Global Liner Hanger System Market to Reach US$ 3.4 Billion by 2032, Stimulated by Rising Global Energy Demand

October 12, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Liner Hanger System Market Report by Type (Conventional Liner Hangers, Mechanical Liner Hangers, Hydraulic Liner Hangers, Expandable Liner Hangers, and Others), Location of Deployment (Onshore, Offshore), and Region 2024-2032,” the global liner hanger system market size reached US$ 2.4 Billion in 2023. A liner hanger system is a critical component in the oil and gas industry, designed for the efficient and secure installation of casing liners in wellbores. It plays a pivotal role in the exploration and production of hydrocarbons. Liner hanger systems are employed primarily in the completion phase of drilling operations. They are used to support and seal the liner within the casing, preventing any annular flow and ensuring well integrity. Mechanical, hydraulic, and rotating, are some of the commonly available liner hangers that are tailored to specific well requirements. The utility of liner hanger systems extends to anchoring and suspending liners in the wellbore, allowing for effective zonal isolation and reservoir management. They also aid in mitigating potential issues, such as well collapse, while enhancing drilling efficiency and safety. The advantages of employing liner hanger systems include their ability to isolate different sections of the well, preventing fluid migration between zones, reducing well construction costs, and enhancing overall wellbore integrity.

Global Liner Hanger System Market Trends:

The global liner hanger system market is influenced by a range of key drivers, such as the increasing deep-water drilling activities, driven by the world's growing energy needs, which have necessitated the demand for advanced drilling systems. In line with this, technological advancements in liner hanger designs improve efficiency and reduce operational risks, which is further supporting the market growth. This is further propelled by the surge in unconventional resources, such as shale gas and tight oil. Apart from this, the fluctuations in crude oil prices can significantly affect investments in exploration and production activities, which is another growth-inducing factor. Additionally, stringent environmental regulations by governments of various nations have escalated the demand for safer and more efficient equipment, which is fueling the market growth. Moreover, the growing focus on maximizing reservoir performance has led to an increased emphasis on the quality of drilling systems, further propelling the market growth. Looking forward, the market value is projected to reach US$ 3.4 Billion by 2032, expanding at a CAGR of 3.5% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented into conventional, mechanical, hydraulic, expandable liner hangers, and others. Currently, conventional liner hangers dominate the market, holding the largest share.
  • On the basis of the location of deployment, the market has been bifurcated into onshore and offshore. According to the report, onshore represents the largest segment.
  • Based on the region, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
  • The competitive landscape of the market has also been examined, with some of the key players being Allamon Tool Company, Baker Hughes Company, Dril-Quip, Inc., Halliburton Company, Innovex Downhole Solutions, Inc., JC Petro, NCS Multistage, NOV Inc., Packers Plus Energy Services Inc., Schlumberger Limited, and Weatherford International plc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Conventional Liner Hangers, Mechanical Liner Hangers, Hydraulic Liner Hangers, Expandable Liner Hangers, Others
Location of Deployments Covered Onshore, Offshore
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Allamon Tool Company, Baker Hughes Company, Dril-Quip, Inc., Halliburton Company, Innovex Downhole Solutions, Inc., JC Petro, NCS Multistage, NOV Inc., Packers Plus Energy Services Inc., Schlumberger Limited, Weatherford International plc, etc.
Customization Scope 10% Free Customization
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Global Liner Hanger System Market to Reach US$ 3.4 Billion by 2032, Stimulated by Rising Global Energy Demand
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