Market Size of Middle-East and Africa Liner Hanger System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle-East And Africa Liner Hanger System Market Analysis
Over the next five years, the liner hanger system market in the Middle East and Africa is expected to register a CAGR of more than 4.3%.
In 2020, COVID-19 had a detrimental effect on the market.Presently, the market has reached pre-pandemic levels.
- Over the long term, with the world's largest oil reserves, the region is expected to witness significant growth in upstream oil and gas activities in the forecast period. Moreover, the increasing gas production in the Middle East is driving the demand for the liner hanger system.
- On the other hand, the global crude oil price decline in 2020 and 2021 has led to a halt or delay in various oil and gas projects. Also, total crude oil production in the Middle East declined in 2021. If this declining trend continues, it is expected to have a negative impact on further market growth.
- With the largest proven reserves of natural gas and crude oil, the Middle East and Africa have significant potential for exploration and completion activities, which will create substantial opportunities for the liner hanger system market in the near future.
