Horizontal Segment is Expected to Dominate the Global Perforating Gun Market.

According to TechSci Research report, “Global Perforating Gun Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Perforating Gun is anticipated to project robust growth in the forecast period with a CAGR of 4.75% through 2028. The oil & gas industry, since its inception, has been experiencing rapid changes in the methods, modes, and materials used for production and delivery. Presently, with maturing conventional oil and gas reserves, the need for substitute resources, which could efficiently meet the rising energy demand, is growing. The discovery of unconventional oil and gas resources has proved helpful in meeting the requirements for clean and efficient energy sources. Unconventional oil & gas resources are generally oil or natural gas resources, that do not appear in traditional formations and require specialized extraction or production techniques.

Unconventional oil and gas resources typically include shale gas, tight gas, coalbed methane (CBM), shale oil, tight oil, and natural gas hydrates. These resources are not chemically different from conventional oil and gas resources. The distinction stems from their attributes and characteristics with respect to reservoir rock type, oil and gas origin, occurrence state, position underground or from the unusual nature of their reservoirs.  

Browse over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global Perforating Gun Market.”

Based on Well Type, Horizontal segment is expected to hold the largest share of Perforating Gun market during the forecast period, The horizontal well development is gaining popularity, owing to the benefits associated with the same and technological advancements that have led to the increased economic viability.

Drilling in shale reserves involves directional or horizontal drilling, which leads to increased contact with the pay zone, as well as advanced production. Hence, a growing focus on unconventional reserves is expected to be a significant driver for the perforating gun market during the forecast period.

With a growing trend of multilateral wells, the demand for horizontal drilling activity is increasing in offshore regions, which, in turn, is driving the global market. Technological innovations and the increasing efficiency of horizontal drilling and multi-stage hydraulic fracturing technologies are unlocking vast unconventional shale and tight hydrocarbon resources worldwide, especially in North America.

In 2021, horizontal wells accounted for about 93% of the US crude oil production. This, along with upcoming horizontal well projects, is expected to support the growth of the segment in the upcoming years.

Based on Region, North America is expected to dominate the market during the forecast period.  Drilling activities in North America have increased amid the rising oil and gas demand. The shift from vertical to horizontal wells is the most significant change over the last decade in the region, allowing for greater formation access while only incrementally increasing the cost of the well. The surge in drilling activities has created optimism in the North American oil and gas market and hence may be considered a good sign for perforating gun markets.

The North American rig count reached 740 in 2021. The United States accounted for 569 rigs comprising 552 land rigs, 15 offshore rigs, and two inland water rigs, and Canada's rig count currently stands at 171, including 106 oil rigs and 65 gas rigs, respectively. Therefore, increasing drilling activities would increase the demand for perforating activity.

Crude oil production per day in the United States has increased by 10% since 2014, mainly due to increased exploitation of shale reserves through horizontal drilling and hydraulic fracturing. Permian is the leading one of the highest investments among basins due to its low wellhead breakeven price compared to other basins. Permian accounted for the largest share of the new oil produced in recent times.

Key market players in the Global Perforating Gun Market are following: -

• Baker Hughes Company
• Schlumberger Limited
• Weatherford International PLC
• NOV Inc.
• Halliburton Company
• Hunting PLC
• DMC Global Inc.
• DynaEnergetics GmbH & Co KG
• China Shaanxi FYPE Rigid Machinery Co. Ltd
• Core Laboratories NV  

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“The global perforating gun market is driven by increasing oil and gas exploration, rising energy demand, technological advancements, focus on unconventional resources, and the need for well intervention. The industry benefits from a surge in deepwater exploration, favorable government policies, and geopolitical stability. Additionally, innovations, environmental considerations, and safety concerns contribute to the market's growth, while economic trends and global demand for energy shape the trajectory of perforating gun adoption in the dynamic oil and gas sector.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Perforating Gun Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Gun Type (Through Tubing Hollow Carrier & Exposed, Wireline Conveyed Casing, TCP), Well Type (Horizontal, Vertical), Application (Onshore, Offshore), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Perforating Gun Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Perforating Gun Market.

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