According to a recent publication by Transparency Market Research (TMR), 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 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.

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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.

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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.

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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