The Global Perforating Gun Market is projected to grow at a CAGR of 3.71%, during the forecast period, from an estimated USD 749.0 Million in 2017 to a projected USD 898.7 Million by 2022.This growth can be attributed to an increase in oil & gas production, increased shale gas exploration, growing complexity of reservoir conditions, and increase in the average well depth over the years.
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The report segments the Perforating Gun Market, by gun type, into wireline conveyed casing, through tubing hollow carrier, through tubing strip, and tubing conveyed perforating. Tubing conveyed perforating segment is expected to account for the largest share of the perforating gun market, by gun type, as it has been effectively used for many years in various applications such as perforation in underbalanced conditions, high angle/horizontal well perforation, and coiled tubing used as a perforating string. In North America, investments in shale gas exploration made in the US, Canada, and Mexico would provide attractive opportunities for the perforating gun market.
The perforating gun market has been segmented, by well type, into vertical and horizontal. The horizontal segment is expected to grow at the highest CAGR, from 2017 to 2022, due to increasing reperforation of old wells which require multiple perforations for a single well from the same reservoir.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the perforating gun market. These include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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The Perforating Gun Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, the Middle East, South America, and Africa. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.
The declining number of newly drilled wells, where perforating guns are widely used, could be a restraint for the market.