Pune, May 17, 2023 (GLOBE NEWSWIRE) -- A global Energy & Power research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Packer Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Packer Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects, the market to grow from USD 5 Bn in 2022 to USD 10 Bn in 2029 at a CAGR of 4.5 percent.
Packer Market Report Scope and Research Methodology
| Market Size in 2022 | USD 6.2 Bn. |
| Market Size in 2029 | USD 9.83 Bn. |
| CAGR | 6.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 274 |
| No. of Tables | 114 |
| No. of Charts and Figures | 111 |
| Segment Covered | Type, Well Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report includes growth hubs, investment feasibility, restraints, and competitive analysis of the market in five major geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe, and South America. The report presents a market analysis through segments along with its multiple sub-segments. The report involves data regarding mergers and acquisitions and partnerships by major key companies. The market data has been collected through primary and secondary research methods. Tools such as SWOT, PORTER’s five-force model, and PESTLE analysis later analyze collected data, which provides political, social, economic, environmental, technological, and legal aspects of the market. The Bottom-up approach was used for the market size estimation.
Packer Market Overview
Packer is a mechanical tool, which is used to isolate and control fluids in a wellbore in the oil and gas industry. Packers are used to prevent the flow of fluids and gases between different zones in the well. The end-user segments of the Packer Market include Zonal Isolation, Stimulation, Well Completion and Well Testing.
Packer Market Dynamics
The growing demand for oil and gas across the world is expected to drive the Packer Market. The oil industry across the world demands advanced packers to control, prevent and isolate fluids and gases in a wellbore and machines. The increasing demand for oil and gas in developing economies is creating opportunities in the global Packer Market for Packer Key Companies. The demand for packers is continuously increasing due to their ability of reusing and the recently discovered oil and gas reserves in the United States and India are expected to propel the growth of the Packer Market globally. The changing regulations regarding minimizing the use of oil and adopting environmentally friendly sustainable sources and the fluctuating prices of crude oil at international trade are expected to limit the Global Packer Market Growth.
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Packer Market Regional Insights
North America is expected to dominate the Packer Market thanks to increasing demand for packers in the region’s oil and gas industry. The region recently discovered new fossil oil and gas reserves, which are expected to drive the North America Packer Market. The Packer Key Players have a lucrative opportunity in developed as well as developing economies such as India and China since they are the largest importers of crude oil to fulfill their daily needs.
Packer Market Segmentation
By Type:
- Hydraulic Packers
- Mechanical Packers
- Inflatable Packers
- Retrievable Packers
- Permanent Packers
- Slip-On Packers
- Squeeze Packers
Packers use hydraulic pressure to set and seal the packer in the wellbore. They are suitable for applications that require high-pressure sealing and wellbore stability. Mechanical packers use mechanical means, such as wireline or tubing, to set and seal the packer in the wellbore.
By Well Type:
- Onshore Wells
- Offshore Wells
- Horizontal and Multilateral Wells
- High-Pressure and High-Temperature Wells
- Unconventional Wells
Onshore wells are typically shallower and have lower pressure and temperature compared to offshore wells. Packers used in onshore wells can be further segmented into Casing Packers, Production Packers, Liner Hanger Packers, Hook Wall Packers, Collar Packers, and Top Set Packers.
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By Application:
- Zonal Isolation
- Stimulation
- Well Completion
- Well Testing
- Workover and Intervention
Zonal isolation involves sealing off a specific zone or section of the wellbore to prevent communication between different zones, enhance well integrity, and maximize production.
Packer Key Competitors include:
- Omega Completion Technology Ltd. (Aberdeenshire, Scotland, UK)
- Interwell (Stavanger, Norway)
- Hunting PLC (London, UK)
- The Weir Group PLC (Glasgow, Scotland, UK)
- Rubicon Oilfield International Holdings LP (Houston, Texas, USA)
- TAM International (Calgary, Alberta, Canada)
- Peak Completion Technologies, Inc. (Houston, Texas, USA)
- TIW Corporation (Houston, Texas, USA)
- Calfrac Well Services Ltd. (Calgary, Alberta, Canada)
- Trican Well Service Ltd. (Calgary, Alberta, Canada)
- Rubicon Oilfield International (Houston, Texas, USA)
- Baker Oil Tools (Houston, Texas, USA)
- Innovex Downhole Solutions (Houston, Texas, USA)
- Frank's International N.V. (Amsterdam, Netherlands)
- National Oilwell Varco, Inc. (Houston, Texas, USA)
- TAM International (Houston, Texas, USA)
- Innovex Downhole Solutions (Houston, Texas, USA)
- Packers Plus Energy Services Inc. (Calgary, Alberta, Canada)
- Baker Hughes Company (Houston, Texas, USA)
- Weatherford International plc (Baar, Switzerland)
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Key questions answered in the Packer Market are:
- What is a Packer?
- What was the Packer Market size in 2022?
- What is the expected Packer Market size during the forecast period?
- What are the global trends in the Packer Market?
- What are the major restraints for the Packer Market?
- Which segment dominated the Packer Market growth?
- What is the demand pattern for the Packer Market?
- What growth strategies are the players considering to increase their presence in Packer Market?
- What are the upcoming industry applications and trends for the Packer Market?
- Who are the leading companies and what are their portfolios in Packer Market?
- Which region dominates the largest market share in Packer Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application and Industry Vertical
- Market Segmentation – A detailed analysis by Type, Well Type and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Energy & Power, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
