Liner Hanger System Market to Rise at 6.01% CAGR Through 2028

Increasing demand for oil & gas, rising adoption of hydraulic fracturing, and heavy investments in offshore drilling are the major factors driving the market growth in the forecast period of 2024 – 2028.

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 at 6.01% CAGR during the forecast period. Increased investments in offshore exploration and production operations are expected to result in a significant increase in demand for liner hangers during the coming years. The market for liner hangers is rising due to a variety of factors, including number of rigs, 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. Also, 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 hangers are 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 administration offered the Nigerian National Petroleum Corporation (NNPC) 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.

Browse over 166 market data Figures spread through 225 Pages and an in-depth TOC on the "Global Liner Hanger System Market."

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.

The Global Liner Hanger System Market is segmented into 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. Due to their relatively lower cost and easy operation, mechanical liner hangers are favored in shallow depths. It is projected that the 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 split into onshore, offshore. Over the next years, 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, also the global market for liner hanger systems in the future years.

Major market players in the Global Liner Hanger System Market are: -

• NOV INC
• Halliburton Co.
• Weatherford International plc
• Schlumberger Limited
• Baker Hughes Company
• Dril-Quip, Inc
• TechnipFMC plc
• Innovex Inc
• Equinor ASA
• Allamon Tool Company, Inc.

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“Rising demand of oil and gas in vehicles and rapid rise in population are factors driving the growth of the Global Liner Hanger System market. Many governments are not focusing on investment in oil sectors. North America region and Asia pacific market players are inclined on petroleum conception due to which it is expected to grow with a high CAGR in the forecast period, "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global 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 and Competition 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 the Global Liner Hanger System market.

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