Transparency Market Research has released a new market research report titled Packer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020. According to the report, the global packer market revenue stood at 2,717.5 Million in 2013 and is projected to reach 4,931.1 Million by 2020, expanding at a CAGR of 9.0% between 2014 and 2020.
Rise in global demand for fossil fuel spurred by demographic and economic growth is expected to drive the global packer market. Global oil and gas exploration and production activities have increased over the years leading to a rise in demand for oil well equipment. Exploration & Production (E&P) companies constantly explores for new oil and gas reserves and focuses on less explored deep and ultra-deep offshore reserves. Besides conventional oil and gas reserves, the drilling activities pertaining to unconventional shale gas/oil have equally contributed to the increase in demand for well completion equipment including packer
