NEWARK, Del, July 27, 2023 (GLOBE NEWSWIRE) -- According to the most recent Future Market Insights (FMI) report, the global Perforating Guns Market is expected to be worth approximately US$ 1.2 billion in 2023. Global sales of perforating guns are expected to grow at a 5.5% CAGR between 2023 and 2033. The total market size is expected to be around US$ 2.0 billion by 2033.
Demand is expected to remain high for tubing-conveyed Perforating Guns during the assessment period. This is due to various advantages including the high operational efficiency of these perforating gun types.
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As per the latest analysis, the tubing conveyed perforating segment is projected to exhibit a CAGR of 5.4% during the assessment period.
Growing energy demand along with increasing oil & gas exploration activities is a key factor expected to drive the global perforating guns industry during the assessment period.
Perforating Guns have become essential tools for performing perforation operations in the oil & gas sector. They are used to create openings in casings used in oil & gas well drilling and provide an effective flow communication among the cased well-bore and a productive reservoir.
Rising investments in oil and gas exploration activities across the globe is expected to boost the target market during the assessment period.
In recent years, there has been a dramatic rise in onshore and offshore drilling activities due to high energy demand. This in turn is positively impacting perforating gun sales as they are being widely used during drilling activities.
Similarly, the production of unconventional oil and gas resources such as shale gas is rising rapidly, thereby creating a high demand for perforating guns.
The development of new Perforating Gun systems and increasing government investments in discovering new oilfields will further boost the target market.
Key Takeaways from this Market Study:
- The global perforating guns industry is projected to cross a valuation of US$ 2.0 billion by 2033.
- Based on gun type, the tubing conveyed perforating segment is forecast to thrive at 5.4% through 2033.
- By depth, the below 3000 ft segment is poised to exhibit a CAGR of 5.2% between 2023 and 2033.
- The United States perforating guns industry is anticipated to reach around US$ 0.385 billion by 2033.
- Perforating gun demand in Japan is predicted to rise at a 5.5% CAGR through 2033.
- China's perforating guns industry is projected to reach a valuation of US$ 0.506 billion by 2033.
- The South Korean market is anticipated to expand at a CAGR of around 5.3% during the assessment period.
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Top 10 Companies in this Market:
- CJSC NTF PerfoTech
- Core Laboratories
- DYNAenergetics GmbH & Co. KG
- HE USA LLC
- Halliburton
- Hunting Plc
- National Oilwell Varco, Inc.
- Oiltech Services Pte Ltd
- Schlumberger Ltd
- Shaanxi FYPE Rigid Machinery Co., Ltd.
Recent developments are:
- In 2023, DynaEnergetics launched its new generation perforating gun system called DS Gravity 2.0. It is designed to improve perforation efficiency, save time & money, and increase productivity.
- In 2018, Schlumberger launched Tempo instrumented docking perforating gun system to meet rising end-user demand.
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Market Segmentation:
By Gun Type:
- Tubing Conveyed Perforating
- Through Tubing Hollow Carrier
- Through Tubing Exposed
- Wireline Conveyed Casing
By Depth:
- Below 3,000 ft
- 3,000 - 8,000 ft
- Above 8,000 ft
By Well Type:
- Horizontal
- Vertical
By Well Pressure:
- High Pressure
- Low Pressure
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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