Packer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 01/20/2015 -- Transparency Market Research has released a new market research report titled Packer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020. According to the report, the global packer market revenue stood at 2,717.5 Million in 2013 and is projected to reach 4,931.1 Million by 2020, expanding at a CAGR of 9.0% between 2014 and 2020.
Rise in global demand for fossil fuel spurred by demographic and economic growth is expected to drive the global packer market. Global oil and gas exploration and production activities have increased over the years leading to a rise in demand for oil well equipment. Exploration & Production (E&P) companies constantly explores for new oil and gas reserves and focuses on less explored deep and ultra-deep offshore reserves. Besides conventional oil and gas reserves, the drilling activities pertaining to unconventional shale gas/oil have equally contributed to the increase in demand for well completion equipment including packers.
Browse the full Packer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/packer-market.html
Permanent packers are expected to dominate the market in terms of revenue. Low cost and better operational capabilities are the major factors driving the demand for permanent packers. Permanent packers are available in different varieties with a wide range of pound per square inch (psi) ratings and can be used in high pressure/high temperature applications. Retrievable packers are best suited for applications requiring subsequent work over and re-completion. These packers can be retrieved and reused after servicing, which makes them ideal product for re-completion activities.
North America is estimated to dominate the packer market during the forecast period. Increasing drilling activities in Canada and the U.S. pertaining to the exploration of shale gas/oil and tar sands are anticipated to drive the demand for packers in North America. In terms of revenue share, North America is followed by Rest of the World (RoW) that includes major oil and gas producing countries such as Saudi Arabia, Iran, Iraq, Angola, Libya, Nigeria, Brazil and Venezuela. Ongoing drilling activities along with new oil and gas discoveries in offshore areas of Brazil and Africa are the major factors driving the demand for packers.
Europe is the third-largest market for packers in the world. Ongoing drilling activities in the North Sea and Western Siberia are fueling the demand for packers in the region. Asia Pacific represents the smallest market for packers in terms of revenue share. Demand for packers in Asia Pacific is primarily driven by the E&P activities in China, Australia and Indonesia.
Some of the key players in the packer market include Weatherford International Ltd., Halliburton Company, Baker Hughes Incorporated, Schlumberger Limited, Tryton Tool services, TIW Corporation, Map Oil Tools, Inc., Logan Completion Systems, Pinnacle Oil Tools Inc. and KazDuCo LLP.
The research study analyzes and estimates the market size in terms of market revenue (USD Million). The report covers product segments and provides region-wise data in terms of revenue. The report also provides historical data, detailed analysis, and statistically refined forecast (2014 – 2020) for the product and geographical segments. The research covers a comprehensive analysis of key players operating in the packer market.
The global packer market is segmented as follows:
Global Packer Market: Product Segment
Global Packer Market: Regional Analysis
Rest of the World (RoW)
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