USD 617.62 billion
Report ID: SQSG10B2007 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Liner Hanger Systems Market was valued to be USD 617.62 billion in 2021, and it is expected to reach USD 814.04 billion by 2028 at a CAGR of 4% over the forecast period (2022-2028).
A liner hanger is a tool used in oil and gas wells to support, secure, and hang a liner. In order to establish a solid hold from the interior of the liner and assist its installation, liner hangers require a mechanical component called slips. Under an already-existing casing string, liner hangers aid in capping open holes. To prevent issues with trapped pipe, some liner hangers are also employed during drilling operations in challenging and complex well types. Liner hangers are now required in the majority of oil and gas completion wells. The market for liner hangers is predicted to experience strong demand over the next several years as a result of increased investments in offshore exploration and production activities. The number of rigs, total drilled space per well, and technological advancements are all factors that contribute to the market for liner hangers expanding. Additionally, the market's major players have a tonne of chances because of the rise in used automobile sales.
In the upcoming years, it is projected that increasing use of hydraulic fracturing will greatly increase demand for liner hangers. Due to an increase in the production of complicated reservoir formations, unconventional wells, and the discovery of reserves in remote areas, horizontal drilling and directional drilling have become more popular recently. Because they are less expensive and easier to use, mechanical liner hangers are favored in shallow depths. Since heavy and lengthy liners are put in deep-water wells where expandable liner hangers are designed to be used, demand is expected to remain concentrated in Brazil, Nigeria, Canada, the U.S., and Angola. These are expected to further fuel the oil and gas industry's demand for liner hangers.
Global Market Size
USD 617.62 billion
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The Global Liner Hanger Systems Market is segmented based on type, location of deployment, and region. Based on Type, it is categorized into Conventional Liner Hangers and Expandable Liner Hangers. The Conventional Liner Hangers segment is further sub segmented into Mechanical Liner Hangers and Hydraulic Liner Hangers. Based on Location of Deployment, it is categorized into Onshore and Offshore. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Analysis by Location of Deployment
On the basis of location of deployment, the onshore segment is expected to dominate the global liner hanger systems market over the forecast period. During the anticipated period, the onshore segment will significantly increase its market share for liner hanger systems. In the upcoming years, the growth of the onshore oil and gas equipment market and, in turn, the market is expected to be supported by an increase in shale oil and gas E&P activities.
On the other hand, about 30% of the world's crude oil production is accounted for by the offshore oil and gas sector. The main offshore oil and gas production regions include the Middle East, North Sea, Brazil, and the Gulf of Mexico.
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Based on the region, the North American region currently dominates the global market. North America will account for 39% of the market's share over the forecasted timeframe. The main markets in North America for liner hanger systems are the US and Canada. Because of the abundance of unconventional oil and gas deposits in the US, Canada, and Argentina, among other nations, liner hanger systems are widely used in this region. Over the course of the projection period, this will support the expansion of the market in North America.
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The liner hanger systems market is a fairly competitive area. In order to compete in the fragmented market for liner hanger systems, companies are using growth tactics like corporate expansion and acquisitions.
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According to the analysis, the global liner hanger systems market is currently led by countries in the North American region, due to the abundance of unconventional oil and gas deposits in the US, Canada, and Argentina, among other nations, liner hanger systems are widely used in this region. Along with this, the onshore deployment segment is projected to lead the market over the forecast period.
|Market size value in 2021||USD 617.62 billion|
|Market size value in 2028||USD 814.04 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Liner Hanger Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Liner Hanger Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG10B2007