LONDON--(BUSINESS WIRE)--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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