The Liner Hanger Systems Market will register a CAGR of nearly 5% by 2023

NEW YORK, Dec. 10, 2018 /PRNewswire/ -- About this market
According to our industry experts, the increasing investments in offshore oil and gas projects have increased along with the recovery in global crude oil prices. The technological advances that enable optimization through enhanced oil recovery from reserves are also driving the increase in offshore projects. The increase in deepwater and ultra-deepwater activities, many market vendors are introducing liner hanger systems that are specifically meant for such activities. 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. Technavio's market research analysts have predicted that the liner hanger systems market will register a CAGR of nearly 5% by 2023.



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Market Overview
Global increase in rig count
The increase in global rig count and the use of liner hanger systems to reduce total rig in a well lead to better productivity and enhance the oil recovery from the reserve. Hence, 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.
Fluctuations in global oil price
The oil and gas projects are on hold due to fluctuating oil prices globally. Most E&P projects are executed only when the revenue generated is high enough to enable suppliers to make profits. Thus, the uncertainty is global crude oil prices will affect investments in oil and gas drilling projects, which in turn, will affect the growth the market during our forecast period.
For the detailed list of factors that will drive and challenge the growth of the liner hanger systems market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be fragmented and with the presence of several companies the competitive environment is quite intense. Factors such as the increasing use of liquid fuels in the transportation sector which led to high consumption of fuel in the developing economies. This in turn, increasing the need for more oil production which will provide considerable growth opportunities to liner hanger systems manufactures. Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford are some of the major companies covered in this report.

Read the full report: https://www.reportlinker.com/p05647269

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