LONDON, April 8, 2019 /PRNewswire/ -- About this market
The increase in global rig count owing to the rising drilling activities will drive the adoption of swellable packers. With increasing number of companies announcing contracts for the construction of offshore drilling rigs, the demand for drilling and completion equipment including the swellable packers. In addition, vendors are engaging in strategic partnerships for providing integrated drilling service for conventional and unconventional oil and gas drilling rigs. This is further expected to trigger the swellable packers market growth in the upcoming years. Analysts have predicted that the swellable packer market will register a CAGR of over 6% by 2023.
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Market Overview
Increase in unconventional oil and gas drilling
One of the growth drivers of the global swellable packer market is the increase in unconventional oil and gas drilling. The growing use of swellable packers in horizontal wells, which are usually drilled in unconventional oil and gas production is expected to drive the growth of the swellable packer market during the forecast period.
Increase in adoption of renewable energy
One of the challenges in the growth of global swellable packer market is the increase in adoption of renewable energy. The higher investments are being redirected toward renewable energy sources than conventional fuels because of the growing use of renewable energy sources. This will have a negative impact on the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the swellable packer market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. Large oil and gas companies in the market are focusing on developing packers that can overcome extreme well environments such as high-pressure and high temperature conditions. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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