Packer Market - Industry Analysis, Size, Share, Size, Growth, Forecast 2020
The new report published by Transparency Market Research, titled
“Packer Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2014 - 2020”, analyzes the global packer
market and presents a forecast about the future state of this market
over the 2014-2020 period. The report states that the market, which
was valued at US$2.7 bn in 2013, will expand at a healthy 9.0% CAGR
over the report’s forecast period and rise to a value of US$4.9 bn
by 2020.
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The report states that factors such as an overall rise in the global
demand for fossil fuels, spurred by the ever-increasing population
and economic development, are crucial in driving the overall demand
for packers across the globe. While the demand for energy is
continuously rising owing to rapid industrialization, an increase in
drilling activities across major oil and gas producing areas is also
a key factor driving an increase in demand for packers.
The report segments the global packer market based on two criteria:
product type and key regional market. Based on type of products, the
market is further segmented into permanent packers and retrievable
packers. Geography-wise, the market is segmented into North America,
Asia Pacific, North America, and the Rest of the World.Of the two
product types discussed in the report, the market segment of
permanent packers is expected to dominate the global market over the
report’s forecast period. Permanent packers are available in a
variety of pound-per-square-inch (PSI) ratings in the market. As a
result, permanent packers can be employed in a number of
high-pressure and high-temperature drilling setups. The low cost and
superior functional capacity of permanent packers also make them most
suitable for vigorous drilling conditions.
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Growth, Trends, and Forecast 2014 - 2020 report at
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Retrievable packers, unlike permanent packers, can be removed from a
drilling site after the drilling is completed, during the removal of
tubing from the wellbore. Retrievable packers are especially suited
for applications that need consecutive recompletion. The suitability
of retrievable packers for recompletion activities is expected to
drive their demand in the coming years.Of the key regional markets
studied in the report, the global market for packers is expected to
gain its maximum demand from the North America market over the
report’s forecast period. Rise in drilling activities in the U.S.
and Canada will lead to most of the demand presented for packers from
the North America regional market. Declining oil reserves in major
European oil and gas repositories will lead to sluggish demand for
packers in Europe. A major portion of demand over the report’s
forecast period is also expected to arise from countries such as
Kazakhstan, Azerbaijan, and Russia. The Rest of the World section of
the global market – including the Middle East, Africa, and South
America – contains countries with some of the largest oil and gas
reserves in the world and is also expected to observe good growth
owing to sustained drilling activities.The key businesses operating
in the global packer market include Tryton Tool services,
Schlumberger Limited, Weatherford International Ltd., Halliburton
Company, TIW Corporation, Map Oil Tools, Inc., and Baker Hughes
Incorporated.
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)
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