According to the report by Expert Market Research (EMR), the global liner hanger market size reached a value of around USD 93.00 billion in 2023. Aided by the increasing complexity of drilling operations, including deep-water and ultra-deep-water drilling activities, the market is expected to register a CAGR of 4.9% in the forecast period of 2024-2032, to reach USD 136.35 billion in 2032.
Liner hangers play a crucial role in the oil and gas industry, serving as devices used to hang liners in wells. They are essential components in well completion operations, providing support for the casing, isolating specific sections of the wellbore, and facilitating the cementing process to secure the casing in place. The increasing complexity of drilling operations, including deep-water and ultra-deep-water drilling activities, emphasises the importance of liner hangers in ensuring operational efficiency and well integrity.
Several factors together contribute to the liner hanger market growth. The resurgence of oil and gas exploration and production activities, driven by the global demand for energy, directly impacts the demand for liner hangers. Additionally, advances in liner hanger technology, including the development of expandable and retrievable liner hangers, enhance well-completion outcomes and operational efficiency.
The exploration of new oil and gas reserves in challenging environments, such as deep and ultra-deep waters, necessitates robust liner hanger systems capable of withstanding high pressures and temperatures. Liner hangers contribute to cost savings by reducing the amount of casing required and ensuring the structural integrity of wells, making them indispensable in modern drilling operations.
Stringent regulations governing the oil and gas industry emphasise the need for reliable and efficient well-completion technologies, including liner hangers, to minimise environmental impacts and ensure safety, consequently driving up the liner hanger market share.
Companies in the liner hanger market are focusing on innovation, developing more resilient and versatile liner hanger systems that can adapt to various drilling conditions. Additionally, firms are exploring cost-effective manufacturing processes and focusing on enhancing their service offerings to maintain competitiveness and meet the evolving needs of the oil and gas industry.
As per the liner hanger market analysis, the market leaders compete on the basis of several factors including product quality, technological innovation, reliability, and global service networks. Strategic partnerships, mergers, acquisitions, and continuous research and development efforts are common strategies employed by businesses to expand their market presence.
The global liner hanger market value is expected to witness a continued expansion, driven by ongoing advancements in drilling technologies, increasing global energy demands, and the exploration of new oil and gas reserves. The integration of digital technologies and smart well-completion solutions presents new opportunities for market growth and operational excellence. Across different regions, the demand for liner hangers is shaped by the oil and gas industry's scale, the complexity of drilling operations, and the regulatory landscape.
Market Segmentation
The market can be divided based on type, well type, location, and region.
Market Breakup by Type
- Conventional Liner Hangers
- Mechanical Liner Hangers
- Hydraulic Liner Hangers
- Expandable Liner Hangers
Market Breakup by Well Type
- Horizontal/ Directional
- Vertical
Market Breakup by Location
- Onshore
- Offshore
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global liner hanger market. Some of the major players explored in the report by Expert Market Research are as follows:
- Baker Hughes Company
- Halliburton Company
- Schlumberger NV
- Nov Inc.
- Weatherford International plc
- Packers Plus Energy Services Inc.
- Innovex Downhole Solutions Inc.
- Dongying JC Petro
- Dril-Quip, Inc.
- NCS Multistage, LLC
- Others
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