The Business Research Company’s report on the Perforating Gun Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the perforating gun market in recent years?
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 March 2024, according to the U.S. Energy Information Administration, a US-based Federal Statistical System agency, crude oil production in the United States hit a record high of 12.9 million barrels per day in 2023, marking a 9% increase (1.0 million barrels per day) from 2022. Therefore, the increasing oil demand will drive the growth of the perforating gun market.
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What is the projected market size of the perforating gun industry, and how is it expected to grow?
The perforating gun market size has grown steadily in recent years. It will grow from $1.14 billion in 2024 to $1.2 billion in 2025 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to oil and gas exploration, global economic growth, regulatory environment.
The perforating gun market size is expected to see strong growth in the next few years. It will grow to $1.55 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%. 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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Who are the key players driving competition in the perforating gun market?
Major companies operating in the perforating gun market include 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., 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., Iljin Steel Corporation, Joo Sung Sea & Air Co. Ltd., Apergy LLC, Trican Well service Ltd., Toyo Engineering Corporation
What key trends are expected to drive the peptide antibiotics market during the forecast period?
Technological innovations are a key trend gaining popularity in the perforating gun market. Innovations in well drilling operations have enabled the energy industry to tap new sources of oil and natural gas to fulfil expanding demand. Technological advancements have contributed to reducing the environmental impact of energy extraction by enabling more oil and gas to be obtained with fewer wells. Major companies operating in the perforating gun market are focused on developing new technological solutions to strengthen their position. For instance, in June 2023, DynaEnergetics, a Germany-based provider of well-completion solutions to the oil and gas industry. launched its new perforating gun product called DS GRAVITY 2.0. This innovative product is designed to enhance perforation performance in oil and gas wells, improving efficiency and effectiveness during completion operations. The DS GRAVITY 2.0 incorporates advanced technology aimed at optimizing the perforating process, thereby increasing productivity and reducing operational costs for customers in the energy sector.
Which key geographies are driving the growth of the perforating gun market?
North America was the largest region in the perforating gun market in 2024.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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What are the key segments driving growth in the perforating gun market?
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
Subsegments:
1) By Hollow Carrier: Standard Hollow Carriers, Composite Hollow Carriers, Steel Hollow Carriers
2) By Expandable Shaped Charged Gun: Single-Use Expandable Guns, Multi-Use Expandable Guns
3) By Other Types: Shaped Charge Guns, Plug-And-Perf Systems, Non-Conventional Carriers
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What defines the structure and scope of the perforating gun market?
A perforating gun is a tool used to create holes in oil and gas wells prior to production. Perforating guns are available in a variety of sizes and combinations. Through-tubing guns and hollow-carrier, or casing, guns are the two main types of gun systems. Hollow-carrier guns are larger than through-tube guns, allowing for larger charges, more phasing possibilities, and better shot density.
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