Perforating gun market is anticipated to grow at a CAGR of 5.3% during the forecast period. Perforating guns are used in many industries but are commonly found in the oil and gas well industries. In the oil well industry, perforating guns are a standard tool used in connecting pipelines. A perforating gun is used to create openings in casings used in oil and gas well drilling. These guns generally hold several explosive-shaped charges to create the type of openings called for in opening different types and sizes of casings. The increasing demand from oil and gas well industries due to rising demand and consumption has increased the market growth. Moreover, upstream gas and LNG investments by the government is further likely to surge demand for perforating gun during the forecast period. For instance, the Government has adopted several policies to fullfill the increasing demand. According to IEA (India Energy Outlook 2021), primary energy demand is expected to nearly double to 1,123 million tonnes of oil equivalent, as India’s gross domestic product (GDP) is expected to increase to $8.6 trillion by 2040. The investment will increase the number of oil and gas projects across the country along with the high demand for perforating guns.
The global perforating gun market is segmented based on gun type, well type, and application. Based on gun type, the market is segmented into tubing hollow carrier & exposed, wireline conveyed casing, TCP, and others. Among these, the tubing hollow carrier gun system accounts for the highest market share in the global perforating gun market. For gun ODs of 2 7/8 in and larger, tubing hollow carrier guns perform better than exposed guns because they use larger charges with optimized phasing and increased shot density due to this, they are highly demanding in digging applications in oil and mining. Based on well type, the market is categorized into horizontal and vertical. Based on application, the market is segregated into onshore and offshore.
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Market Coverage
- Market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Perforating Gun Market Segmentation
By Gun Type
- Tubing Hollow Carrier & Exposed
- Wireline Conveyed Casing
- Tubing Conveyed Perforation System (TCP)
By Well Type
- Horizontal
- Vertical
By Application
- Onshore
- Offshore
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Baker Hughes Co
- Core Laboratories N.V.
- DMC Global, Inc.
- FHE USA
- G & H Diversified Manufacturing L.P.
- Halliburton Energy Services, Inc.
- Hunt & Hunt Ltd
- Hunting PLC
- Landsea Group
- National Oilwell Varco Inc.
- Northern Colorado Manufacturing, LLC
- Oiltech Service Pte, Ltd.
- Schlumberger Ltd
- Shaanxi FYPE Rigid Machinery Co. Ltd
- Tassaroli S.A
- Weatherford International, Ltd.
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