Perforating Gun Market: Current Analysis and Forecast (2021-2027)

Report Description

The perforating gun market demand is increasing at an extensive rate over the years and is expected to witness significant growth during the forecasted period as well. A perforating gun is used to create openings in casings used in oil and gas well drilling. These guns generally hold several explosive-shaped charges to create the type of openings called for in opening different types and sizes of casings. Factors such as maturing conventional oil and gas reserves, and the need for substitute resources, which could efficiently meet the rising energy demand, are growing and are rising the adoption of perforating gun market. In addition, increased shale gas exploration, and technological developments in perforating gun systems are expected to drive the perforating gun market during the forecast period. Also, the rising production of shale gas in the North America region is also expected to enhance the market demand for perforating guns market. For instance: By 2035, the Canada Energy Regulator (CER, formerly the National Energy Board) expects tight and shale gas production together will represent 80 percent of Canada’s natural gas production.

The global Perforating Gun market is expected to register a CAGR of more than 5 % throughout 2021-2027. Factors such as the rise in oil and gas drilling activities across the world, increased shale gas exploration, and technological developments in perforating gun systems are expected to drive the perforating gun market during the forecast period.

Moreover, growing trend of multilateral wells, the demand for horizontal drilling activity is increasing in offshore regions, which, in turn, is driving the global market. Also, technological advancement and the increasing efficiency of horizontal drilling and multi-stage hydraulic fracturing technologies are unlocking vast unconventional shale and tight hydrocarbon resources worldwide are positively impacting the market size of perforating guns.

Schlumberger Limited, Weatherford, Baker Hughes, Halliburton, Shaanxi FYPE Rigid Machinery Co. Ltd., G&H Diversified Manufacturing, LP, Hunt & Hunt Ltd, Top Oil Tools Co. Ltd, Core Laboratories, Nov Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Based on type, semi-expandable segment accounted for the majority share in the market in 2020”

Based on the type, the perforating gun market is classified into expendable, semi-expendable, and retrievable. The semi-expandable segment caters to extensive market share in the perforating gun market. As these guns have durability and robustness which exist with the hollow carrier and the charge disintegration of fully expendable.

“Amongst gun type, wireline conveyed casing system segment is expected to witness highest CAGR during the forecast period”

Based on the gun type, the perforating gun market is segmented into the through tubing hollow carrier system, wireline conveyed casing system, through tubing exposed system, and tubing conveyed the perforation system. The wireline conveyed casing system segment acquired a considerable market share in the perforating gun market. Wireline conveyed casing guns are customarily applicable in wells after the cementing process is finished. There are numerous advantages to wireline conveyed casing guns over other wireline guns, such as high charge performance, low cost of the gun, high pressure, temperature ratings, high electrical and mechanical reliability, etc. which make them the preferred choice in most well formations.

“Based on application, an onshore segment expected to witness extensive CAGR during the forecast period”

Based on application, the perforating gun market is categorized into onshore and offshore. The onshore segment is expected to account for a significant market share in the forecast period. The growing oil and gas exploration and re-exploration activities in onshore regions are accelerating the market size of perforating gun market. In addition, ongoing oil & gas investments in deep water and ultra-deep water drilling activities, such as one by Shell Offshore for Vito, in the Gulf of Mexico, are expected to create new avenues for perforating gun market in the country.

“North America to witness significant growth during the forecast period”

North America is expected to hold an extensive share in the perforating market and is expected to grow at an influential rate in the forecasted period as well. It is due to the rise in shale gas exploration activities and the commencement of several offshore drilling activities in the region. E&P activities (onshore and offshore) have triggered investments in the perforating guns business across the globe.

In addition, the shifting trend from vertical to horizontal wells is the most significant change over the last decade in the region, allowing for greater formation access while only incrementally increasing the cost of the well. Therefore, the surge in drilling activities has created optimism in the North American oil and gas market and hence may be considered a good sign for perforating gun markets. Moreover, North American production has developed significantly, and the growing shale industry in the region is expected to create significant opportunities for the oilfield service providers engaged in the perforating gun market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Perforating Gun market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Global Perforating Gun Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Perforating Gun market were the three major steps undertaken to create and analyze the adoption of the Perforating Gun in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Perforating Gun market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Perforating Gun market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Perforating Gun market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, gun type, well type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Perforating Gun market. Further, we conducted factor analysis using dependent and independent variables such as perforating guns the requirements in various end-user industries and advancements in the technologies of the industrial equipment in developing economies. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Perforating Gun market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Perforating Gun market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Perforating Gun market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Perforating Gun market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Perforating Gun market. Data was split into several segments & sub-segments post studying various parameters and trends in the type, gun type, well type, and application in the global Perforating Gun market.

The main objective of the Global Perforating Gun Market Study

The current & future market trends of the global Perforating Gun market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Perforating Gun market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type, gun type, well type, and application.
• Define and analysis of the regulatory framework for the Perforating Gun market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Perforating Gun market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
• Company profiles of the Perforating Gun market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team