The global perforating gun market is projected to reach USD 1.4 billion by 2027 from an estimated market size of USD 1.1 billion in 2022, at a CAGR of 5.6% during the forecast period. The factors driving the growth for Perforating Gun Market are rising exploration and production of unconventional oil & gas resources, especially in the North American region.
Tubing conveyed perforation system: The largest segment of the Perforating Gun Market
The Perforating Gun Market, by gun type, is segmented into through tubing hollow carrier gun system, wireline conveyed casing gun system, through tubing exposed gun system and tubing conveyed perforation system. The tuning conveyed perforation system is estimated to have the largest market share. The versatile nature and the high operational efficiency of these gun systems are expected to drive through tubing perforation system, which consequently increases the demand of perforating gun.
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The onshore segment is expected to be the most significant Perforating Gun Market
The Perforating Gun Market, by application, is segmented into onshore, and offshore. The onshore segment accounted for the largest share of 66.4% of the Perforating Gun Market in 2021. Onshore exploration and re-exploration activities is expected to fuel the growth of onshore Perforating Gun Market during the forecast period.
North America is expected to dominate the global Perforating Gun Market
The North America region is estimated to be the largest market for the Perforating Gun Market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American Perforating Gun Market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.
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Some of the top players in the Perforating Gun Market include Schlumberger Limited (US), Weatherford International (US), Baker Hughes (US), Halliburton (US) and NOV Inc (US).