Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Europe Liner Hanger System Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Europe Liner Hanger System Market is expected to witness a Compound Annual Growth Rate (CAGR) of more than 3.4% during the forecast period. Despite facing challenges caused by the COVID-19 pandemic in 2020, the market has now regained momentum and returned to pre-pandemic levels.
Key Highlights
Over the long term, the surge in upstream activities in Russia and Norway is expected to boost the demand for Liner Hanger Systems (LHS) in the region. However, the global crude oil price decline in 2020 and 2021, coupled with declining production in Norway, Denmark, and Italy, may restrain the market growth in the forecast period.
Nevertheless, opportunities in regions like the Bowland Shale in Northern England, the Midland Valley of Scotland, and the Weald Basin in Southern England are anticipated to drive the market for Liner Hanger Systems.
Russia is one of the leading markets for Liner Hanger Systems in Europe and is expected to maintain its dominance in the forecast period.
Europe Liner Hanger Market Trends
The offshore segment is anticipated to witness the highest growth in the Liner Hanger System market. Liner Hanger Systems play a crucial role in well completion, offering various configurations to meet specific needs. The market witnessed growth in 2021 with the commencement of high-pressure, high-temperature gas field operations in the central North Sea, contributing to the market expansion.
Public opposition to fracking due to environmental risks has been a hurdle in shale gas development in the United Kingdom, affecting the potential growth of the liner hanger system. However, large-scale exploration activities in Russia and new oil and gas field approvals in the North Sea are expected to drive significant growth in the offshore segment.
Russia to Dominate the Market
Russia holds substantial shale oil and gas reserves, particularly in the Bazhenov Shale, the largest shale reserve globally. With shale gas development expected to start in 2024, Russia leads in drilling activities and the Liner Hanger System market in the European region. The country is the world's second-largest producer of natural gas, with significant gas reserves and exports.
Horizontal drilling is rapidly growing in Russia, with Gazprom Neft targeting significant production from shale by 2023. The increasing drilling volume and demand for horizontal drilling will drive the demand for Liner Hanger Systems in the country.
Europe Liner Hanger Market Competitor Analysis
The Europe Liner Hanger System Market is characterized by fragmentation, with major companies such as National-Oilwell Varco, Inc., Halliburton Company, Weatherford International plc, Baker Hughes, and Schlumberger Limited Ltd. competing in the market.
A selection of companies mentioned in this report includes
- Halliburton Company
- Weatherford International plc
- National Oilwell Varco Inc.
- Baker Hughes Company
- National-Oilwell Varco, Inc
- Well Innovation AS
- NCS Multistage LLC
- Schlumberger Limited
- Drill-Quip Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xmeqe
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