TechSci Research report, “Packer fluid Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026” predicts that the global packer fluid market will experience impressive growth during the period of 2022-2026 due to increasing investment in oil and gas mining. The growth of the global packer fluid market in the upcoming five years is also expected to be driven by governmental aids and financial assistance from government authorities and private companies. Additionally, the growth of the global packer fluid market in the next five years will be further supported by increased oil exploration and drilling activities in various regions such as the Gulf of Mexico and Texas state of the United States. Furthermore, the demand for packer fluid is expected to increase in the next five years due to the rising offshore drilling activities. This will lead to increased demand for packer fluid and consequently, support the growth of the global packer fluid market. The demand for decreasing the cost of oil and gas drilling also supports the demand for packer fluid and consequently, the growth of the global packer fluid market until 2026.
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The global packer fluid market is segmented based on type, location, component, application, competitional landscape, and regional distribution. The market is further divided into water-based and oil-based packer fluids. The water-based packer fluids are expected to dominate the market segment with the largest revenue shares in the upcoming five years due to the advantages they offer, such as convenience and cost-effectiveness. Water-based packer fluids are traditionally used as water-based drilling muds to drill wells and later left to be utilized as packer fluid. However, the lack of non-corrosiveness in water-based packer fluids creates potential demand for oil-based packer fluids. Corrosion is a major concern that creates a demand for equipment, chemicals, and tools that can overtake the problem of corrosion. The oil-based packer fluids are expected to register significant and fastest growth in the next five years due to their cost-effectiveness and added non-corrosive advantages. Furthermore, oil-based packer fluids are more thermally stable than water-based packer fluids.
On the basis of location, the market is bifurcated into onshore and offshore. Offshore sub-segment is anticipated to register the fastest growing CAGR in the next five years on the account of increasing offshore drilling activities. The offshore locations usually have higher pressure and temperature in the drilling reservoir and thus requires packer fluid. Extreme temperatures and pressures demand much more complex wells, thus packer fluids are expected to contain the extreme pressure and thus support the growth of the global packer fluid market in the forecast years, until 2026.
Some of the market players, dominating the global market are:
- Schlumberger Limited
- Halliburton Company
- Oilmec Drilling Equipments Pvt. Ltd.
- Baker Hughes
- Weatherford International
- Chevron Phillips
- National Oilwell Varco
These market players along with new market entrants are focused on extensive research and bringing innovative and advanced products. Technologically advanced manufacturing of the packer fluid would aid in decreasing the cost of production and aid the players in managing their investments. Moreover, initiatives from the government and private fundings would support the global packer fluid market growth indirectly.
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“North America region is anticipated to continue its dominance over the other regional markets in the upcoming five years on the account of increasing demand for equipment in well completion. Also, increased drilling activities in the North America region is further anticipated to drive the market growth. Countries like the United States and Canada are experiencing rise in the oil and gas demands and to fulfill that, the extraction processes of oil from the reservoir and its drilling have increased, that is actively supporting the growth of the global packer fluid market in the future five years. Resource rich states like Alberta and Texas are further supporting the oil and gas demands and driving the growth of the global packer fluid market in the upcoming five years. Middle East & Africa region is also anticipated to register significant growth in the next five years on the account of increasing drilling activities in the region. Also, offshore drilling is further driving the growth of the global packer fluid market in the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Packer fluid Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Type (Water Based, Oil Based), By Location (Onshore, Offshore), By Component (Polymer Viscosifier, Corrosion Inhibitor, Soluble Salts), By Application (Provide Hydrostatic Pressure, Lower Differential Pressure, Protection from corrosion), By Region”, has evaluated the future growth potential of global packer fluid and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global packer fluid market.
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