projects is projected to create a demand for completion and well intervention projects.
As of April 2019, 8390 drilled wells are incomplete in the country, with the Permian Basin having the largest share. These wells are expected to be completed in the coming years, creating ample opportunity for the packer system in the future.
With increased crude oil production to more than 24 million barrels per day, the North American region is expected to create sufficient demand and dominate the market.
With increasing investment in Canada and the United States and the availability of vast reserves of shale gas and sand reserves, the region is leading the market of packers.
The oil and gas packer market is moderately consolidated. Some of the major players include National Oilwell Varco Inc, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
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Key Topics Covered:
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.2 Location of Deployment
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 National Oilwell Varco Inc.
6.3.4 Baker Hughes Company
6.3.5 Dril-Quip, Inc
6.3.6 Wellcare oil tools pvt ltd
6.3.7 Schlumberger Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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