Perforating Gun is a device that is used to perforate oil and gas wells in preparation for production. The main objective of a perforating gun is to provide effective flow communication between a cased wellbore and a productive reservoir. Benefits of using Perforating Gun include – enhanced operational efficiency, safer, flexible options, cleaner, reduced completion costs, and providing a safer work environment.
The Global Perforating Gun Market was valued at USD 732.42 million in 2016 and is projected to reach USD 1014.83 million by 2025, growing at a CAGR of 3.69% from 2017 to 2025.
1. Market Drivers
1.1 Advances in perforation technology
1.2 Reperforation of old wells
1.3 Rising in the average well depth over the years
1.4 Increasing oil & gas production
1.5 Increasing complexity of reservoir conditions
2. Market Restraints
2.1 Rising usage of renewable energy
2.2 Reduction in the number of newly drilled wells
2.3 Success rate of exploration
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The Global Perforating Gun Market is segmented on the well type, gun type, depth, well pressure, and region.
1. Well Type:
2. By Gun Type:
2.1 Through Tubing Strip
2.2 Tubing Conveyed Perforating
2.3 Wireline Conveyed Casing
2.4 Through Tubing Hollow Carrier
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3. By Depth:
3.1 Up to 3,000 ft.
3.2 3,000–8,000 ft.
3.3 Above 8,000 ft.
4. By Well Pressure:
4.1 Low Pressure
4.2 High Pressure
5. By Region:
5.1 North America U.S., Canada, Mexico
5.2 Europe Germany, UK, France, Rest of Europe
5.3 Asia Pacific China, India, Japan, Rest of Asia Pacific
5.4 Latin America Brazil, Argentina, Rest of Latin America
5.5 Middle East & Africa
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The major players in the market are as follows:
4. Yellow Jacket Oil Tool
5. Core Laboratories
6. Zao Ntf Perfotech
7. Fhe USA
8. Oiltech Service
9. Baker Hughes
11. National Oilwell Varco
12. Hunting PLC
14. Shaanxi Fype Rigid Machinery
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These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology of Planet Market Reports
Research study on the Global Perforating Gun Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Organization: Planet Market Reports