A perforating gun is a device used to perforate or punch holes in the casing or liner of oil & gas wells during the preparation for production. These perforations are created for enabling the flow of oil & gas into the wellbore. These guns are designed to hold several explosive charges, and are lowered into the wells and triggered. As these explosives create holes in the walls of the reservoir, channels are created through which the reservoir fluid flows into the wellbore, and is finally removed for further processing. This device is widely used as it provides higher economic benefits than conventional methods and reduces environmental pollution as well as enhances operational safety & efficiency.
COVID-19 scenario analysis
The outbreak of the novel coronavirus pandemic has affected the perforating gun market to a notable extent.
- Owing to the nationwide lockdown imposed across several countries, the transportation has almost come to a halt. This has further resulted in a steep decline in the demand for fuel for vehicles as well as industries. This has severely affected the oilfields, which, in turn, has negatively impacted the growth of the perforating gun market, globally.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rapid urbanization and large-scale industrialization across the world have surged the demand for oil & gas in the market. This has increased the production in different oilfields and boosted the exploration of shale gas in the reservoirs. In addition, technological developments are being made in firing systems to increase the efficiency of perforating guns. Thus, all these factors collectively contribute toward the growth of the global perforating gun market.
In addition, increase in complexities of the reservoirs with newer concepts such as horizontal wells, the demand for perforating guns is expected to grow in the global market. In case of drilling in shale reservoirs, horizontal or directional drilling is performed. With the growing trend of horizontal drilling and more innovations such as multi-stage hydraulic fracturing technologies for opening up tight hydrocarbon resources, the global perforating gun market is expected witness growth at a steady rate. However, recent fluctuations in oil prices has affected the drilling activities negatively, which is likely to act as a restraining factor of the perforating gun market.
Presently, the North America region holds the largest share in the market, due to increase in shale gas exploration and offshore drilling activities. The market in the Asia-Pacific region is expected to grow with a significant rate, due to surge in demand for energy in the emerging economies such as India and China.
Key benefits of the report
- This study presents the analytical depiction of the global perforating gun industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global perforating gun market share.
- The current market is quantitatively analyzed to highlight the global perforating gun market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Perforating Gun Market Report Highlights
By Gun Type
By Well Type
By Well Pressure
Key Market Players
Hunting Plc., Baker Hughes Co., Schlumberger Ltd., National Oilwell Varco Inc., Halliburton Company, G&H Diversefield Manufacturing LP, DMC Global Inc., Weatherford International Ltd.