Perforating Gun Market Worth to Reach $1.74 Billion By 2030 | CAGR: 5.8%
A perforating gun is used to perforate oil and gas wells in preparation for production. Perforating guns are usually made up of a number of shaped charges and are used in many industries, especially oil and gas well industries. They are used to create tunnels by drilling into the earth’s surface. Perforating guns fall into three categories: Retrievable hollow guns, Expendable guns, and Semi-expendable guns. Most perforating guns make a-holes with a diameter of 0.23” to 0.72” and are available in different pressure and temperature grades.
Advantages of using perforating guns include enhanced operational performance, simple and safer, flexible options, faster, low completion costs, and building a safer work environment. The significant investments in the fossil fuel industry across the world are primarily driving the growth of the perforating gun market. Also, the increased production of unconventional oil and gas is expected to create opportunities for extensive exploration and production activities, which fuels the perforating gun market growth.
According to the research report, the global perforating gun market was valued at USD 1.06 billion in 2021 and is expected to reach USD 1.74 billion by 2030, to grow at a CAGR of 5.8% during the forecast period.
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Perforating Gun Market: Growth Drivers
The rising invention of oil and gas resources such as shale gas, tight gas, coalbed methane (CBM), shale oil, tight oil, and natural gas hydrates has led to an increase in the development of clean and efficient energy sources. These are majorly used in oil and natural gas production, which in turn drives the demand for perforating guns across exploration sites, thereby boosting the market growth. Increasing technological developments in firing systems to raise the perforating guns’ efficiency are contributing to the growth of the perforating gun market. The surge in demand for oil & gas, which has led to rapid urbanization and large-scale industrialization globally, is also positively influencing the market growth. Moreover, the growing use of IoT in the oil and gas business is fueling the global perforating gun market.
Perforating Gun Market: Report Segmentation
- Based on type, the market is segmented into Expendable, Semi-expendable, and Retrievable.
- By gun type, the market is categorized into through tubing hollow carrier system, wireline conveyed casing system, through tubing exposed system, and tubing conveyed the perforation system. The tubing conveyed perforation system segment led the global market.
- Depending on the well type, the market is segmented into the horizontal well and vertical well
- On the basis of application, the market is segmented into onshore and offshore. The offshore segment is anticipated to record the highest CAGR over the forecast period.
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Geographic Overview: Perforating Gun Market
Based on geography, the global perforating gun market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America witnessed the largest revenue share in the global perforating gun market and is expected to retain its dominance over the forecast period. The increasing drilling activities in North America amongst a rise in oil & gas prices are primarily driving the market growth in the region. Also, the growing investments by the U.S., Canadian and Mexican governments in the upstream oil & gas industry are expected to fuel the market growth.
Recent Developments
- In January 2022, Hunting Energy Services, a Hunting PLC subsidiary, and Nammo Defense Systems Inc. made signed an agreement of an exclusive licensing time-delay fuses for Hunting’s perforating applications.
- In February 2020, the Ministry of Petroleum and Natural Gas (India) announced a collaboration with stakeholders to diminish the oil import bill.
- In September 2021, Lytt and Baker Hughes signed a joint agreement to accelerate the digital transformation of oil and gas operations.
Competitive Insights
Some of the major market players operating the perforating gun market include Baker Hughes, Core Laboratories, DMC Global, FHE USA, G & H Diversified Manufacturing, LP, Halliburton, Hunt & Hunt Ltd, Hunting Plc, Landsea Technical Services Pte Ltd, Northern Colorado Manufacturing, LLC, NOV Inc., Oiltech Service Pte, Promperforator, Schlumberger Limited, Shaanxi FYPE Rigid Machinery Co. Ltd., Tassaroli S.A, Top Oil Tools Co. Ltd, Weatherford, and Zao NTF Perfotech.
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Perforating Gun Market: By Type Outlook
- Expendable
- Semi-expendable
- Retrievable
Perforating Gun Market: By Gun Type Outlook
- Through tubing hollow carrier system
- Wireline conveyed casing system
- Through tubing exposed system
- Tubing conveyed the perforation system
- Perforating gun market: By well type Outlook
- Horizontal Well
- Vertical Well
Perforating Gun Market: By Application Outlook
- Onshore
- Offshore
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