PUBLISHER: The Business Research Company | PRODUCT CODE: 1392823
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392823
“Perforating Gun Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on perforating gun market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for perforating gun? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The perforating gun market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A perforating gun is a tool employed in the oil and gas industry to create holes in wells before the production phase. These guns come in various sizes and configurations, with through-tubing guns and hollow-carrier (casing) guns being the two primary types of gun systems. Hollow-carrier guns, being larger than through-tube guns, allow for larger charges, more phasing possibilities, and improved shot density.
The main carrier types of perforating guns include hollow carrier, expandable shaped charged gun, and other types. A hollow carrier gun system is a pressure-tight carrier made from steel tubing. It is typically characterized by outer diameter (OD), shot density in shots per foot (SPF) or shots per meter (SPM), shaped charge types, and pressure and temperature ratings, depending on the explosive types used. Various explosive types include cyclotrimethylene trinitramine (RDX), cyclotetramethylene trinitramine (HMX), and hexanitrosilbene (HNS), involving different pressures such as high pressure and low pressure. Perforating guns find applications in both onshore and offshore operations.
The perforating gun market research report is one of a series of new reports from The Business Research Company that provides perforating gun market statistics, including perforating gun industry global market size, regional shares, competitors with a perforating gun market share, detailed perforating gun market segments, market trends and opportunities, and any further data you may need to thrive in the perforating gun industry. This perforating gun market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The perforating gun market size has grown steadily in recent years. It will grow from $1. 1 billion in 2023 to $1. 15 billion in 2024 at a compound annual growth rate (CAGR) of 5. 0%. The growth observed in the historic period can be attributed to factors such as increased oil and gas exploration activities, global economic growth, and the regulatory environment within the industry.
The perforating gun market size is expected to see strong growth in the next few years. It will grow to $1. 45 billion in 2028 at a compound annual growth rate (CAGR) of 5. 8%. The anticipated growth in the forecast period can be attributed to factors such as the rising demand for energy, the emergence of markets, environmental regulations, and increased exploration of shale gas. Major trends expected in the forecast period include an increased focus on unconventional reservoirs, the adoption of digitalization and automation, a trend towards customization and tailored solutions, the integration of data analytics, and a focus on eco-friendly solutions within the oil and gas industry.
The anticipated surge in oil demand is poised to drive the growth of the perforating gun market in the coming years. The demand for petroleum products is intricately linked to economic growth, population expansion, and rising income levels. In the context of oil wells, a perforation involves drilling a hole in the casing or liner to establish a connection with the reservoir. This perforation creates a channel between the pay zone and the wellbore, facilitating the easy flow of oil and gas to the wellbore. For instance, a report from the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas) in May 2021 indicated a 15. 5% increase in petroleum product production compared to May 2020. Consequently, the escalating demand for oil is expected to be a driving force behind the growth of the perforating gun market.
The growth of perforating gun market is further expected to be propelled by the increasing operations of drilling rigs. Drilling rigs, comprehensive systems that penetrate the subsurface for purposes such as creating oil or water wells, play a vital role in perforating gun utilization. These guns are essential tools in drilling rig operations, creating openings in casings used in oil and gas well drilling. According to data from Baker Hughes Company in February 2023, the number of drilling rigs in the US witnessed an increase, reaching 761 rigs for the week ending February 10. This marked a rise of 126 units from the 635 rigs operating at the same time the previous year, underscoring the significant impact of increasing rig drilling operations on the perforating gun market.
A prominent trend in the perforating gun market is the adoption of technological innovations. Ongoing advancements in well drilling operations have enabled the energy industry to tap into new sources of oil and natural gas, meeting the growing demand. These technological innovations not only contribute to increased oil and gas extraction efficiency but also aid in minimizing the environmental impact. Major players in the perforating gun market are actively engaged in developing new technological solutions to enhance their market position. For example, Hunting Titan, a US-based logging and perforating equipment manufacturer, introduced the H-3 perforating system in August 2021. This system incorporates cutting-edge features, including the industry's first wireless, safe detonator with the latest switch technology, the ControlFire V3, effectively reducing tool string length and weight while maintaining dependability and safety features.
In July 2021, Ranger Energy Services Inc., a US-based provider of high-specification mobile rig well services, acquired PerfX Wireline Services. This acquisition aimed to enhance Ranger's wireline service offerings and diversify its capabilities. PerfX Wireline Services, a US-based company specializing in wireline perforating services, contributed to the expansion of Ranger's portfolio.
In May 2023, SEF Energy, a US-based private holding company, acquired OSO Perforating, allowing SEF Energy to diversify its presence in the perforating gun market by incorporating advanced technologies that can potentially enhance its product and service offerings. This strategic move positions SEF Energy for an expanded range of offerings and increased market reach. OSO Perforating, a US-based company specializing in innovative perforating solutions, brings valuable technology to SEF Energy's portfolio aimed at simplifying downhole components.
Major companies operating in the in the perforating gun market report are Baker Hughes Company, DMC Global Inc., G&H Diversified Manufacturing LP, Halliburton Company, Hunting PLC, Schlumberger NV, Tassaroli S. A., Weatherford International Ltd., Shaanxi FYPE Rigid Machinery Co. Ltd., Core Laboratories N. V., Northern Colorado Manufacturing LLC, Oiltech Service Pte Ltd., Hunt & Hunt Ltd., Zao NTF Perfotech, ZZ Top Oil Tools Co. Ltd., Promperforator LLC, NOV Inc., FHE LLC, Oso Perforating LLC, Dyna-energetics GmbH & Co. KG, Landsea Technical Services Pte Ltd., Korber AG, HG Farley LaserLab Co., Tervita, Iljin Steel Corporation, Light Spirit Ltd., Joo Sung Sea & Air Co. Ltd., Apergy LLC, Trican Well service Ltd., Toyo Engineering Corporation
North America was the largest region in the perforating gun market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the perforating gun market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the perforating gun market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The perforating gun market consists of sales of retrievable hollow gun, expendable gun, and semi-expendable gun. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.