Global Oil and Gas Packer Market – Increased Shale Oil and Gas Production to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–#OilandGas–Technavio’s latest market research report on the global
oil and gas packer market provides an analysis of the
most important trends expected to impact the market outlook from
2018-2022. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

According to Technavio analysts, the global oil and gas packer market
will grow at a CAGR of over 4% during the forecast period. The
increasing applications of packer as a downhole tool is a major factor
driving the market’s growth.

Oil and gas packer is a device that is used in most well completion
activities. A packer is required to isolate the annulus from the
production conduit. It helps protect the production casing from
corrosion and safeguards against high pressures. It also works to
separate multiple oil producing zones.

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In this report, Technavio highlights the increased shale oil and gas
production as one of the key emerging trends driving the global oil and
gas packer market:

Increased shale oil and gas production

The increased development of shale resulted in a decrease of imports for
the US. The US, which was among the top importers of crude oil across
the world, gradually reduced its imports, resulting in surplus crude oil
in the market.

The innovation of horizontal drilling techniques is driving the
development of shale resources, which include shale gas, tight oil, and
natural gas liquids, across the US and Canada. Due to the increased
production of natural gas, the US power generation is gradually moving
from coal to gas, thereby reducing the carbon emissions.

“The US Energy Information Administration anticipated the shale gas
output to increase in the big shale basins and estimated the US
producing to be around 11 mb/d by the end of 2019. Substantial increase
is estimated from the Appalachia region, including the Utica and
Marcellus shale formations. Such rise in the development of shale
resources is likely to propel the well completion and production
activities, which will increase the market potential for oil and gas
packers,” says a senior analyst at Technavio for oil
and gas research.

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Global oil and gas packer market segmentation

This market research report segments the global
oil and gas packer market by product (permanent packer and
retrievable packer), and key regions (the Americas, APAC, and EMEA).

In 2017, the Americas had the highest share of the global oil and gas
packer market accounting for around 55% of the market followed by EMEA
and APAC. The Americas will continue to dominate the market during the
forecast period, with APAC exhibiting the highest growth of around 1% by
2022, while the other two regions will experience a small decline in
their market share over the forecast period.

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