Liner Hangers Market Share, Growth, Trends - Segmented by Type (Conventional Liner Hangers, Expandable Liner Hangers), By Location of Deployment (Offshore, Onshore), and Geography - Forecast (2019 - 2024)
NEW YORK, Jan. 27, 2020 /PRNewswire/ --
Liner Hangers Market
A liner hanger is a system/tool that is used to hang a liner in a production well. The demand for liner hangers is directly related to the number of wells drilled and completed. The increasing investments in exploration, production, and drilling activities and number of upstream projects, across the world, by the oil producers like the United States and OPEC is expected to drive the liner hangers market. Increase in rig count by 6.5%, from 2017 to May 2018, is a good indicator of liner hanger's demand. North America has the largest share of the market, followed by Asia-Pacific and Middle East. Together, these three regions account for more than 50% of global liner hanger market. The global energy consumption is expected to increase by 28% between 2015 and 2040, with oil & gas accounting for approximately half the demand.
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Demand for Long Lateral Services Driving the Liner Hangers Market
The shift from vertical drilling to horizontal/lateral drilling methods, in the recent years, has resulted in an increase in the total drilled footage per well. As a result, the demand for liner hangers has increased. Hydraulic fractured wells have accounted for most of all the new wells drilled and completed, since late 2014. As of 2016, about 670,000 of the 977,000 producing wells were hydraulically fractured and horizontally drilled. Additionally, in 2016, the total drilled footage reached nearly 13 million feet, approximately 10.7 million of which were hydraulically fractured and horizontally drilled, which, in turn, is expected to increase the demand for liner hanger market in the forecast period. Over the past decade, the lateral lengths of the unconventional wells drilled in the United States have increased from 2,500 feet to nearly 7,000 feet. As China and Argentina have also started to invest in their unconventional fields, following the United States, the demand for liner hangers is expected to increase during the forecast period.
North America is one of the Largest Markets
The evolution of abundant tight oil and unconventional natural gas resources has created an opportunity to enhance economic growth throughout North America, and improve its competitiveness in the global oil & gas industry. The market for unconventional fuels and drilling is expanding in this region, owing to the consumption growth in oil and oil products. The average active rig count in North America, as of May 2018, has almost doubled its number from 2016, which is expected to drive the liner hangers market during the forecast period. This trend for the liner hangers market is expected to continue in this region, over the forecast period, as the United States is planning to become an oil exporter, by 2022.
United States – A Huge Market Potential
The global oil production's growth, over the forecast period, is expected to come from the United States. As per the EIA, the US average crude oil production in 2017 is expected to increase by 25% in 2019. US tight oil production increased in 2017, accounting for 54% of the total US crude oil production, in part, because of the increasing productivity of new wells. Effective drilling techniques, including the growing use of hydraulic fracturing and horizontal drilling, have helped in increasing these initial production rates. The horizontal rig count in the United States increased by 19.5% from 2017 to June 2018, which is expected to have a great impact on the liner hangers market during the forecast period. Tight oil production in West Texas and New Mexico is the primary driver of the rising US market. The oil and gas production is expected to continue its growth, along with renewables, which, in turn, increases the drilling activities and liner hangers market in the United States. The above factors are expected to drive the liner hangers market, during the forecast period.
Liner Hangers Market Major Players
Halliburton.
Schlumberger Limited.
Weatherford.
Baker Hughes Incorporated.
National Oilwell Varco.
NCS Multistage, LLC.
Well Innovation AS.
Innovex Downhole Solutions.
Allomon Tool Company Inc.
Sonovex Technology.
Key Developments in the Liner Hangers Market:
- August 2107: TIW's XPak Expandable Liner Hanger System was used to successfully hang an 18-5/8-in. OD liner in 24-in. OD, electric-resistance weld (ERW) seamed casing. The system design eliminated a two-stage cement job in unstable formations and provided greater well control.
- January 2017: Packers Plus Energy Services Inc. has announced the launch of its PrimeSET Liner Hanger system. Its innovative anti-preset feature ensures reliability and performance, resulting in time and cost savings for operators.
Reasons to Purchase Liner Hangers Market Report:
- Current and future liner hangers market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter's five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market share, and strategies employed by the major market players.
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