Rising demand of oil and gas increasing consumption rate of transportation is fueling the market growth.
According to TechSci Research report, Liner Hanger System Market - By Region, Competition, Forecast Opportunities, 2018-2028 , the Liner Hanger System Market is expected to register robust growth during the forecast period, 2024-2028. Increased investments in offshore exploration and production operations are expected to result in a significant increase in demand for liner hangers during the forecast period. The market for liner hangers is rising due to a variety of factors, including the number of rigs, the total amount of drilling area per well, and technical developments. The market's big companies also have a tonne of opportunities due to the increase in used car sales.
In the upcoming years, it is projected that increasing use of hydraulic fracturing would greatly increase demand for liner hangers. Due to an increase in the production of complicated reservoir formations, unconventional wells, and the finding of reserves in remote areas, horizontal drilling and directional drilling have become more popular recently.
Liner hanger is used in oil and gas wells to support, hold, and hang liners. Liner hangers need a mechanical component known as slips to provide a strong hold from the inside of the liner and aid in its installation. Liner hangers assist in closing open holes beneath a casing string that already exists. During drilling operations in difficult and complicated well types, various liner hangers are also used to prevent concerns with stuck pipe. Most of the oil and gas completion wells now require liner hangers.
Furthermore, in 2020, the Nigerian National Petroleum Corporation (NNPC) administration offered the permission to invest more than 26 billion in upstream offshore exploration and production operations by 2025. Therefore, throughout the projected period, there is likely to be a growth in demand for expandable liner hangers in deepwater and ultra-deepwater depths.
The Chinese government is also implementing big, beneficial reforms to increase foreign investment in the oil and gas sector. More land being made available to independent players is anticipated to diversify investments and boost drilling and completion operations, which would in turn fuel the country's market for expandable liner hanger systems. This is a crucial component of the nation's 13th five-year plan.
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The Global Liner Hanger System Market is segmented on the basis of well type, hanger type, and application. Based on well type, the market is segmented into horizontal/ directional well, vertical well.
Based on hanger type, the market is divided into mechanical liner hangers, hydraulic liner hangers, and expandable liner hangers. Owing to their relatively lower cost and easy operation, mechanical liner hangers are favored in shallow depths. It is projected that demand will continue to be focused on Brazil, Nigeria, Canada, the United States, and Angola since expandable liner hangers are intended to be used in deep-water wells where heavy and lengthy liners are installed.
Based on application the market is further bifurcated into onshore and offshore. Over the forecast period, the onshore sector is expected to dominate the global market for liner hanger systems. The onshore segment’s market share for liner hanger systems will grow considerably throughout the expected time frame. A rise in shale oil and gas, EP operations is anticipated to promote the expansion of the onshore oil and gas equipment industry and, therefore, the worldwide market for liner hanger systems during the forecast years.
Major market players in the Global Liner Hanger System Market are: -
- Halliburton
- Baker Hughes Company
- Schlumberger
- JC Petro
- TIW Corporation
- Innovex
- NOV Inc.
- SCM Daleel
- Allamon Tool Company Inc.
- Tianjin Elegant Technology
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“Rising demand for oil and gas in vehicles and rapid rise in population is driving the growth of the Global Liner Hanger System Market. Governments of many countries are not focusing on investment in oil sectors. North America and Asia Pacific market players are inclined toward oil and gas projects due to which market expected to grow with a high CAGR during the forecast period. " Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
Liner Hanger System Market –Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, Segmented ByWell Type (Horizontal/ Directional well, Vertical Well), By Hanger Type (Mechanical liner hangers, Hydraulic liner hangers, Expandable liner hangers), By Application (Onshore, Offshore), ByRegion has evaluated the future growth potential of Global Liner Hanger System Market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Liner Hanger System Market.
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