Market Size of Expandable Liner Hanger System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Expandable Liner Hanger System Market Analysis
The expandable liner hanger system market is expected to register a CAGR of greater than 10.2% during the forecast period of 2021 - 2026. In 2020, the oil and gas industry got struck with the COVID-19 impact, far more significant than any other shocks that the sector came across in the past. The oil prices started declining at the end of Q1 2020, and the prices were slashed entirely by the end of April 2020. The OPEC basket benchmarks crude oil prices, which at the starting of 2020 were USD 68.89/barrel and came down to USD 12.41/barrel by the end of April 2020, due to the COVID-19 pandemic. Factors such as the rising unconventional and deep-water exploration and production activities, increasing need for higher productivity and efficiency, and the advantage of covering vast areas by a single rig employing long lateral drilling methods are expected to drive the demand for expandable liner hanger systems market during the forecast period. However, the challenges associated with the availability of raw materials and the high volatility of crude oil prices are likely to restrain the market studied.
- With the revival of oil and gas prices and kick start of various offshore projects, the offshore segment is likely to register a higher growth rate, as compared to onshore. Moreover, a greater degree of complexity in offshore oil and gas reserve formations is expected to push the companies to innovate and develop offshore specific expandable liner hanger systems.
- The development of deepwater and ultra-deepwater reserves in major regions like North America, Asia-Pacific, etc. is expected to create ample opportunities in the future.
- Asia-Pacific is expected to be the fastest growing market during the forecast period, with majority of the demand coming from countries like China, India, Australia, etc.
Expandable Liner Hanger System Industry Segmentation
The expandable liner hanger system market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Expandable Liner Hanger System Market Size Summary
The expandable liner hanger system market is poised for significant growth, driven by the increasing demand for unconventional and deep-water exploration and production activities. The market is expected to benefit from the need for enhanced productivity and efficiency, as well as the advantages offered by long lateral drilling methods that allow for extensive area coverage with a single rig. Despite challenges such as raw material availability and crude oil price volatility, the market is anticipated to expand, particularly in the offshore segment, which is expected to experience higher growth compared to onshore activities. The complexity of offshore oil and gas reserve formations is likely to spur innovation and the development of specialized expandable liner hanger systems for offshore applications.
The Asia-Pacific region is projected to be the fastest-growing market for expandable liner hanger systems, with China leading the demand due to its significant oil and gas import needs and efforts to diversify its energy mix. The region's growth is further supported by increased capital expenditure in exploration and production activities by major companies and favorable government reforms to boost international participation in the oil and gas sector. In India, large-scale deepwater field developments are expected to drive market growth, with companies advancing integrated projects to enhance production. The global market is consolidated, with key players like Halliburton, Schlumberger, and Weatherford leading the industry, and recent technological advancements, such as Coretrax's deployment of expandable liner technology in Norway, highlight ongoing innovations in the field.
Expandable Liner Hanger System Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2026
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1.3 Onshore and Offshore Active Rig Count, till August 2021
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1.4 Onshore and Offshore Capital Expenditure (CAPEX) Forecast in USD billion, till 2026
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1.5 Recent Trends and Developments
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitute Products and Services
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1.8.5 Intensity of Competitive Rivalry
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1.9 Assessment of COVID-19 Impact on the Industry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Expandable Liner Hanger System Market Size FAQs
What is the current Expandable Liner Hanger System Market size?
The Expandable Liner Hanger System Market is projected to register a CAGR of greater than 10.20% during the forecast period (2024-2029)
Who are the key players in Expandable Liner Hanger System Market?
Halliburton Company, Schlumberger Limited, Dril-Quip, Inc., Weatherford International PLC and Enventure Global Technology LLC are the major companies operating in the Expandable Liner Hanger System Market.
