Inflatable Packers Market Size

Inflatable Packers Market size is expected to reach USD 559 Million by the end of 2036, growing at a CAGR of 11% during the forecast period, 2024-2036. In the year 2023, the industry size of inflatable packers was over USD 160 Million. With continuous exploration and extraction activities in the oil and gas industry, there’s a growing need for inflatable packers. These tools help in completion, stimulation, and production enhancement, contributing significantly to the market’s growth. For instance, in the U.S. the oil and gas extraction industry in 2022, accounted for USD 324 billion. Also as global perspective, the oil and gas drilling sector accumulated a revenue of USD 4.3 trillion in 2023.

Further, the demand for inflatable packers is widely increasing in the inflatable packers market as the number of new refineries is increasing around the world. The demand for deeper undergoing mining activities is also increasing, leading to a rise in the usage of inflatable packers. As per statistics, the revenue generated by the top 40 global mining companies was recorded to be at USD 943 billion in 2022.