Packer Market Size, Share & Industry Analysis, and regional Forecast, 2024-2032

Packer is easy to use, and it can automate the creation of any machine image. Packer allows to launch entirely provisioned and configured equipment within a second, rather than spending several minutes or hours for it. This benefits not only the production but also the development as well, such as virtual development machinery can also be launched within seconds, without waiting for a much longer time. Based on their primary use, packers can be divided into two main categories: production packers and service packers. Production packers are those that remain in the well during production. Service packers are used temporarily during well service activities such as cement squeezing, acidizing, fracturing, and well testing. Packer is a device made of elastomers and comprises properties such as high heat resistance, pressure sustainability, and elasticity to bear shear stress. Uses or packers is it prevents the downhole movement of the tubing, protects the production casing, and support some of the weight of the tubing, where there is a significant comprehensive load on the tubing string.

Based on the type, the market is segmented into permanent and retrievable. Retrievable packers are used on a large scale owing to low cost and simple installation process. These can be changed during the drilling process several times using milling tools.

Based on the application, the market is segmented into automobile, oil & gas, and others. The oil & gas industry leads the market owing to increased drilling activities and increased demand for oil & gas in transportation activities and chemical & petrochemical industries.

Increasing oil & gas drilling & extraction activities, particularly in unconventional reserves, is estimated to drive the global packer market over the forecast period. Growing horizontal drilling activities across the globe is anticipated to foster the packer market. Upcoming E&P projects, particularly in the Asia Pacific and Latin America, are also expected to bolster packer demand over the next seven years. Variations in ambient properties in different reservoir formations require more safety during the extraction process is projected to surge packer demand over the next seven years.

The key market restraint for the market is the high raw material procurement cost used to manufacture a packer in comparison to durability and requirement for customized packer design.

Key Market Driver -

Increasing oil & gas drilling & extraction activities

Key Market Restraint -

High raw material procurement cost

Key Players Covered:

Some of the major companies in the packer market are Weatherford International, Tryton Tool Services, Pinaccle Oil Tools Inc., Halliburton, Schlumberger Technologies, TIW Technology, Inc., KazDuCo, Logan Completion Systems Inc., Baker Hughes, Tendeka, and D&L Oil Tools.

Regional Analysis:

The global packer market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to witness healthy growth in the coming years owing to growing onshore extraction activities and increasing production of shale gas. In Europe, in Germany, growth in the automobile industry will uplift the growth of the packer market. Also, an increase in the drilling activities in Russia & Norway will boost the market. In the Asia Pacific region, upcoming E&P projects in countries like India and China will lead to the growth of the market. Also, an increase in the extraction and drilling activities in countries like China, India, and Singapore will drive the market. In the Middle East & Africa, countries like the UAE and Saudi Arabia have huge reserves of oil & gas, which will lead to an increase in market growth. Increasing the production of shale gas will also lead to market growth in the coming years.

To gain extensive insights into the market, Request for Customization

Segmentation

Key Industry Developments

• In March 2020, Tendeka’s SwellRight swellable packers have secured a four-year contract to supply its zonal isolation technologies across a leading operator's Malaysian assets. They help reduce well construction costs, extend well life, and improve well integrity. They provide long-term stability and reliability required to isolate producing zones.


• In December 2018, the latest innovation from New Packers Plus Energy Services Inc. provided operators with higher efficiency plug-and-perf systems worldwide. The TREX Cemented Product Line offers composite and degradable plugs to improve deployment and reduce/eliminate mill-out operations, saving time, and reducing risk.