The
global packer industry is expected to grow at a 9.0% CAGR during the
period of 2014-2020, reaching US$4,931.1 million in 2020 from
US$2,717.5 million in 2013.The research report, titled “Packer
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2014 - 2020”, discusses the past and present performance
of the market as well as the opportunities the industry will hit upon
in future. The trends, driving forces, and the challenges restricting
the global packer market are also discussed in this report.
Browse
Packer Market Report with Full TOC at
http://www.transparencymarketresearch.com/packer-market.html
A
packer is a sealing tool or a flexible device utilized to separate
and surround production fluids and pressure inside the wellbore. It
is made out of an elastomeric material and is positioned just above
the manufacturing area. It guards the case and other essential
formations above and below the manufacturing area. It is designed in
such a manner that it expands and holds the wall of the case and
creates a seal between the inside of the case and the outside of the
tube.
Rapid
economic growth and speedy industrialization has stimulated the
global demand for energy. To accomplish the resultant soaring need
for fossil fuels, drilling activities have also increased in recent
times. These factors are expected to trigger the demand for
packers.Permanent packers and retrievable packers are the two
categories within the global packer market according to product type.
Permanent packers are likely to lead the global market in terms of
revenue generated. The low cost and superior functional capacities of
permanent packers are the key factors stimulating the demand for
them. Various types of permanent packers are available in a wide
array of pound per square inch (psi) ratings, which enables these
packers to be employed in high temperature/high pressure
applications. Retrievable packers are suitable for applications that
require consecutive work-over and re-completion, as these packers can
be recovered and used again after servicing, making them ideal for
re-completion activities.
North
America, Europe, Asia Pacific, and Rest of the World are the regional
markets of the global packer industry. North America is estimated to
lead the global packer market during the forecast period owing to the
increase in drilling activities in Canada and the U.S. in search of
tar sands and shale gas and oil. In terms of the revenue generated,
the Rest of the World market stands at the second position. The
continued drilling activities along with new offshore gas and oil
discoveries in Africa and Brazil are the key factors stimulating the
demand for packers. Europe qualifies for the third rank, while the
market in Asia Pacific is the smallest packer market in terms of
revenue.
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Halliburton
Company, Weatherford International Ltd., Schlumberger Limited, Baker
Hughes Incorporated, Tryton Tool services, Map Oil Tools, Inc., and
TIW Corporation are some of the major players of this industry.
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