Major players in the perforating gun market are Baker Hughes Co, DMC Global Inc, G&H Diversified Manufacturing, Halliburton Company, Hunting PLC, National Oilwell Varco Inc, Schlumberger Ltd, Tassaroli S.A., Weatherford International Ltd, Shaanxi FYPE Rigid Machinery Co Ltd, Core Laboratories, Northern Colorado Manufacturing LLC, Oiltech Service Pte, Hunt & Hunt Ltd, Zao NTF Perfotech, Top Oil Tools Co. Ltd, and Promperforator.
The global perforating gun market is expected to grow from $0.97 billion in 2021 to $1.05 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The perforating gun market is expected to reach $1.32 billion in 2026 at a CAGR of 5.9%.
The perforating gun market consists of sales of retrievable hollow gun, expendable gun, and semi-expendable gun.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A perforating gun is a tool used to create holes in oil and gas wells prior to production.Perforating guns are available in a variety of sizes and combinations.
Through-tubing guns and hollow-carrier, or casing, guns are the two main types of gun systems. Hollow-carrier guns are larger than through-tube guns, allowing for larger charges, more phasing possibilities, and better shot density.
North America was the largest region in the perforating gun market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the perforating gun market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main carrier types of perforating gun are hollow carrier, expandable shaped charged gun, and other types.A hollow carrier gun system is a pressure-tight carrier made from the steel tubing.
Hollow carrier gun is typically described by outer diameter (OD), shot density in shots per foot (SPF) or shots per meter (SPM), shaped charge types and pressure & temperature rating - depending on the explosive types used.The different explosive types include cyclotrimethylene trinitramine (RDX), cyclotetramethylene trinitramine (HMX), and hexanitrosilbene (HNS) that involve several pressures such as high pressure and low pressure.
It is applied in onshore and offshore.
The increasing demand for oil is expected to fuel the growth of the perforating gun market going forward.The demand of petroleum products is influenced by several factors such as economic growth, population growth, and rising income levels.
In the context of oil wells, a perforation is a hole drilled in an oil well’s casing or liner to link it to the reservoir.Making a channel between the pay zone and the wellbore to allow oil and gas to flow readily to the wellbore.
For instance, according to the Australian petroleum production and exploration association report, in 2020, Australian petroleum liquids output climbed marginally to 169 million barrels, a 2% increase over 2019. Furthermore, in May 2021, according to a report published by the Petroleum Planning & Analysis Cell (Ministry of Petroleum & Natural Gas), the petroleum product production increased by 15.5% in May 2021 over May 2020. Therefore, the increasing oil demand will drive the growth of the perforating gun market.
Technological innovations are a key trend gaining popularity in the perforating gun market.Innovations in well drilling operations have enabled the energy industry to tap new sources of oil and natural gas to fulfil expanding demand.
Technological advancements have contributed to reducing the environmental impact of energy extraction by enabling more oil and gas to be obtained with fewer wells.Major companies operating in the perforating gun market are focused on developing new technological solutions to strengthen their position.
For instance, in August 2021, Hunting Titan, a US-based logging and perforating equipment manufacturer, launched H-3 perforating system to enhance the company’s existing integrated perforating systems line.The H-3 perforating design incorporates all of Hunting’s H-1 perforating system’s dependability and safety features and the industry’s first wireless, safe detonator with the latest switch technology, the ControlFire V3 that reduce tool string length and weight.
The H-3 System is also compatible with industry-standard shaped charges, which increases the product’s desirability to operators.
In July 2021, Ranger Energy Services Inc, a US-based company that provides high-specification mobile rig well services, cased hole wireline services, and ancillary services, acquired PerfX Wireline Services for an undisclosed amount.This acquisition would scale, scope, and diversify the required steps to assure Ranger’s wireline service offerings’ long-term success under the Ranger umbrella.
PerfX Wireline Services is a US-based company that provides wireline perforating services.
The countries covered in the perforating gun market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The perforating gun market research report is one of a series of new reports 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.