Packer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 03/24/2015 -- Packers are the foundation of any good cased-hole completion design. It is a sealing device that isolates and confines the fluids that are produced in a wellbore along with the pressure at which they are produced. A packer, therefore, protects the casing and other formations underneath and on top of the main production spot. A packer is a character inseparable from any well in order for it to perform basic functions.
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The four critical features of a packer are its slip, body, cone, and packing element. A quality packer usually provides the basic sealing function for casings and tubings, along with other advantages such as:
Hold the fluid for well-servicing within the casing's annulus
Improve safety of the well by restricting well control to the tubing near the surface of the well
Enhance production rates by increasing the well flow
Provide rudimentary weight support for the tubing
Stop a tubing string from moving downwards
Separate different producing zones in the well
Protect casing from corrosion
Global Packer Market Overview
The types of packers are fairly divided into two segments: permanent and retrievable. The only way a permanent packer can be cleanly removed from a wellbore is using milling. Permanent packers are easy to use and usually provide better performance than retrievable packers. They are generally preferred more in places or conditions with extreme pressures and temperatures. A retrievable packer on the other hand, is far easier to remove after a drilling operation has ended. It can be removed when the tubing is taken out from the wellbore. The application complexity of a retrievable packer is directly proportional to their intended location of use. Extreme temperatures and pressures demand much more complex retrievable wells, while more relaxed conditions require simpler packers. By cost, retrievable packers are more expensive than permanent ones.
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Global Packer Market: Regional and Organizational Segmentation
The four major regions that are clubbed with nations in both geographic and economic vicinity are North America, Europe, Asia Pacific, and the Rest of the World. Of these, the biggest demand for equipment in well completion comes from North America, which is currently experiencing increased drilling activities. The U.S. and Canada have scaled up their drilling projects in regards to their oil and gas extraction processes. In fact, most of the oil and gas drilling companies have based themselves in places including Alberta and Texas, to make convenient their operations in the resource-rich states.
On the other hand, the Europe packer market is predicted to maintain a slow and mostly saturated growth. This is primarily due to declining drilling activities in the near depleted reserves of the North Sea. This will create a direct negative impact on the packer market, reducing its demand. A majority of the packer demand is expected to be received from the Commonwealth and Independent States such as Azerbaijan, Kazakhstan, and Russia.
The top companies in the global packer market include Logan Completion System, Tryton Tool Services, Map Oil Tools Inc., Team Oil Tools Inc., TWI Corporation, Halliburton Company, Baker Hughes Inc., Weatherford International Limited, and Schlumberger Limited. Each of these companies portrays strong finances, unique overviews, steadfast business strategies, and breaking developments.
In conclusion, the strong growth in the global packer market is heralded mostly by North America and the Rest of the World, both being regions that prefer permanent packers. The global packer market was once worth US$2,717.5 million in 2013. It is expected to grow at a CAGR of 9.0% from 2014 to 2020, eventually landing at an overall market value of US$4,931.1 million in 2020. This shows that the market is definitely on the rise due to expansion in drilling projects in two of the four global regions.
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