World News: 14:47 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
The global liner hanger systems market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global liner hanger systems market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the liner hanger systems market is the global increase in rig count. As global crude oil prices gradually recovered to USD 70.7 per barrel in July 2018 after the sudden price plunge in 2016, the average active rig count increased by 38%. The increase in the global rig count and the use of liner hanger systems to reduce total rig time in a well will lead to better productivity and enhance the oil recovery from the reserve. Therefore, the global liner hanger systems market is expected to grow with the increase in the number of active rigs across the world during the forecast period.
This market research report on the global liner hanger systems market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in deepwater and ultra-deepwater exploration as one of the key emerging trends in the global liner hanger systems market:
Global liner hanger systems market: Increase in deepwater and ultra-deepwater exploration
With the increase in deepwater and ultra-deepwater activities, many market vendors are introducing liner hanger systems that are specifically meant for such activities. For example, Halliburton’s deepwater liner hanger system, XtremeGrip, set a record for the longest installed expandable liner hanger system in the world. The system was installed at a depth of 30,924 feet in the Gulf of Mexico. Thus, the development of liner hanger systems for deepwater and ultra-deepwater explorations and the increase in deepwater and ultra-deepwater E&P projects support the growth of the global liner hanger systems market during the forecast period.
“The equipment related to drilling is undergoing improvements with innovations to meet the needs of the oil and gas companies. Liner hanger systems have different areas of applications, including offshore, onshore, vertical, and horizontal wells. The major market vendors that provide liner hanger systems are constantly upgrading the reliability of the equipment, which supports the growth of the market during the forecast period,” says a senior analyst at Technavio for research on oil and gas.
Global liner hanger systems market: Segmentation analysis
This market research report segments the global liner hanger systems market by applications (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of close to 51%, followed by APAC and EMEA respectively. The Americas is expected to continue to dominate the market with the highest incremental growth, followed by APAC and EMEA.
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Five Forces Analysis
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Business Wire: 14:47 GMT Thursday 6th December 2018
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