LONDON–(Enterprise WIRE)–Technavio’s newest market analysis report on the worldwide oil and gas packer market supplies an evaluation of an important trends expected to affect the market outlook from 2018-2022. Technavio defines an rising development as an element that has the potential to significantly impact the market and contribute to its progress or decline.
In keeping with Technavio analysts, the worldwide oil and gas packer market will grow at a CAGR of over four% through the forecast interval. The growing functions of packer as a downhole software is a significant component driving the market’s progress.
Oil and gas packer is a system that is used in most nicely completion activities. A packer is required to isolate the annulus from the production conduit. It helps protect the production casing from corrosion and safeguards in opposition to high pressures. It additionally works to separate a number of oil producing zones.
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On this report, Technavio highlights the increased shale oil and gas production as one among the key rising traits driving the worldwide oil and gas packer market:
Increased shale oil and gas production
The increased improvement of shale resulted in a lower of imports for the US. The US, which was among the top importers of crude oil internationally, regularly decreased its imports, resulting in surplus crude oil in the market.
The innovation of horizontal drilling methods is driving the event of shale assets, which embrace shale fuel, tight oil, and natural fuel liquids, across the US and Canada. Due to the increased manufacturing of natural gas, the US energy era is regularly transferring from coal to gas, thereby reducing the carbon emissions.
“The US Power Info Administration anticipated the shale fuel output to increase in the massive shale basins and estimated the US producing to be round eleven mb/d by the top of 2019. Substantial enhance is estimated from the Appalachia area, including the Utica and Marcellus shale formations. Such rise in the development of shale assets is more likely to propel the properly completion and manufacturing actions, which can enhance the market potential for oil and gas packers, says a senior analyst at Technavio for oil and gas analysis.
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World oil and gas packer market segmentation
This market analysis report segments the worldwide oil and gas packer market by product (everlasting packer and retrievable packer), and key areas (the Americas, APAC, and EMEA).
In 2017, the Americas had the highest share of the worldwide oil and gas packer market accounting for around fifty five% of the market adopted by EMEA and APAC. The Americas will proceed to dominate the market during the forecast interval, with APAC exhibiting the best progress of round 1% by 2022, while the other two areas will experience a small decline of their market share over the forecast interval.
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