Global perforating guns market size is forecast to grow by USD 160.79 million during 2019-2023 at a CAGR of 5%, with the onshore segment having the largest market share. Perforating guns market analysis indicates growth will be driven by the rise in oil and gas E&P activities. Perforating guns industry growth will also be impacted by the increasing applications of IoT in the oil and gas industry. A key factor driving the growth of the market is the rise in oil and gas E&P activities. E&P is an upstream oil and gas activity that is performed to find and produce underlying oil and gas resources. Since 2014, crude oil prices have been fluctuating widely, and it has impacted the oil and gas E&P activities. As per the IEA, the global rig count was at its peak at the time when the crude oil price was trading over USD110/bbl in 2014. However, the drastic drop in crude oil prices in 2015 and 2016 led to a gradual decline in the number of active rigs.

Looking for more information on this market? Request a free sample report.


This market research report on the global perforating gun market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

In this report, Technavio highlights the increasing applications of IoT in the oil and gas industry as one of the key emerging trends in the global perforating gun market:

Global perforating gun market: Increasing applications of IoT in the oil and gas industry
During the well drilling process, oil and gas E&P activities generate large volumes of data. In order to improve efficiency, the integration of automation in drilling activities is being applied to various parts of the drilling process. To achieve the growing demand of the industry and to reduce safety concerns, the global positioning system, sensors, wireless communication, as well as real-time data acquisition and innovations in the equipment are being incorporated. Along with safety being the prime motive for drilling automation, the economic benefits of automation are also gaining popularity to increase adoption.

Global perforating gun market: Segmentation analysis

This market research report segments the global perforating gun market by application (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).

The onshore segment held the largest market share in 2018, accounting for nearly 96% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 51%. This region is expected to dominate the market through 2023.

Some of the key topics covered in the report include:

Market Landscape
• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing
• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation
• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape
• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario