Dublin, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The "Oil and Gas Swell Packers Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas swell packers market is expected to rise with a CAGR of more than 1.5% during the forecast period of 2020-2025
Increasing production of oil and gas, along with rapidly growing drilling and completion operations in oil and gas fields, are likely to drive the oil and gas swell packers market. However, the volatile oil prices are expected to slow downstream activities expected to restrain the oil and gas swell packers market.
Due to the increased completion of drilling and workover activities, the onshore segment is likely to dominate the oil and gas swell packers market during the forecast period. In 2019, the increase in natural gas production was about 3.3%, which is likely to drive the market.
The development in the area of gas hydrates, which is still in the research phase and its requirement of new technologies for its production, is likely to create several opportunities for the oil and gas swell packers market in the future.
Due to its rapidly growing upstream industry, North America will likely be the fastest-growing market for the oil and gas swell packers during the forecast period. In 2019 the region produced 6.6% more crude oil than the previous year, which is likely to positively impact the swell packers market.
Key Market Trends
Onshore Segment Expected to Dominate the Market
Swell packer is an isolation device that relies on elastomers to expand and form an annular seal when immersed in certain wellbore fluids. The elastomers used in these packers are either oil- or water-sensitive. Their expansion rates and pressure ratings are affected by a variety of factors.
- The increasing number of wells and the completion of several new and workover wells, which require swell packers to seal the area between the drill pipe and casing, will likely drive the market. Moreover, swell packers have very few moving parts, making them simple and do not require drill stem to install it in position.
- Moreover, the low investment cost in onshore field development than offshore is attracting more investment in onshore, thus driving the oil and gas swell packers market during the forecast period.
- In 2019, the global natural gas production was 3989.3 billion cubic meters (bcm), higher than the world's production in 2018, 3857.5 bcm. Moreover, in 2019, about 23.3% of the electricity generated worldwide was from natural gas. The increasing demand and production of natural gas over the world is likely to positively impact the more well completion activities, which is expected to drive the oil and gas swell packers market.
- In recent years several new oil and gas fields were discovered in the world, in 2019, a new oil field was found in Khuzestan province of Iran, which is expected to have 50 billion barrels of oil. The development of such newly discovered fields is expected to positively impact the oil and gas swell packers market.
- Hence, owing to the above points, the onshore segment is likely to dominate the oil and gas swell packers market during the forecast period.
North America Expected to be the Fastest Growing Market
North America, due to its rapid increase in crude oil and natural gas production in the world, held a significant share in the market. In 2019, North America produced is approximately 24.9% of the global crude oil production.
- Countries in North America have planned to decrease their carbon signature by using cleaner fuel such as natural gas from which the carbon emissions are less. Natural gas energy in the countries in North America already surpassed coal-based power and is likely to take over the energy sector, thus reducing greenhouse gas emissions.
- The increasing use of swell packers can also be seen as the alternative for mechanical packers with complex designs and are likely to encounter some problems when installed or uninstalled. Swell packers, on the other hand, are simple and do not have such issues.
- As of 2019, North America's crude oil production was 1116.5 million tonnes (MT), which was higher than the region produced in 2018, 1042.2 million tonnes (MT). The increase in crude oil production over the year exhibits the increase in the new wells, which requires the installation of the packers to prevent the casing from getting eroded. This is likely going to drive the swell packers market in the region.
- In Jan 2018, Exxon Mobil Corp announced to triple its oil and gas production by 2025 from Permian Basin. The Permian Basin is the largest shale oil and gas basin in the United States. Increasing company production is likely to positively impact the oil and gas swell packers market during the forecast period.
- Hence, owing to the above points, North America is expected to be the fastest-growing market for the oil and gas swell packers during the forecast period.
Competitive Landscape
The oil and gas swell packers market is moderately fragmented. Some of the key players in this market include Schlumberger Limited, Halliburton Company, Weatherford International plc, Weir Group PLC, and Packers Plus Energy Services Inc.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.2 Offshore
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Schlumberger Limited
6.3.2 Halliburton Company
6.3.3 Weatherford International plc
6.3.4 Weir Group PLC
6.3.5 Swell X
6.3.6 TAM International, Inc.
6.3.7 Tendeka
6.3.8 Packers Plus Energy Services Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/fgd1dr
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.