The global liner hanger system market size reached US$ 2.34 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.07 Billion by 2028, exhibiting a growth rate (CAGR) of 4.40% during 2023-2028. Significant growth in the oil and gas industry, and development of expandable liner hangers, and extensive research and development (R&D) activities, represent some of the key factors driving the market.
A liner hanger system is a tool used in oil and gas drilling operations to attach and support a liner or casing string inside a wellbore. It typically consists of a hanger, a running tool, a liner-top packer, a polished bore receptacle (PBR), and a setting tool. They are manufactured using high-strength materials, including steel, aluminum, and rubber, that can withstand the harsh downhole conditions encountered in oil and gas drilling operations. A liner hanger system helps to ensure the stability and integrity of the wellbore, prevent fluid migration, and enable efficient and selective completion of multizone wells. It is also a versatile and effective tool that increases operational efficiency and reduces drilling time. As a result, a liner hanger system is extensively used in onshore and offshore activities.
Liner Hanger System Market Trends:
Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market. The liner hanger system is widely used in drilling and completion operations to suspend and seal the production liner or casing in the wellbore. In line with this, the widespread product adoption owing to the expansion of exploration and production activities is favoring the market growth. Furthermore, the introduction of advanced liner hanger systems that can withstand higher pressures and temperatures is acting as another growth-inducing factor. Apart from this, the development of expandable liner hangers that are designed to be set at a smaller diameter and then expanded to create a seal with the wellbore, which in turn is providing an impetus to the market growth. Expandable liner hangers also offer improved reliability, and flexibility, increase productivity and reduce costs. Additionally, the widespread product adoption in offshore activities for well completions, well intervention, and well abandonment operations are positively influencing the market growth. Moreover, the increasing utilization of advanced materials, such as high-strength alloys, composite materials, and polymers that offer improved resistance to corrosion, erosion, and wear and can withstand high temperatures and pressures, is providing a thrust to the market growth. Besides this, the rising demand for mechanical liner hangers that are deployed in shallow waters, as they are relatively cost-efficient and technically less challenging for the operators to explore and drill, is propelling the market growth. Other factors, including the increasing demand for energy, extensive research and development (R&D) activities, and rapid technological advancements, are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global liner hanger system market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and location of deployment.
- Conventional Liner Hangers
- Mechanical Liner Hangers
- Hydraulic Liner Hangers
- Expandable Liner Hangers
The report has provided a detailed breakup and analysis of the liner hanger system market based on the type. This includes conventional liner hangers, mechanical liner hangers, hydraulic liner hangers, expandable liner hangers, and others. According to the report, conventional liner hangers represented the largest segment.
Location of Deployment Insights:
The report has provided a detailed breakup and analysis of the liner hanger system market based on the location of deployment. This includes onshore and offshore. According to the report, onshore represented the largest segment.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for liner hanger system. Some of the factors driving the North America liner hanger system market included significant growth in the oil and gas industry, rapid technological advancements, and extensive research and development (R&D) activities.
The report has also provided a comprehensive analysis of the competitive landscape in the global liner hanger system market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Conventional Liner Hangers, Mechanical Liner Hangers, Hydraulic Liner Hangers, Expandable Liner Hangers, Others
|Location of Deployments Covered
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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Key Questions Answered in This Report:
- How has the global liner hanger system market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global liner hanger system market?
- What is the impact of each driver, restraint, and opportunity on the global liner hanger system market?
- What are the key regional markets?
- Which countries represent the most attractive liner hanger system market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the liner hanger system market?
- What is the breakup of the market based on the location of deployment?
- Which is the most attractive location of deployment in the liner hanger system market?
- What is the competitive structure of the global liner hanger system market?
- Who are the key players/companies in the global liner hanger system market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the liner hanger system market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global liner hanger system market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the liner hanger system industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.