According to the new market research report "Perforating Gun Market by Gun Type (Wireline Conveyed, Tubing Hollow Carrier, Tubing Strip, Tubing Conveyed), Depth (Up to 3000ft, 3000–8000ft, Above 8000ft), Well Type (Horizontal, Vertical), Well Pressure (High, Low), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The global perforating gun market was valued at USD 724.3 Million in 2016 and is expected to reach USD 898.7 Million by 2022 at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. Rising oil and gas production, increase in the average well depth over the years, growing complexity of reservoir conditions, and increased shale gas exploration are the major factors driving the perforating gun market.

The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

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The report segments the perforating gun market, by well type, into horizontal wells and vertical wells. The horizontal well segment is expected to be the fastest-growing market. The segment is mainly driven by factors such as growing complexity of reservoir conditions over the years, environmental reforms, and technological advances. Horizontal wells require multiple perforations, thus, driving the market for perforating guns.

North America: The fastest growing market for perforating guns.
The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. 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 key players operating in Perforating Gun Market market include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US).

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