Perforating Gun Market to Witness Astonishing Growth by 2029

Perforating gun market is anticipated to grow at a CAGR of 5.3% during the forecast period. Perforating guns are used in many industries but are commonly found in the oil and gas well industries. In the oil well industry, perforating guns are a standard tool used in connecting pipelines. A perforating gun is used to create openings in casings used in oil and gas well drilling. These guns generally hold several explosive-shaped charges to create the type of openings called for in opening different types and sizes of casings. The increasing demand from oil and gas well industries due to rising demand and consumption has increased the market growth. Moreover, upstream gas and LNG investments by the government is further likely to surge demand for perforating gun during the forecast period. For instance, the Government has adopted several policies to fullfill the increasing demand. According to IEA (India Energy Outlook 2021), primary energy demand is expected to nearly double to 1,123 million tonnes of oil equivalent, as India's gross domestic product (GDP) is expected to increase to $8.6 trillion by 2040. The investment will increase the number of oil and gas projects across the country along with the high demand for perforating guns.

The global perforating gun market is segmented based on gun type, well type, and application. Based on gun type, the market is segmented into tubing hollow carrier & exposed, wireline conveyed casing, TCP, and others. Among these, the tubing hollow carrier gun system accounts for the highest market share in the global perforating gun market. For gun ODs of 2 7/8 in and larger, tubing hollow carrier guns perform better than exposed guns because they use larger charges with optimized phasing and increased shot density due to this, they are highly demanding in digging applications in oil and mining. Based on well type, the market is categorized into horizontal and vertical. Based on application, the market is segregated into onshore and offshore.

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Market Coverage

Market number available for - 2021-2029
Base year- 2021
Forecast period- 2023-2029
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Perforating Gun Market Segmentation

By Gun Type

Tubing Hollow Carrier & Exposed
Wireline Conveyed Casing
Tubing Conveyed Perforation System (TCP)

By Well Type

Horizontal
Vertical

By Application

Onshore
Offshore

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Regional Analysis                                                                                                                                                                     

North America                                                                                                    

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Company Profiles 

Baker Hughes Co
Core Laboratories N.V.
DMC Global, Inc.
FHE USA
G & H Diversified Manufacturing L.P.
Halliburton Energy Services, Inc.
Hunt & Hunt Ltd
Hunting PLC
Landsea Group
National Oilwell Varco Inc.
Northern Colorado Manufacturing, LLC
Oiltech Service Pte, Ltd.
Schlumberger Ltd
Shaanxi FYPE Rigid Machinery Co. Ltd
Tassaroli S.A
Weatherford International, Ltd.

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