Market Size of Saudi Arabia Liner Hanger System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Liner Hanger System Market Analysis
The liner hanger system market in Saudi Arabia is expected to grow at a CAGR of more than 5.5% in the forecast period of 2020-2025. With the largest oil reserves, the region is expected to witness significant growth in the forecast period. Moreover, the increasing gas production in the country is driving the demand for the liner hanger system. On the other hand, the global crude oil price decline in 2020 has led to a halt or delay in various oil and gas projects. Also, total crude oil production in the Middle East declined in 2019. If this trend continues, it can restrain the growth of the market studied.
- With increasing rig count in onshore fields, the onshore segment is expected to dominate the liner hanger system market in the forecast period.
- With the second-largest proven reserves of crude oil, Saudi Arabia has significant potential for exploration and completion activities, which will create substantial opportunities for the liner hanger system market in the near future.
- With the majority share of onshore wells, the conventional liner hanger system is leading the market, and owing to the ongoing projects; conventional LHS is expected to continue its dominance.
