Oil & Gas Electric Packer Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Electric Packer Market Analysis
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.
- Retrievable packers, owing to its ability to reuse is expected to witness higher growth rate in the forecast period.
- The exploration of deepwater and ultra-deepwater projects and increasing investment in the shale are likely to create ample opportunities for the market players in the near future.
- North America, with its vast reserves of recoverable shale gas and tight oil reserves in the world, is dominating in packer demand and is expected to continue its dominance in the forecast period.
Oil & Gas Electric Packer Market Trends
This section covers the major market trends shaping the Oil & Gas Electric Packer Market according to our research experts:
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.
Oil & Gas Electric Packer Industry Overview
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.
Oil & Gas Electric Packer Market Leaders
Halliburton Company
Weatherford International plc
Schlumberger Limited
Baker Hughes Company
National Oilwell Varco Inc
*Disclaimer: Major Players sorted in no particular order
Oil & Gas Electric Packer Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of Study
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1.2 Market Definiton
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Retrievable
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5.1.2 Non-Retrievable
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5.2 Location of Deployment
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5.2.1 Offshore
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5.2.2 Onshore
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5.3 Geogrpahy
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5.3.1 North America
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5.3.2 Europe
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5.3.3 Asia-Pacific
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5.3.4 South America
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5.3.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Halliburton Company
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6.3.2 Weatherford International plc
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6.3.3 National Oilwell Varco Inc.
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6.3.4 Baker Hughes Company
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6.3.5 Dril-Quip, Inc
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6.3.6 Wellcare oil tools pvt ltd
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6.3.7 Schlumberger Limited
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oil & Gas Electric Packer Industry Segmentation
The oil and gas packer market report includes:
| Type | |
| Retrievable | |
| Non-Retrievable |
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Oil & Gas Electric Packer Market Research FAQs
What is the current Oil and Gas Packer Market size?
The Oil and Gas Packer Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Oil and Gas Packer Market?
Halliburton Company , Weatherford International plc , Schlumberger Limited , Baker Hughes Company and National Oilwell Varco Inc are the major companies operating in the Oil and Gas Packer Market.
Which is the fastest growing region in Oil and Gas Packer Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Oil and Gas Packer Market?
In 2024, the North America accounts for the largest market share in Oil and Gas Packer Market.
What years does this Oil and Gas Packer Market cover?
The report covers the Oil and Gas Packer Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oil and Gas Packer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oil and Gas Packer Industry Report
Statistics for the 2024 Oil and Gas Packer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil and Gas Packer analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
