Press release
Perforating Gun Market 2024-2033: Blast Off - Market Size, Share, and Forecast Overview
Perforating Gun
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.
Market Overview -
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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Rise In Demand For Oil Boost Perforating Gun Market
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.
Competitive Landscape -
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
Technological Advancements Drive Innovation In The Perforating Gun Market
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 August 2021, Hunting Titan, a US-based logging and perforating equipment manufacturer, launched H-3 perforating system to enhance the company's existing integrated perforating systems line. The H-3 perforating design incorporates all of Hunting's H-1 perforating system's dependability and safety features and the industry's first wireless, safe detonator with the latest switch technology, the ControlFire V3 that reduce tool string length and weight. The H-3 System is also compatible with industry-standard shaped charges, which increases the product's desirability to operators.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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