The
global packer
market and presents a forecast about the future state of this
market over the 2014-2020 period. The report states that the market,
which was valued at US$2.7 bn in 2013, will expand at a healthy 9.0%
CAGR over the report’s forecast period and rise to a value of
US$4.9 bn by 2020.
The
report states that factors such as an overall rise in the global
demand for fossil fuels, spurred by the ever-increasing population
and economic development, are crucial in driving the overall demand
for packers across the globe. While the demand for energy is
continuously rising owing to rapid industrialization, an increase in
drilling activities across major oil and gas producing areas is also
a key factor driving an increase in demand for packers.
The
report segments the global packer market based on two criteria:
product type and key regional market. Based on type of products, the
market is further segmented into permanent packers and retrievable
packers. Geography-wise, the market is segmented into North America,
Asia Pacific, North America, and the Rest of the World.Of the two
product types discussed in the report, the market segment of
permanent packers is expected to dominate the global market over the
report’s forecast period. Permanent packers are available in a
variety of pound-per-square-inch (PSI) ratings in the market. As a
result, permanent packers can be employed in a number of
high-pressure and high-temperature drilling setups. The low cost and
superior functional capacity of permanent packers also make them most
suitable for vigorous drilling conditions.
Retrievable
packers, unlike permanent packers, can be removed from a drilling
site after the drilling is completed, during the removal of tubing
from the wellbore. Retrievable packers are especially suited for
applications that need consecutive recompletion. The suitability of
retrievable packers for recompletion activities is expected to drive
their demand in the coming years.Of the key regional markets studied
in the report, the global market for packers is expected to gain its
maximum demand from the North America market over the report’s
forecast period. Rise in drilling activities in the U.S. and Canada
will lead to most of the demand presented for packers from the North
America regional market.
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Declining
oil reserves in major European oil and gas repositories will lead to
sluggish demand for packers in Europe. A major portion of demand over
the report’s forecast period is also expected to arise from
countries such as Kazakhstan, Azerbaijan, and Russia. The Rest of the
World section of the global market – including the Middle East,
Africa, and South America – contains countries with some of the
largest oil and gas reserves in the world and is also expected to
observe good growth owing to sustained drilling activities.The key
businesses operating in the global packer market include Tryton Tool
services, Schlumberger Limited, Weatherford International Ltd.,
Halliburton Company, TIW Corporation, Map Oil Tools, Inc., and Baker
Hughes Incorporated.
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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Contact
Mr.Sudip
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