The Liner Hanger System Market is expected to experience strong growth from 2024 to 2028, according to the TechSci Research report titled "Global Liner Hanger System Market - By Region, Competition, Forecast & Opportunities, 2018-2028." The increased investment in offshore exploration and production operations is expected to result in a significant rise in demand for liner hangers during the forecast period. Factors contributing to the market's growth include the number of rigs, the total drilling area per well, and technical advancements. The major companies in the market also have numerous opportunities due to the surge in used car sales.
The use of hydraulic fracturing is projected to increase demand for liner hangers in the coming years. Horizontal and directional drilling have become more popular due to the production of complicated reservoir formations, unconventional wells, and the discovery of reserves in remote areas.
Liner hangers are used in oil and gas wells to support, hold, and hang liners. To provide a firm grip from inside the liner and aid in its installation, they require a mechanical component known as slips. Liner hangers assist in closing open holes beneath an existing casing string. Various liner hangers are also employed during drilling operations in difficult and complex well types to prevent issues with stuck pipe. Most oil and gas completion wells nowadays require liner hangers.
Moreover, in 2020, the Nigerian National Petroleum Corporation (NNPC) granted permission to invest over 26 billion in upstream offshore exploration and production operations by 2025. Thus, there is likely to be an increase in demand for expandable liner hangers in deepwater and ultra-deepwater depths throughout the forecast period.
The Chinese government is implementing significant and favorable reforms to boost foreign investment in the oil and gas industry. The availability of more land to independent players is anticipated to diversify investments and boost drilling and completion operations, thereby driving the country's market for expandable liner hanger systems. This is a crucial aspect 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, E&P 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: -
- Baker Hughes Company
- JC Petro
- TIW Corporation
- 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 By Well Type (Horizontal/ Directional well, Vertical Well), By Hanger Type (Mechanical liner hangers, Hydraulic liner hangers, Expandable liner hangers), By Application (Onshore, Offshore), By Region 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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