Global Packer Market to Reach US$4,931.1 Million by 2020

2026-08-21 06:18:45 Business

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Packers are downhole equipment used to separate portions of a borehole from each other. Escalating energy needs have spurred well construction activities to tap oil and gas reservoirs, of which casing and tubing are crucial elements.
A packer, which consists of a sealing device, holding device, and an inside conduit for fluids, shields the casing and other formations above or below the production zone.

The research report segments the packer market on the basis of products and geography. Permanent packers and retrievable packers are the product segments for which revenue projections for the forecast period in the key regional markets under purview are included in the research report.

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Scope

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.
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.

Key Players

Some of the key players in the 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.

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