Liner Hanger Systems Market Size, Share, Growth Analysis, By Type(Conventional Liner Hangers (Mechanical Liner Hangers, Hydraulic Liner Hangers), Expandable Liner Hangers), By Location of Deployment(Onshore, Offshore), By Region - Industry Forecast 2024-2031

Liner Hanger Systems Market Drivers

• The increase in global liquid fuel consumption is one of the major reasons behind the growth of the liner hanger systems market. The International Energy Agency (IEA) forecasts a 30% rise in global energy demand in the upcoming years. In many nations, rapid urbanization and industrialization have increased fuel consumption. Because rising disposable incomes are encouraging more individuals in developing nations to own cars, the usage of liquid fuels in the transportation industry is also increasing. In growing economies, the expansion of transportation services is also resulting in higher fuel consumption, which raises the demand for oil production. Therefore, growing oil and gas production would directly affect the growth of the liner hanger systems market throughout the projection period in oil and gas production (where well completion is a significant factor).

Liner Hanger Systems Market Restraints

• The world bank's decision to stop funding E&P activities is one of the major factors limiting the growth of the worldwide liner hanger systems market. The World Bank Group had declared that, after 2019, it would not make any additional investments in upstream oil and gas, unless there were exceptional circumstances. By offering incentives and subsidies for the use of low-carbon fuels, the international organization hopes to encourage the substitution of clean energy fuels for conventional fuels in the production of energy. In order to advance the cause, the World Bank is also working in collaboration with other international organizations and nations, including The International Development Finance and The International Trade Union Confederation in nations like Canada, France, Morocco, Fiji, Ethiopia, the UK, and Germany. The Insu-Resilience Global Partnership seeks to dramatically scale up climate risk financing and insurance solutions in underdeveloped nations. Therefore, the decrease in World Bank funding for oil and gas projects will have an impact on exploration and production (E&P) activities and may limit market expansion in the upcoming years.