The global perforating gun market revenue is expected to expand at a moderate CAGR over the forecast period. Perforating gun is a device used to drill holes in oil and gas wells to prepare for production in order to provide effective flow communication between the cased wellbore and the productive reservoir.
A major factor expected to drive growth of the global perforating gun market over the forecast period is increasing adoption of perforating gun for production of oil and gas. However, stringent rules and regulations restricting on use of new explosives, is a key factor expected to hamper growth of the target market during the forecast period.
The global perforating gun market report has been segmented on the basis of gun type, well type, well pressure, depth, and region. On the basis of gun type, the target market is segmented into wireline conveyed casing, through tubing hollow carrier, through tubing strip, and tubing conveyed perforating. The tubing conveyed perforating segment is anticipated to hold major share in terms of revenue in the target market during the forecast period.
On the basis of well type, the target market is segmented into vertical and horizontal. The horizontal segment is projected to witness fastest growth rate in the target market over the forecast period. On the basis of well pressure, the target market is segmented into high pressure and low pressure. On the basis of depth, the target market is segmented into up to 3,000 ft., 3,000–8,000 ft., and above 8,000 ft.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America perforating gun market is expected to hold major revenue share over the forecast period. This can be attributed to increasing investment in oil & gas sector in countries in the region. The perforating gun market in the Asia Pacific is estimated to account significant revenue share in the target market over the forecast period, followed by Europe.
Key players operating in the global perforating gun market include Schlumberger Limited, DYNAenergetics GmbH & Co. KG, Baker Hughes, a GE company, LLC, Weatherford International plc, Halliburton Company, National Oilwell Varco, Inc., Hunting PLC, G&H Diversified Manufacturing, LP, Core Laboratories N.V., and FHE USA LLC.