LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the global swellable packers market for the forecast period 2019-2023. This global swellable packers market analysis report segments the market by application (onshore and offshore) and geography (APAC, Europe, the Middle East and Africa, North America, and South America).
Global swellable packers market size will grow by almost USD 515.97 million during 2019-2023, at a CAGR of more than 6%. Oil and gas wells are constantly exposed to high-pressure and high-temperatures. So, there is a growing demand for reliable packers that can sustain in such harsh environments. Many large oil and gas companies are developing swellable packers that can withstand high-pressures and high-temperatures. For instance, Tendeka’s SwellRight Ultra can withstand pressures up to 10,000 psi and can be used in temperature environments of 00C-1500C. Many such advances in swellable packer technology are expected to support the growth of the global swellable packers market during the forecast period.
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Increase in unconventional oil and gas drilling
Unconventional oil and gas drilling activities are growing due to the abundant presence of their reserves. This is attracting huge investments in the oil and gas sector. Many large oil and gas companies are increasing investments in shale oil and extraction to increase production as well. For instance, Exxon Mobil has recently announced its plan to expand its shale production per day by three-fold in the Permian basin by 2025. The increasing unconventional oil and gas drilling activities in countries like the US, Canada, and China has led to an increase in the production of oil from conventional reserves. These factors will drive the expansion of the global swellable packers market over the forecast period.
“Offshore oil and gas production is increasing in the US as the new government is implementing a strategic approach to offshore oil and gas production. It was aimed at restarting offshore oil and gas production units along the Arctic, Atlantic, and Pacific oceans. The growing infrastructural developments in the APAC region is increasing the need for oil and gas products. Countries such as China, Indonesia, Malaysia, and Vietnam are expected to increase their offshore oil and gas projects. The growing demand for the extraction of oil and gas will drive the global swellable packers market,” says an analyst at Technavio.
Vendors such as TAM International Inc. are offering products like the Smart FREECAP. It is designed to be installed with intelligent well completion systems to provide efficient well isolation. Recently, Chevron Corporation announced its plans to invest in improving oil and gas drilling operations in the US. The company also has plans of expanding its operations in the Permian Basin. Furthermore, PetroChina Company Limited is expected to increase its production of shale and natural gas.
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This global swellable packers market industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several swellable packer manufacturers including -
- Buckeye Partners, L.P.
- Magellan Midstream Partners, L.P.
- Oiltanking GmbH
- Royal Vopak
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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