The perforating gun market size is expected to see strong growth in the next few years. It will grow to $1.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising energy demand, emerging markets, environmental regulations, shale gas exploration. Major trends in the forecast period include increased focus on unconventional reservoirs, digitalization and automation, customization and tailored solutions, integration of data analytics, eco-friendly solutions.
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Segmentation & Regional Insights
The perforating gun market covered in this report is segmented –
1) By Carrier Type: Hollow Carrier, Expandable Shaped Charged Gun, Other Types
2) By Explosive Types: Cyclotrimethylene Trinitramine (RDX), Cyclotetramethylene Trinitramine (HMX), Hexanitrosilbene (HNS)
3) By Pressure: High Pressure, Low Pressure
4) By Application: Onshore, Offshore
North America was the largest region in the perforating gun market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the perforating gun market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for oil is expected to fuel the growth of the perforating gun market going forward. The demand of petroleum products is influenced by several factors such as economic growth, population growth, and rising income levels. In the context of oil wells, a perforation is a hole drilled in an oil well’s casing or liner to link it to the reservoir. Making a channel between the pay zone and the wellbore to allow oil and gas to flow readily to the wellbore. For instance, in May 2021, according to a report published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas), the petroleum product production increased by 15.5% in May 2021 over May 2020. Therefore, the increasing oil demand will drive the growth of the perforating gun market.
Key Industry Players
Major companies operating in the perforating gun market report are Baker Hughes Company, DMC Global Inc., G&H Diversified Manufacturing LP, Halliburton Company, Hunting PLC, Schlumberger NV, Tassaroli S. A., Weatherford International Ltd., Shaanxi FYPE Rigid Machinery Co. Ltd., Core Laboratories N. V., Northern Colorado Manufacturing LLC, Oiltech Service Pte Ltd., Hunt & Hunt Ltd., Zao NTF Perfotech, ZZ Top Oil Tools Co. Ltd., Promperforator LLC, NOV Inc., FHE LLC, Oso Perforating LLC, Dyna-energetics GmbH & Co. KG, Landsea Technical Services Pte Ltd., Körber AG, HG Farley LaserLab Co., Tervita, Iljin Steel Corporation, Light Spirit Ltd., Joo Sung Sea & Air Co. Ltd., Apergy LLC, Trican Well service Ltd., Toyo Engineering Corporation
The perforating gun market report table of contents includes:
1. Executive Summary
2. Perforating Gun Market Characteristics
3. Perforating Gun Market Trends And Strategies
4. Perforating Gun Market – Macro Economic Scenario
5. Global Perforating Gun Market Size and Growth
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31. Global Perforating Gun Market Competitive Benchmarking
32. Global Perforating Gun Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Perforating Gun Market
34. Perforating Gun Market Future Outlook and Potential Analysis
35. Appendix
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