The global Perforating Gun market is expected to register a CAGR of more than 5% over the period of 2021-2027. The perforating gun market demand is increasing at an extensive rate over the years and is expected to witness significant growth during the forecasted period as well. 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. Factors such as maturing conventional oil and gas reserves, and the need for substitute resources, which could efficiently meet the rising energy demand, are growing and are rising the adoption of perforating gun market. In addition, increased shale gas exploration, and technological developments in perforating gun systems are expected to drive the perforating gun market during the forecast period. Also, the rising production of shale gas in the North America region is also expected to enhance the market demand for perforating guns market. For instance: By 2035, the Canada Energy Regulator (CER, formerly the National Energy Board) expects tight and shale gas production together will represent 80 percent of Canada’s natural gas production.

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 According to UnivDatos Market Insights (UMI)’ research report “global Perforating Gun market”, the market is expected to witness robust growth during the forecast period 2021-2027F. The perforating process monitoring demand is growing in the oil and gas industry, in order to accurately monitor the effect of oil well perforation. In the process of tubing conveyed perforation, perforating gun is mainly used to penetrate the formation to increase oil production. In addition,  perforating gun aims to provide effective flow communication between a cased wellbore and a productive reservoir. Factors such as the rise in oil and gas drilling activities across the world, increased shale gas exploration, and technological developments in perforating gun systems are expected to drive the perforating gun market during the forecast period.

Moreover, growing trend of multilateral wells, the demand for horizontal drilling activity is increasing in offshore regions, which, in turn, is driving the global market. Also, technological advancement and the increasing efficiency of horizontal drilling and multi-stage hydraulic fracturing technologies are unlocking vast unconventional shale and tight hydrocarbon resources worldwide are positively impacting the market size of perforating guns.

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Based on gun type, the perforating gun market is segmented into the through tubing hollow carrier system, wireline conveyed casing system, through tubing exposed system, and tubing conveyed the perforation system. The wireline conveyed casing system segment acquired a considerable market share in the perforating gun market. Wireline conveyed casing guns are customarily applicable in wells after the cementing process is finished. There are numerous advantages to wireline conveyed casing guns over other wireline guns, such as high charge performance, low cost of the gun, high pressure, temperature ratings, high electrical and mechanical reliability, etc. which make them the preferred choice in most well formations.

Based on well type, the perforating gun market is bifurcated into horizontal and vertical. The horizontal segment is expected to account for a significant market share in the forecast period. It is mainly owing to its technological advancements that have led to increased economic viability coupled with a growing focus on unconventional reserves that require directional or horizontal drilling which in turn is driving the market size of perforating guns during the forecast period.

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Based on application, the perforating gun market is categorized into onshore and offshore. The onshore segment is expected to account for a significant market share in the forecast period. The growing oil and gas exploration and re-exploration activities in onshore regions are accelerating the market size of perforating gun market. In addition, ongoing oil & gas investments in deep water and ultra-deep-water drilling activities, such as one by Shell Offshore for Vito, in the Gulf of Mexico, are expected to create new avenues for perforating gun market in the country.

North America to witness extensive growth

For a better understanding of the market adoption of the Perforating Gun industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, Spain, Italy, France, Rest of Europe); Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. North America is expected to hold an extensive share in the perforating market and is expected to grow at an influential rate in the forecasted period as well. It is due to the rise in shale gas exploration activities and the commencement of several offshore drilling activities in the region. E&P activities (onshore and offshore) have triggered investments in the perforating guns business across the globe.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Perforating Gun market are Schlumberger Limited, Weatherford, Baker Hughes, Halliburton, Shaanxi FYPE Rigid Machinery Co. Ltd., G&H Diversified Manufacturing, LP, Hunt & Hunt Ltd, Top Oil Tools Co. Ltd, Core Laboratories, Nov Inc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Perforating Gun Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

Market Segmentation:

1. By Type (Expendable, Semi-expendable, Retrievable)
2. By Gun Type ((Through tubing hollow carrier system, Wireline conveyed casing system, Through tubing exposed system, Tubing conveyed the perforation system)
3. By Well Type (Horizontal Well, Vertical Well)
4. By Application (Onshore, Offshore)
5. By Region (North America, Europe, Asia-Pacific, Rest of the World)
6. By Company (Schlumberger Limited, Weatherford, Baker Hughes, Halliburton, Shaanxi FYPE Rigid Machinery Co. Ltd., G&H Diversified Manufacturing, LP, Hunt & Hunt Ltd, Top Oil Tools Co. Ltd, Core Laboratories, Nov Inc)

Key questions answered in the study:

1. What are the current and future trends of the global Perforating Gun industry?
2. How the industry has been evolving in terms of type, gun type, well type and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Perforating Gun industry?
5. What is the customer orientation, purchase behavior, and expectations from the global Perforating Gun supplier across various region and countries?