Press release
Leading Element Driving Change in the Perforating Gun Market in 2025: Rise In Demand For Oil Boost Perforating Gun Marke Driver
The growth of the perforating gun market is anticipated to be driven by the escalating demand for oil. The demand for petroleum products is shaped by numerous factors, including economic growth, population growth, and increasing income levels. When it pertains to oil wells, perforation refers to a hole that is drilled into the casing or liner of an oil well to connect it to the reservoir. This creates a passageway between the pay zone and the wellbore, enabling oil and gas to flow easily to the wellbore. As an example, the U.S. Energy Information Administration, a Federal Statistical System agency based in the US, reported in March 2024 that US crude oil production had reached a record high of 12.9 million barrels per day in 2023, denoting an increase of 9% (1.0 million barrels per day) from 2022. Thus, the rise in oil demand will positively impact the growth of the perforating gun market.
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What Is the projected market size and growth rate for the perforating gun market?
The market size for perforating guns has seen consistent growth over recent years. The market is forecasted to expand from $1.14 billion in 2024 to $1.2 billion in 2025, marking a compound annual growth rate (CAGR) of 4.7%. The growth during the historic period is seen as a result of oil and gas exploration, worldwide economic growth, and the regulatory environment.
The market size for perforating guns is forecasted to witness significant enhancement in the forthcoming years. The market is anticipated to inflate to $1.55 billion in 2029, with a compound annual growth rate (CAGR) of 6.6%. Key factors contributing to this surge during the forecast period are an increase in energy demand, the emergence of new markets, regulatory requirements on the environment, and exploration of shale gas. Predominant trends observable throughout this timeframe encompass increased investment in unconventional reserves, advancing digitization and automation processes, tailoring and customization in solutions, data analytics integration, and environment-friendly solutions.
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What new trends are reshaping the perforating gun market and its opportunities?
Emerging technological developments are being recognized as an influential trend in the perforating gun industry. Breakthroughs in oil and gas drilling procedures have paved the way for the energy sector to exploit fresh oil and natural gas reserves to meet growing demands. Such advancements have lessened the environmental repercussions of energy extraction by retrieving more oil and gas with fewer well drills. Predominant corporations in the perforating gun sector are concentrating on innovating technologically advanced solutions to solidify their market presence. For example, in June 2023, DynaEnergetics, a German company specializing in well-completion solutions for the oil and gas sector, introduced a new perforating gun product named DS GRAVITY 2.0. This novel product is tailored to uplift perforation output in oil and gas wells, heightening efficiency and efficacy during completion operations. The DS GRAVITY 2.0 embeds superior technology designed to fine-tune the perforating procedure, enhancing yield and minimizing operational expenses for clients in the energy field.
What major market segments define the scope and growth of 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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Which region dominates 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
Which key market leaders are driving the perforating gun industry growth?
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
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What Is Covered In The Perforating Gun Global Market Report?
•Market Size Forecast: Examine the perforating gun market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the perforating gun market for a structured understanding.
•Key Players Overview: Analyze major players in the perforating gun market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the perforating gun market.
•Segment Contributions: Evaluate how different segments drive overall growth in the perforating gun market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the perforating gun market.
•Industry Challenges: Identify potential risks and obstacles affecting the perforating gun market.
•Competitive Landscape: Review strategic developments in the perforating gun market, including expansions, agreements, and new product launches.
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