Increasing global energy demand spurred by rapid industrialization and economic growth is expected to be one of the major growth drivers of the global packer market. Rise in drilling activities to fulfill the growing need for fossil fuel would augment the demand for well completion equipment.
Albany, NY -- (SBWIRE) -- 07/26/2016 -- Industrialization and economic development, predominantly in emerging economies, is cited as the primary reason for the increasing energy need in these regions. This has led to rising oil and gas exploration activities, which in turn is driving the global packer market.
For such reasons, the global packer market is expected to be valued at US$4,931.1 million by 2020. Increasing from a valuation of US$2,717.5 million in 2013, the market will display a healthy 9.0% CAGR for the period from 2014 to 2020.
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By product, the market is divided into permanent packers and retrievable packers. Among the two, by revenue, permanent packers will dominate the global market for the forecast period. Due to the availability of permanent packers in a variety of pound per square inch (psi) grades, they are suitable for high-temperature and high-pressure application. In addition, low cost and superior functional performance make them suited for intense work conditions.
Unlike permanent packers, retrievable packers can be removed after completion of drilling, when the tubing is removed from the wellbore. They are suitable for applications that require consecutive recompletion.
Being best suited for recompletion activities, the demand for retrievable packers is expected to rise in the years to come.
Based on geography, the global market for packer is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW).
Amongst all, North America is expected to be leading market for packers for the 2014-2020 period. This is mainly attributed to increasing drilling activities in the U.S. and Canada for reserves of shale gas, tar sands, and crude oil.
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Major Companies in the Global Packer Market
Weatherford International Ltd., Baker Hughes Incorporated, Map Oil Tools Inc., Tryton Tool Services, Pinnacle Oil Tools Inc., Halliburton Company, Schlumberger Limited, TIW Corporation, Logan Completion Systems, and KazDuCo LLP are the major companies having a major share in the global packer market.
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