Global packer market is expected to witness significant growth over the next seven years owing to increasing hydrocarbon sealing equipment demand in oil & gas extraction process. Growing drilling & extraction activities globally is anticipated to spur packer demand over the forecast period. Packers are applied to pipes and casing during drilling process for efficient and safe hydrocarbon extraction. Packers are generally manufactured from elastomers which enhance resistance from external shear and vibrations. Variation in formation type and petrophysical properties within small range of topography makes it difficult for E&P companies to extract oil & gas with high efficiency. Different ambient properties in various regions require variety of suitable packers for the formations which is projected to augment the packer market growth over the forecast period.
Rising safety concerns coupled with increasing requirement for optimum efficiency extraction process to reduce wastage during oil production is expected to fuel packer market growth over the forecast period. Increasing E&P activities in both onshore and ultra-deep offshore hydrocarbon reserves is expected to promote safe drilling process and sustainable equipment management which in turn is anticipated to drive packer market growth over the foreseeable future. Growing horizontal drilling particularly in unconventional reserves is expected to bolster the packer market growth over the forecast period. High raw material cost due to customized design requirement is expected to hinder the packer market over the next seven years.
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Packers have been segmented into two types as permanent and retrievable. Permanent packers can be removed after the completion of the extraction process. These are applied on a small scale owing to high manufacturing cost and complex design as per the requirements. Retrievable packers are anticipated to witness rapid growth over the forecast period on account of low cost and simple installation method. These can be changed multiple times during the extraction process using milling tool.
North America was the dominant regional market in 2014 and is anticipated to show considerable growth over the next seven years on account of growing onshore E&P activities and increasing shale plays in the region. Asia pacific is expected to be the fastest growing regional market over the forecast period due to growing E&P activities particularly in Indonesia, China and Malaysia. Upcoming E&P projects in shale reserves in China are anticipated to witness surging packer demand over the foreseeable future. Upcoming E&P projects in emerging economies such China, Brazil and India are also projected to drive packer market growth over the next seven years.
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Major companies operating in global packer market include Team Oil Tools Inc., TIW Corporation, Baker Hughes Incorporated, Map Oil Tools, Inc., Weatherford International Limited, Tryton Tools Services, Schlumberger Limited, Logan Completion Systems and Halliburton Company.
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