According to a
recent market research report published by Transparency Market
Research, the global packer market is projected to expand robustly
at a CAGR of 9.0% during the period between 2014 and 2020. The
report, titled “Packer Market - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2014 - 2020,” projects the
global
packer market to be worth US$4.9 bn by 2020. The overall
market stood at a valuation of US$2.7 bn in 2013.
A packer is a
downhole equipment that separates portions of a borehole. The rise in
drilling activities across oil and gas reservoirs has boosted the
demand from the global packer market. In the U.S., the popularity of
shale gas has further fuelled the demand for packers. However,
instances of packer seal failures during installation and operation
are expected to negatively affect the growth of the market during the
forecast period. The overall market has a huge opportunity to grow
with the discovery of new oilfields.
On the basis of
product type, the report broadly categorizes the global packer market
into retrievable packers and permanent packers. The permanent packer
segment is expected to dominate the market during the forecast
period. Available in a variety of pound-per-square-inch (PSI)
ratings, permanent packers are used across high-temperature and
high-pressure drilling setups. The superior functional capacity and
low cost of permanent packers make them suitable for extreme drilling
conditions. Retrievable packers can be removed from a drilling site
once the drilling operations are over. Retrievable packers are ideal
for applications that need consecutive recompletion. The growing
demand for retrievable packers for recompletion activities is
anticipated to augment the growth of the market in the coming years.
The report studies
the packer market across four key regions: Asia Pacific, North
America, Europe, and Rest of the World. North America is expected to
drive the demand from the market during the forecast period. The
rapid growth of this regional market can be attributed to the rise in
drilling activities across the U.S. and Canada. In Europe, declining
oil reserves in major oil and gas repositories will lead to sluggish
demand for packers. Russia, Kazakhstan, and Azerbaijan are expected
to contribute massively towards the growth of the market during the
forecast period. In the Rest of the World, countries in the Middle
East, South America, and Africa have some of the largest oil and gas
reserves in the world and are anticipated to fuel demand from the
market due to sustained drilling activities.
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Describing the
competitive landscape, the report profiles some of the key players in
the global packer market such as TIW Corporation, Team Oil Tools
Inc., Map Oil Tools Inc., Watson Packer, Tryton Tool Services,
Halliburton Company, Schlumberger Limited, Weatherford International
Ltd., Baker Hughes Incorporated, Pinnacle Oil Tools Inc., Logan
Completion Systems, Packer Plus Energy Services Inc., KazDuCo LLP,
LLC SPF “Master Packer”, Interwell Norway AS, and Sparta Oil
Tools Pvt. Ltd. The report further provides information about the
players including their business strategies and recent developments.
The global packer
market is segmented as:
Global Packer
Market by Product
- Permanent
- Retrievable
Global Packer
Market by Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
About Us
Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
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and analyze information.
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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