Perforating Gun Market worth $1,448 Million by 2027

The global perforating gun market is expected to grow from an estimated USD 1,103 million in 2022 to USD 1,448 million by 2027, at a CAGR of 5.6% during the forecast period. The perforating gun market growth is driven by the increasing demand for oil and gas. The growth of shale gas exploration and production is also a major factor contributing to the growth of the perforating gun market.

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As per International Energy Agency (IEA) World Energy Outlook, the unconventional oil production is projected to increase from 1.8 mb/d in 2008 to 7.4 mb/d by 2030. By 2035, the world's unconventional oil production is expected to account for 15.3% of the world's total oil production. Hence, the increasing production of unconventional oil & gas paves way for extensive exploration and production activities, which ultimately propels the demand for perforating guns across the exploration sites.

The players operating in the oil & gas industry are focusing on making discoveries as some of the existing fields may create challenges in producing hydrocarbons at an economical rate and require plug and abandonment. Major oil & gas companies have been making extensive discoveries in the onshore and offshore regions. According to the BP Statistical Review of 2020, the world still had unexplored 1,733.9 billion barrels of proven oil reserves by the end of 2019. Such reserves are creating opportunities for well drilling activities followed by production activities, which is expected to create demand for perforation gun services.

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North America region is estimated to be the largest market for the perforating gun market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American perforating gun market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.

Key Market Players:

The major players in the Perforating Gun Market are Schlumberger Limited (US), Weatherford International (US), Baker Hughes (US), Halliburton (US) and NOV Inc (US).

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