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Perforating Guns Market
Perforating Guns Market Size, Share, Trend, Forecast, & Industry Analysis.
The Perforating Guns Market is projected to grow at USD 1.04 Billion in 2022 and is likely to grow at a CAGR of 5.69% during 2022-2028 to reach USD 1.45 Billion in 2028.
Surge in oil and gas production, rise in the average well depth over the years, increasing complexity of reservoir conditions, and growing shale gas exploration are the major factors bolstering the perforating guns market.
Perforating Guns are the devices which are used to drill and make holes in wells for the efficient production of oil and gas.
Perforating Guns use the methods that help in greater control of the well. They also permit in precise selection of location, where the production will be able to seal off perforations, which are no longer counterproductive, through straddling.
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Perforating Guns Market - Snapshot |
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Growth (2022-2028) |
CAGR of 5.69% |
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Major Well Type |
Vertical |
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Major Gun Type |
Through Tubing Hollow Carrier |
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Dominant Well Pressure Type |
Low Pressure |
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Dominant Depth Type |
Above 8,000 ft. |
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Region with the highest demand |
North America |
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Key Players |
Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US). |
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The market is segmented as horizontal and vertical. The horizontal segment is estimated to register a higher growth during the forecast period driven by increasing reperforation of old wells which require multiple perforations for a single well from the same reservoir. The segment’s growth is driven by the advanced techniques in the upstream sector and the rising demand for oil & gas. However, in some cases, oil & gas operators are dependent upon vertical drill wells, where the oil/gas reserves are available at a short depth from the surface. Further, vertical wells are the most preferred form of wells as they can be further converted into unconventional wells once oil production starts decreasing. These factors are likely to drive the vertical well segment in the coming years.
The market is segmented as Through Tubing Hollow Carrier, Wireline Conveyed Casing, Through Tubing Strip, and Tubing Conveyed Perforating. Through tubing hollow carrier guns dominated the market in 2019. The segment is most widely used and is expected to remain the leader during the forecasted period.
The perforating guns market is segmented as high and low well pressure. The high-pressure wells are aggressive in nature. Apart from current developments in well technology, the instruments are unable to sustain the high pressure and high temperatures in these wells. High pressure and high temperature wells need special instruments and materials. They also seek extra preventive measures and experience as they are considered volatile reservoir environments. Hence, the requirement for instruments for high pressure environments provides companies the opportunity to customize perforating guns using special materials. Regions such as North America and Asia Pacific are expected to drive the market for perforating guns mostly due to ongoing investments in shale gas exploration.
The market is categorized as up to 3,000 ft., 3,000-8,000 ft., and above 8,000 ft. The perforating guns generally have penetration of 45-48 in length and shoot from 3 to 13 shots per foot.
North America is estimated to dominate the perforating guns market during the forecast period. In 2019, approximately 250m barrels of oil was discovered in the Glengorm reservoir. The discovery of oil and gas reserves is expected to form a platform for the sales of perforating guns in Europe and North America. In Asia-Pacific, China has discovered high yield and high-quality oil flow in the Bohai Sea, which is driving the growth of the market during the forecast period.
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This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Perforating Guns Market Research Report - Features |
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Market Segmentation |
5 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
15 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The perforating guns market is segmented into the following categories.
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Some of the major players in the perforating guns market are-
The leading suppliers are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 800 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
Perforating Guns are the devices that are used to drill and make holes in wells for the efficient production of oil and gas. Perforating Guns use the methods that help in greater control of the well. They also permit in a precise selection of location, where the production will be able to seal off perforations, which are no longer counterproductive, through straddling.
The market is likely to grow at a CAGR of 5.69% during 2022-2028 to reach USD 1.45 Billion in 2028.
In terms of regions, North America is estimated to dominate the market during the forecast period.
Some of the major players in the perforating guns market are Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US). The leading suppliers are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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