LONDON--(BUSINESS WIRE)--The global swellable packers market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Oil and gas companies in the US are increasing upstream investments in shale oil and gas extraction to increase oil and gas production. For instance, last year, Exxon Mobil announced its plan to increase share oil production by three-fold in the Permian Basin by 2025. Similarly, Chevron Corporation is making significant investments to improve oil and gas E&P activities in the Permian Basin and the Gulf of Mexico. The rising investments in oil and gas E&P activities are expected to increase the demand for swellable packers in zonal isolation applications to prevent the mixing of reservoir fluids in one zone with oil in another zone. As a result of these factors, the growth of the global swellable packers market will accelerate during the forecast period.
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As per Technavio, the advances in swellable packer technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Swellable Packers Market: Advances in Swellable Packer Technology
Vendors in the market are focusing on the development of next-generation packers that can overcome extreme well environments, such as high-pressure and high-temperature conditions. For instance, several vendors are offering swellable packers that use less rubber, withstand up to a pressure of 10,000 psi, and work in the temperature range of 0oC – 150oC. Certain vendors are integrating swellable packers with intelligent well completion systems to provide efficient well isolation. Such technological advancements are enabling swellable packers to function in challenging bottom hole environments. These factors are expected to fuel the growth of the market during the forecast period.
“Apart from advances in swellable packer technology, increase in deepwater and ultra-deepwater projects and Qatar’s exit from OPEC are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Swellable Packers Market: Segmentation Analysis
This market report segments the global swellable packers market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the rise in unconventional oil and gas drilling activities such as shale oil and tight gas and offshore E&P activities in the region.
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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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