"One of the chief aspects fuelling demand is rising need for effective zonal isolation technologies to prevent damage of casing and other formations in a wellbore. Moreover, zonal isolation packers are also widely-used as an ideal anchor point for effective production tubing, creating untapped potential for the stakeholders of zonal isolation packers market", says Fact.MR study
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Zonal Isolation Packers Market- Key Insights
- Worldwide sales of zonal isolation packers witnessed subdued growth at a CAGR of over 3% from 2013 to 2018. However, ever-evolving demand for energy extraction across the globe provides credence to the unabated demand for zonal isolation packers in the future.
- Sales of permanent zonal isolation packers are likely to grow at a CAGR of over 5% in 2019. Permanent zonal isolation packers are estimated to account for over 2/3rd of overall market share by 2027, and will continue to be the top-selling product type.
- North America will prevail as the largest market for zonal isolation packers, with demand underpinned by resurgence in drilling & well-intervention applications.
- APAC & MEA will remain the fastest-growing market for zonal isolation packers, notably driven by rising focus and investments in both onshore as well as offshore oil & gas exploration activities.
Adoption of Zonal Isolation Packer Soars as End-Users Seek Improved Well Lifecycle with Minimum Workover
Global demand for zonal isolation packers remains influenced by two chief factors - well lifecycle and workover. With resurgence in oil & gas drilling activities worldwide and consistent growth i well-intervention activities, deployment of zonal isolation packers, is increasing for seamless production maintenance in the existing oilfields.
Multiple varieties of zonal isolation packers, including inflatable packers, swellable packers, intelligent completion packers, hydraulically set packers, dual string packers, sand control packers, and mechanical packers, are witnessing augmented demand for use in diverse target applications. With relatively greater performance and reliability being two of the key benefits, permanent zonal isolation packer type is emerging as a force to reckon with in the zonal isolation packers market space.
Additional key players operating in the zonal isolation packers market and profiled in the report include Weatherford International PLC, Baker Hughes Inc., National Oilwell Varco, Inc., Trican Well Service Ltd., TAM International, Inc., Tendeka B.V., TAM International, Inc., Gryphon Oilfield Solutions, RGL Reservoir Management Inc., ERA Oilfield Services Co Ltd., Welltec, Vanguard Oil Tools Services LLC, Innovex Downhole Solutions, Inc., Superior Energy Services, Packers Plus Energy Services, Inc., Saltel Industries SAS, Nabors Industries Ltd., and NCS Multistage Holdings, Inc.
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