Packer is a standard element of the hardware used in oil or gas wells to provide a seal between the inside of casing and the outside of the tubing. On the basis of their primary use, packers can be bifurcated into two categories namely, production packers and service packers. Production packers remain in the well during well production. While, service packers have temporary use during well service activities such as acidizing, cement squeezing, well testing and fracturing. Hydraulic Packers are good for use in crooked and deviated holes in which movement of the tube is unwanted or restricted. The tubing can be hung with neutral tension which is necessary for the basic functioning of most wells, producers, or injectors. It is also called well barrier element, typically part of the well’s primary barrier which protects from creating an A-annulus. Various types of packing-element systems make hydraulic packers suitable for a large number of applications.
Hydraulic Packers Market – Competitive Landscape
The Hydraulic Packers market is fragmented into several international and domestic companies. These players focus on developing efficient and cost-effective products. This strategy is estimated to help them garner a larger share of the global hydraulic packers market.
- In August 2018, Shearwater GeoServices Holding AS and Schlumberge announced agreement to acquire assets and operations of WesternGeco, which is geophysical services product line of Schlumberger. Shearwater GeoServices is a marine geophysical services company and it is owned by GC Rasmussengruppen and Rieber Shipping jointly.
- Major players in the Hydraulic Packers market are making considerable investment in R&D facilities to enlarge their product portfolio with energy efficient products to meet the growing demand from consumers from different industries.
Schlumberger Limited is a provider of technology for reservoir characterization, production, drilling, and processing to the oil and gas industry. Company has presence in more than 85 countries and employing around 100,000 employees. Schlumberger products and services include open-hole and cased-hole wire line logging, geophysical services, directional-drilling services, logging-while-drilling and surface data logging, well testing, drilling pressure control, drill bits, drilling and completion fluids and others.
D&L Oil Tools
The company has headquarter in Tulsa, Oklahoma and involve in designing, manufacturing, and assembling of down hole equipment for customers in both domestic and international markets. Company has wide range of product portfolio including mechanical set packers, hydraulic set packers, permanent set packers and others.
Baker Hughes, a GE Company LLC.
Baker Hughes, a GE Company is a provider of integrated oilfield products, services and digital solutions. Company is operating over 120 countries across the globe and has approximately 70,000 employees. Company’s headquarter is in Houstan, US.
Major players operating in the hydraulic packers market include Halliburton, Chevron Corporation, National Oilwell Varco., Nabors Industries Ltd., Weatherford, American Completion Tools, Tendeka, TAM International, Inc., Tianjin Tonwin Petroleum Technology Ltd., Puyang Kerui Mechanical Engineering Technology Ltd, TIW Corporation, Inflatable Packers International, Resato International and others.
Growing preference to bore wells in urban areas is expected to boost market growth
Rising preference for bore wells for water supply in urban areas is a major factor that is expected to drive the global hydraulic packers market in the next few years. Bore wells are growing in numbers in developing countries.
Technological advancement, growing product preference expected to surge the demand for hydraulic packers
Additionally, rise in technological advancements in hydraulic packers, rising adoption of equipment for bore wells, and growth of the oil & gas sector are projected to drive the demand for hydraulic packers in the coming years. High upfront and maintenance costs and an increase in the number of local players are likely to hamper the market during the forecast period.