The global perforating gun market size is expected to reach USD 1.74 billion by 2030 according to a new study by Polaris Market Research. The report “Perforating Gun Market Share, Size, Trends, Industry Analysis Report, By Type (Expendable, Semi-expendable, Retrievable); By Gun Type; By Well Type (Horizontal Well, Vertical Well), By Application (Onshore, Offshore); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the perforating gun market growth include an upsurge in the fossil fuel industry investments, rising energy demand, exploration and production of unconventional oil & gas resources, and the desire among the countries to be self-sufficient and reduce the imports of oil & gas. On the other hand, industry players across the globe are developing advanced perforating systems, creating lucrative growth opportunities for the industry.
Furthermore, considerable government strategic plans and investments in oil & gas industry development are expected to create lucrative growth opportunities for the global industry. For instance, in Mexico, Petroleos Mexicanos or Pemex, the Mexican state-owned petroleum company, announced the investment plan for 2021-2025, which includes 399 new explorations, production, and extraction projects in the states of Tamaulipas, Tabasco, Veracruz, and Campeche.
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In 2021, the onshore segment dominated the global industry and is projected to witness a significant growth rate during the forecast period. The massive growth in onshore exploration and re-exploration activities around the globe primarily boosts the growth of this segment. On the other hand, Asia Pacific is anticipated to witness the highest growth in the global industry.
The industry’s growth in this region is primarily driven by an upsurge in demand for energy in developing economies, such as China and India. For instance, India is the third-largest oil and energy consumption around the globe after China and the U.S. However, the country has seen a considerable increase in consumption as well as production of petroleum products over the past years.
Market participants such as Core Laboratories, Baker Hughes, FHE USA, DMC Global, G & H Diversified Manufacturing, LP, Halliburton, Hunting Plc, Hunt & Hunt Ltd, Landsea Technical Services Pte Ltd, NOV Inc., Schlumberger Limited, Northern Colorado Manufacturing, LLC, Oiltech Service Pte, Promperforator, Top Oil Tools Co. Ltd, Shaanxi FYPE Rigid Machinery Co. Ltd., Tassaroli S.A, Weatherford, and Zao NTF Perfotech are some of the key players operating in the global market.
Players in the market are adopting various strategies to develop new perforating guns, expand their geographical presence, and generate new revenue streams. For instance, in February 2022, Hunting Energy Services introduced new EQUAfrac OP-shaped charges for oriented perforating. This strategy has considerably improved the consistent-hole EQUAfrac technology for Hunting.
Polaris market research has segmented the perforating gun market report on the basis of type, gun type, well type, application, and region:
Perforating Gun, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Perforating gun, Gun Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Through tubing hollow carrier system
- Wireline conveyed casing system
- Through tubing exposed system
- Tubing conveyed the perforation system
Perforating Gun, Well Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Horizontal Well
- Vertical Well
Perforating Gun Market, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Perforating Gun, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa