Packer Market Global Industry Analysis Forecast - 2020

Increasing global energy demand spurred by rapid industrialization and economic growth is expected to be one of the major growth drivers of the global packer market. Rise in drilling activities to fulfill the growing need for fossil fuel would augment the demand for well completion equipment. Packer is a type of sealing device or flexible tool used to isolate and contain production fluids and pressure within the wellbore. It is made of an elastomeric material and placed just above the producing zone. Packer protects the casing and other important formations above and below the producing zone. It is designed to expand and grip the wall of the casing and form a seal between the inside of the casing and the outside of the tubing.

There are two categories of packers, namely permanent packers and retrievable packers. A permanent packer can only be removed from a wellbore through milling. This type is fairly simple in nature and offers better performance than retrievable packers in operating conditions with extreme temperature and pressure. As the name suggests, a retrievable packer can be removed after the drilling operation, when the tubing is extracted from the wellbore. Complexity of a retrievable packer depends on its application (it can be highly complex for a high pressure and high temperature application or fairy simple for low pressure and low temperature application). Retrievable packers cost more than permanent packers due to the complexity of their design.

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Majority of the demand for well completion equipment is expected to arise from increased drilling activities in North America. Rise in drilling activities pertaining to oil and gas extraction in the U.S. and Canada is one the major factors fueling the demand for well completion equipment including packers. Companies operating in these regions have strategically located themselves near areas such as Texas and Alberta to gain advantage of the opportunities arising from drilling activities. The packer market in Europe is expected to witness a sluggish growth over the forecast period. Declining oil reserves in North Sea have led to a decrease in drilling activities. This, in turn, has resulted in reduced demand for well completion equipment in the region. A major portion of demand for packers is expected to arise from the Commonwealth of Independent States (CIS) countries including Russia, Kazakhstan and Azerbaijan. Rest of the World (RoW) in the packer market includes the Middle East, South America and Africa. These regions comprise some of the largest oil and gas producing nations such as Saudi Arabia, Iran, Iraq, Brazil, Libya, Angola and Venezuela. The packer market is expected to grow, as a result of the ongoing and anticipated drilling activities in these regions. New oil and gas discoveries in Africa and offshore areas of Brazil would continue to drive the demand for packers in the next few years.

Permanent packers are expected to hold a majority share of the global packer market in the near future. These type of packers can be used for a range of applications and provide better sealing and gripping capabilities than retrievable packers. Retrievable packers are generally used in wells, wherein subsequent work over or re-completion is required.

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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