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

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.

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 guns. The guns are designed such that the charges which are expendable are mounted on a carrier strip for running into the wellbore.

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 well type, the perforating gun market is bifurcated into horizontal and vertical. The horizontal segment is expected to account for a significant market share in the forecast period. It is mainly owing to its technological advancements that have led to increased economic viability coupled with a growing focus on unconventional reserves that require directional or horizontal drilling which in turn is driving the market size of perforating guns 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.

For a better understanding of the market adoption of the Perforating Gun is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. 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.

Some of the major players operating in 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. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.