Perforating Gun Market Size, Share, Trends, Growth 2032

Perforating Gun Industry Prospective:

The global perforating gun market size was evaluated at $2,130 million in 2023 and is slated to hit $4,920 million by the end of 2032 with a CAGR of nearly 9.75% between 2024 and 2032. 

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Perforating Gun Market: Overview

The key objective of a perforating gun is to provide proficient flow communication between productive reserves and the cased wellbore. To achieve this objective, the product punches a perforation with the help of casing & cement sheath. Moreover, perforation is a kind of small hole punched into a material that is utilized on paper, packaging products, and plastics so that they can be easily torn. Reportedly, the main aim of perforation is to help the material to be easily bent or torn.

Key Insights

• As per the analysis shared by our research analyst, the global perforating gun market is projected to expand annually at the annual growth rate of around 9.75% over the forecast timespan (2024-2032)
• In terms of revenue, the global perforating gun market size was evaluated at nearly $2,130 million in 2023 and is expected to reach $4,920 million by 2032.
• The global perforating gun market is anticipated to grow rapidly over the forecast timeline owing to a rise in the exploration activities in various countries along with a rise in the capacity expansions of the current oil reservoirs.
• In terms of type, the hollow carrier gun segment is slated to register the highest CAGR over the forecast period.
• Based on application, the offshore segment is predicted to contribute majorly towards the global industry revenue in the upcoming years.
• Region-wise, the European perforating gun industry is projected to register the fastest CAGR during the projected timespan.

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Perforating Gun Market: Growth Factors

Humungous use of perforating guns in oil & gas exploration activities to boost global market trends

Large-scale use of products in the oil & gas sector will spur the expansion of the global perforating gun market. A rise in exploration activities in various countries has increased the capacity expansions of the current oil reservoirs, thereby driving the global market trends. Moreover, a surge in the oil & gas exploration activities globally along with a rise in shale gas exploration is anticipated to spearhead the expansion of the global market.

Perforating Gun Market: Restraints

Growing product costs can impede the expansion of the industry globally over forecast period

These products including expendable perforating guns and semi-expendable perforating guns are utilized in through-tubing applications that disintegrate a large number of components after explosion and this increases the product costs. This factor can cut down the rate of growth of the global perforating gun industry.

Perforating Gun Market: Opportunities

Exploration of unconventional oil fields can open a slew of opportunities for the global market

Discovery of unconventional wells is predicted to open new growth avenues for the global perforating gun market.  

Perforating Gun Market: Challenges

Growing preference for sustainable energy will challenge the growth of the global industry

Renewable energy trends can restrict the use of perforating guns, thereby posing a huge challenge for the global perforating gun industry.

Perforating Gun Market: Segmentation

The global perforating gun market is divided into type, application, and region.                                         

In type terms, the perforating gun market across the globe is bifurcated into hollow carrier guns and through tubing strip segments. Additionally, the hollow carrier gun segment, which acquired nearly two-fifths of the global market earnings in 2023, is expected to record the fastest annual rate of growth in the forecast timeline. The expansion of the segment in the next eight years can be due to extensive utilization of the product along with its reliability. Furthermore, these products can be used for a large number of pressure applications and utilized in extreme climatic conditions to eliminate casing damage.

Based on the application, the global perforating gun industry is sectored into offshore and onshore segments. Additionally, the offshore segment, which garnered about 60% of the global industry revenue in 2023, is expected to make notable contributions towards the global industry size over the analysis timeline. The growth of the segment in the ensuing years can be due to a prominent surge in the multilateral wells leading to the escalating need for horizontal drilling in offshore areas.

Perforating Gun Market: Report Scope

Perforating Gun Market: Regional Insights

North America is expected to maintain the leading status in the global market in the next couple of years

North America, which accounted for nearly 55% of the global perforating gun market revenue in 2023, is expected to establish its dominant status in the global market in the years to come. In addition to this, the regional market expansion in the next few years can be due to a prominent increase in drilling activities in North America. Apart from this, an increase in the presence of key manufacturers in countries such as the U.S. will steer the regional market growth in the years ahead. Moreover, the presence of tight oil & shale reserves will steer the market trends in the region.

The European perforating gun industry is anticipated to register the fastest growth rate in the forecast timeline. The expansion of the industry in the region over forecasting years can be attributed to the discovery of new oil wells in the countries of Europe. The thriving oil & gas sector in Russia and the discovery of new oil reserves in the country will further boost the growth of the industry in the region.

Key Developments

• In the first quarter of 2018, Schlumberger NV, a U.S. based oilfield services firm, launched new kind of perforating gun system with an objective of monitoring oil wells dynamic underbalanced for creating clean perforations to improve oil reserve output.
• In the first half of 2019, Hunting Energy Services declared the production of short plug & play perforating gun systems.  

Perforating Gun Market: Competitive Space

The global perforating gun market profiles key players such as:

• TigerShark
• Schlumberger NV
• Weatherford
• National Oilwell Varco
• FHE USA LLC
• Halliburton
• Yellow Jacket Oil Tools
• Tenaris
• Core Labs
• LandSea Technical Services Private Limited
• Tassaroli S.A.
• Oso Perforating.

The global perforating gun market is segmented as follows:

By Type

• Hollow Carrier Gun
• Through Tubing Strip

By Application

• Offshore
• Onshore

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa