Swellable Packers Market Segmentation:
Application Segment Analysis
Onshore segment is poised to largest revenue share, accounting for 52% of the global swellable packers market. The segment’s growth is primarily due to its extensive use in well isolation, zonal isolation, and hydraulic fracturing operations. As per the US Energy Information Administration, the production of 6.44 million barrels of crude oil per day, or 59% of the total production in the United States, was attributed to hydraulic fracturing from tight oil reservoirs in 2018, this provided for prospective opportunities for the market’s growth. The onshore oil and gas industry widely uses swellable packers for annular sealing, and increasing oil production and consumption is likely to drive the segment’s demand in the upcoming years. Additionally, Increasing government and public investment in new drilling contracts will also drive the demand for onshore swellable packers.
Product Type Segment Analysis
The retrievable packers segment is estimated to dominate the global swellable packers market during the forecast period, due to the low cost and simple installation process, retrieval packers are used widely. It may be changed several times by the use of milling equipment in the drilling process. In view of the large number of installations, this has led to a high market penetration and is expected to remain the dominant product segment. As a result of numerous installations in the well lifecycle, recoverable packers are likely to increase rapidly over the next few years.
Our in-depth analysis of the global swellable packers market includes the following segments:
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