Market Size of Oil and Gas Packer Industry
| 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.
