Stripper packer is a device used to provide air tight seal around the coiled tubing when it is either run down the wellbore or poke out of the wellbore. The air tight seal is provided to restrict the well fluid or liquid from escaping from the casing. The seal is enabled by squeezing the rubber inserts around the tubing. Stripper packers are available in various bore sizes and pressure options. They are managed by an operator from a control room, working on hydraulic pressure mechanism.
Key factors driving the stripper packers market include increase in penetration of stripper packers in developing economies and rapid growth in the petroleum and natural & industrial gas industries. In order to cater to a wide range of customers across the world, producers and distributors of stripper packers are selling their products through various online channels, which is anticipated to generate high demand for the product in the near future. However, continuous extraction from oil reserves is projected to hamper the growth of the stripper packers market during the forecast period.
The global stripper packers market can be segmented based on the basis of product type, end-user, and region. On the basis of product type, the market can be classified into over/under stripper packer, side-door stripper packer, sidewinder stripper packer, and two-door stripper packer. In terms of end-user, the global stripper packers market can be divided into petroleum industry and natural & industrial gas industry. Based on region, the global stripper packers market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The stripper packers market in North America is anticipated to expand at a significant rate during the forecast period due to rapid increase in the production of oil in countries such as the U.S., Canada, and Mexico. The stripper packers market in Europe is projected to expand at a moderate growth rate during the forecast period due to rise in the number of oil refineries in countries such as Russia, Norway, the U.K., etc. The stripper packers market in Asia Pacific is anticipated to grow significantly in the near future owing to rise in the demand for stripper packers in oil & gas industry in countries such as China, India, etc. Middle East & Africa is estimated to dominate the global stripper packers market in the next few years due to high consumption of stripper packer in the region. The region comprises the largest oil producing countries in the world such as Saudi Arabia, the UAE, Iran, Iraq, Kuwait, Nigeria, Angola, etc. The stripper packers market in South America is projected to expand at a constant growth rate in the near future as there is rise in demand for stripper packers in oil fields and refineries situated in countries such as Venezuela, Brazil, Colombia, and Argentina.
Prominent players operating in the global stripper packers market include Forum Energy Technologies, Nexus Energy Technologies, National Oilwell Varco, Jereh Oilfield Equipment, Brighter Oil Group Co., and American Completion Tools. These players are projected to face tough competition in the next few years due to the presence of a large number of local players in the market. Manufacturers are focusing on innovation in products and research & development activities to strengthen their foothold in the global stripper packers market. Companies are engaging in mergers & acquisitions and joint ventures with local players to expand their product portfolio. Manufacturers in emerging economies are focusing on reducing their cost of production and increasing profitability for sustainable growth of their business.
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