Oil & Gas Perforatory Services Market to be dominated by Horizontal Well through 2027
Rapid industrialization and urbanization in developing
countries and ongoing offshore drilling activities are driving the growth of global
oil & gas perforatory services market in the forecast period, 2023-2027.
According
to TechSci Research report, “Oil & Gas Perforatory Services Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”,
the global oil & gas
perforatory services market is anticipated to grow at a steady CAGR in the
forecast period, 2023-2027. The perforation process involves introducing a
perforating gun in the wellbore by lowering it to planned depth and firing the shaping
charges. The firing of shaping charges creates an explosion to create holes and
tunnels through the casing for the reservoir fluid to grow in the well. There
are two types of well perforation: underbalance perforation and overbalance
perforation.
An increase in oil & gas drilling activities,
rise in shale gas extraction, and growing investments for the development of
the oil & gas industry are the primary factors driving the growth of the
global oil & gas perforatory services market. Surging safety concerns and
the need to improve efficiency, advanced technologies like the internet of
things used for generating a large amount of data for exploration and
production activities are accelerating the demand for the global oil & gas
perforatory services market.
However, growing awareness about the benefits of
renewable energy factors and reduction in the number of newly drilled wells may
restrain the growth of the global oil & gas perforatory services market in
the forecast period.
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The global oil & gas perforatory
services market is segmented based on service, perforation type, well type,
regional distribution, and company.
On the basis of service, the global oil
& gas perforatory services market is divided into laboratory services,
perforatory design, shaped charges, gun systems, conveyance services.
Perforatory guns are expected to witness significant growth in the forecast
period, 2023-2027. An increase in oil & gas exploration and production
activities and the addition of new capacities in oil reserves are fueling the
demand for perfortaory guns. Perforatory gun types are available in the market
and they differ in configuration, conveyance, and size. The perforation process
requires precise perforatory guns that minimally damage the surroundings and
can help in the oil & gas exploration process.
On the basis of well type, the global oil
& gas perforatory services market is divided into the horizontal well and
vertical well. The horizontal well is expected to hold the largest market share
in the forecast period. Horizontal wells require the reperforation of old
wells, requiring multiple perforations for a single well from the same
reservoir. The surge in well development activities and more productive than
vertical wells are expected to drive the market demand. The growing trend of
multilateral is boosting the demand for horizontal drilling in offshore regions
in driving the market growth. Technological innovations aimed to enhance the
efficiency of the oil & gas production process and increased shale gas
exploration are expected to impact the market positively.
On the basis of regional analysis, the
North American region is expected to dominate the market and is expected to
maintain its dominance throughout the forecast period. Increased oil & gas
production activities in tight oil and shale reserves and shift from vertical
to traditional wells are the major drivers for oil & gas perforatory
services demand. An increase in crude oil production and the high investments
in deepwater and ultra-deepwater drilling activities are bolstering the demand
for the global oil & gas perforatory services market in the forecast
period.
Major market players operating in global
oil & gas perforatory services market are:
- Schlumberger Limited
- Baker Hughes
- Halliburton Company
- Weatherford International
- WellMax Oilfield Technologies
- GeoDynamics
- Liberty Oilfield Services LLC
- HLS Asia Limited
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“With the growing population, the energy
demand is expected to witness tremendous growth. Market players are investing
huge amounts in advancing the perforation process to predict the perforator
performance downhole in reservoir rock to maximize the reservoir productivity,
which is expected to impact the market demand directly. Increased safety, shortened
gun length, elimination of clogged perforation, and consistent hole size
perforating are other aspects the market players can focus on to stay ahead.
The surge in offshore activities, aging existing infrastructure, and rise in
the number of market players are expected to propel the global oil & gas
perforatory services market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Oil & Gas
Perforatory Services Market - Global Industry Size, Share, Trends, Opportunity
and Forecast, 2017-2027, Segmented By Service
(Laboratory Services, Perforatory Design, Shaped Charges, Gun Systems,
Conveyance Services), By Perforation Type (Round Hole, Square Hole, Slot Hole),
By Well Type (Horizontal Well, Vertical Well), and By Region”, has evaluated the future
growth potential of global oil & gas perforatory services market and
provides statistics & information on market size, structure, and future
market growth. The report intends 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 in global oil & gas perforatory services
market.
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