Albany, NY -- (SBWIRE) -- 03/22/2016 -- 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.

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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)

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