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Perforating Gun Global Market Report 2024 To 2033 | Baker Hughes Company, DMC Global Inc., G&H Diversified Manufacturing LP, Halliburton Company, Hunting PLC
Perforating Gun Market Share
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According to The Business Research Company's, The perforating gun market size has grown steadily in recent years. It will grow from $1.1 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. 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 $1.45 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Perforating Gun Market 2024 Key Insights:
• 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%.
• Rise In Demand For Oil Boost Perforating Gun Market
• Technological Advancements Drive Innovation In The Perforating Gun Market
• North America was the largest region in the perforating gun market in 2023
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