Liner Hanger Market Size & Share, by Type (Mechanical, Hydraulic, Expandable); Application (Onshore, Offshore); Well Type (Vertical, Horizontal/Directional) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5040
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Liner Hanger Market size is anticipated to surpass USD 170 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of liner hangers was crossed USD 90 Billion. The growing focus and investments in oil exploration activities are estimated to increase the utilization of liner hangers in the casing string during the production process. Global investment in oil and gas is estimated to increase by USD 25 Billion by the end of this year. Out of this, the investments in offshore activities are set to increase by 7%, to USD 155 billion, while conventional onshore is projected to jump by 8%, to USD 290 billion.

A liner hanger is an advanced tool that is primarily used for hanging a liner in an oil production well. However, with the advancement in technology, several different types of liner hangers are now available in the market that could be used for various purposes in numerous industries. This factor is anticipated to create positive opportunities that are in favor of market expansion. Also, the global market value is estimated to increase owing to rising demand for high total drilled footage per well along with enhanced productivity and efficiency during the drilling process. 


Liner Hanger Market
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Liner Hanger Sector: Growth Drivers and Challenges

Growth Drivers

  • A High Number of Rigs Present in the Globe – Across the world, the number of drilling rigs is increasing owing to the rising demand for oil and its products. As a result, the use of liner hangers has increased in rigs for exploration and production activities. The number of global oil rigs has increased to 1,750 in 2022 from 1,350 in 2020. 
  • Increased Demand and Consumption of Petroleum Across the World – The demand for petroleum has been on the constant rise owing to its usage in numerous industries and rapid urbanization in the globe. Petroleum is procured through the drilling process which generates the demand for liner hangers for efficient drilling and improving the safety hazards. The U.S. Energy Information Administration reports that in the year 2020, around 92.2 barrels of petroleum and other liquid fuels were consumed worldwide.
  • Significant Rise in Usage of Crude Oil and Oil Products - Crude oil is a high-demand product from various end-use industries such as transportation, automotive, energy, petrochemical, plastics, and others. As crude oil is obtained through the oil wells, and rigs, the growing need for crude oil is expected to increase the utilization rate of liner hangers for optimum results in the drilling process. The daily demand for crude oil across the world increased from 90 million barrels per day in 2020 to 100 million barrels per day in 2022. This figure is supposed to further increase and reach 105 barrels per day in 2026.
  • Constant Government Support for Deep-water Exploration Activities – The demand for liner hangers is estimated to increase rapidly owing to the increase in deep-water exploration and production activities. Using a single rig and long lateral drilling techniques, line hangers make sure to improve overall productivity and competence. Global deep-water production has increased by 25% today from almost 7 million b/d a decade ago. 

Challenges

  • Rising Challenges Associated with the Availability of Raw Materials – The production of liner hangers requires different types of raw materials. However, there are some instances where the manufacturers of liner hangers have faced difficulty in arranging raw materials owing to their price and availability. This trend is anticipated to hamper the growth of the global liner hanger market in the forecast period.
  • High Cost of the Product
  • Less Availability of Modern Technology in Developing Nations

Liner Hanger Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 90 Billion

Forecast Year Market Size (2035)

~ USD 170 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Liner Hanger Segmentation

Type (Mechanical, Hydraulic, Expandable);

The mechanical segment is anticipated to generate the largest revenue share by the end of 2035 and hold a 41% share. The recent technological advancement has boosted the growth of the mechanical liner hanger segment in the recent period. Furthermore, the enhanced effectiveness of mechanical line hangers in rigs as compared to others along with the ability of high drilled footage per well is also anticipated to favor segment

Application (Onshore, Offshore)

The onshore segment in the liner hanger market is set to garner the highest revenue share of 58% through the forecasted timeframe. The primary reason for segment size expansion is the presence of a large number of onshore rigs as compared to offshore rigs on Earth. For instance, it was calculated that at the end of 2021, there were 1,300 operational onshore oil rigs, compared with 200 offshore rigs across the world. Furthermore, onshore rigs are attracting a huge amount of investments from key players and governments of different countries owing to their advantage of the availability of oil in onshore rigs along with oilfield chemicals.

Our in-depth analysis of the global market includes the following segments:

            Type

  • Mechanical
  • Hydraulic
  • Expandable

             Application

  • Onshore
  • Offshore

              Well Type

  • Vertical
  • Horizontal/Directional
 

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Liner Hanger Industry Regional Synopsis

North American Market Forecast

The North America liner hanger market is projected to be the largest with a share of about 35% by the end of the forecast period, owing to the large consumption of petroleum and petroleum products. As per U.S. Energy Information Administration, the country has averagely utilized around 19.89 million barrels of petroleum each day.  Also, the high demand for energy by the American population is another growth factor of the market in the region owing to its usage in the drilling process.

APAC Market Analysis

The Asia Pacific liner hanger market is set to hold 24% of the revenue share by the end of the projected timeframe. Asia Pacific is expected to observe a growth outlook in the coming years owing to the need to bridge the gap between the demand and supply of oil and oil products. In addition, the expanding oil and gas industries in China and India are also expected to propel the expansion of the market.

Research Nester
Liner Hanger Market Size
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Companies Dominating the Liner Hanger Landscape

top-features-companies
    • Innovex Downhole Solutions, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • NCS Multistage Holdings, Inc.
    • Packers Plus Energy Services, Inc.
    • NOV Inc.
    • Dril-Quip, Inc.
    • Weatherford International plc
    • Schlumberger Limited
    • Halliburton Company
    • Baker Hughes Company
    • ONGC

In-the-news

In The News

  •  Baker Hughes Company has successfully acquired Quest Integrity. The acquisition is aimed in enhance the processes of technology-enabled asset inspection and reliability management solutions across the pipeline, refining, petrochemical, and power generation sectors.
  • ONGC joined hands with Indian Oil for reducing carbon emissions during enhanced oil recovery by injecting carbon dioxide captured from IOCL’s Koyali refinery.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5040
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The expansion of the oil and gas industry along with rising energy demands and petroleum products is expected to propel the market drive in the forecast period.

The market size of liner hangers is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Innovex Downhole Solutions, Inc., NCS Multistage Holdings, Inc., Packers Plus Energy Services, Inc., NOV Inc., Dril-Quip, Inc., Weatherford International plc, Schlumberger Limited, Halliburton Company, Baker Hughes Company, ONGC, and other key players.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, well type, application, and by region.

The onshore segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Rising concerns regarding the unavailability of raw materials along with the high cost of the product and stringent government rules are estimated to be the growth-hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Liner Hanger Market Report Scope
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