(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Perforating Gun Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets's offering.
Global Perforating Gun Market has valued at USD 1.7 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.75% through 2028
The oil & gas industry, since its inception, has been experiencing rapid changes in the methods, modes, and materials used for production and delivery. Presently, with maturing conventional oil and gas reserves, the need for substitute resources, which could efficiently meet the rising energy demand, is growing.
The discovery of unconventional oil and gas resources has proved helpful in meeting the requirements for clean and efficient energy sources. Unconventional oil & gas resources are generally oil or natural gas resources, that do not appear in traditional formations and require specialized extraction or production techniques.
Unconventional oil and gas resources typically include shale gas, tight gas, coalbed methane (CBM), shale oil, tight oil, and natural gas hydrates. These resources are not chemically different from conventional oil and gas resources. The distinction stems from their attributes and characteristics with respect to reservoir rock type, oil and gas origin, occurrence state, position underground or from the unusual nature of their reservoirs.
Key Market Drivers
Increasing Oil and Gas Exploration Activities: Key Points
Growing Demand for Energy : The surge in global energy demand, driven by population growth and industrialization, fuels increased oil and gas exploration activities. Role of Perforating Guns : Perforating guns are essential tools in well completion processes, enabling the extraction of hydrocarbons by creating perforations in well casing and surrounding formations. Technological Advancements : Innovations in perforating gun design and precision techniques enhance their efficiency and safety, attracting investments from industry stakeholders. Focus on Unconventional Resources : Exploration of unconventional resources like shale gas and tight oil amplifies the demand for perforating guns, as they play a crucial role in these extraction processes.
Key Market Challenges
Volatility in Oil and Gas Prices : Fluctuating oil and gas prices impact investment decisions, leading to uncertainty in exploration activities and demand for perforating guns. Environmental and Regulatory Constraints : Increasing environmental regulations and concerns necessitate compliance measures and sustainable practices, adding complexity and cost to perforating gun operations. Global Economic Uncertainty : Economic downturns and geopolitical uncertainties affect investment climate, leading to reduced exploration budgets and cautious spending in the oil and gas sector.
Key Market Trends
Increased Application in Unconventional Resources : Perforating guns find expanded use in unconventional resource extraction, driven by technological advancements and economic viability. Digitalization and Automation : Adoption of digital solutions and automation enhances precision, safety, and efficiency in perforating operations, transforming the industry landscape.
Well Type Insights : Horizontal wells dominate the market, especially in regions like North America, due to increased economic viability and advancements in drilling technologies. Regional Insights : North America leads the market, with growing drilling activities in regions like the Permian Basin driving the demand for perforating guns.
| Report Attribute
| No. of Pages
| Forecast Period
| 2022 - 2028
| Estimated Market Value (USD) in 2022
| $1.7 Billion
| Forecasted Market Value (USD) by 2028
| $2.27 Billion
| Compound Annual Growth Rate
| Regions Covered
Company Profiles: Detailed analysis of the major companies presents in the Global Perforating Gun Market.
Baker Hughes Company Schlumberger Limited Weatherford International PLC NOV Inc. Halliburton Company Hunting PLC DMC Global Inc. DynaEnergetics GmbH & Co KG China Shaanxi FYPE Rigid Machinery Co. Ltd Core Laboratories NV
Global Perforating Gun Market, By Gun Type:
Through Tubing Hollow Carrier & Exposed Wireline Conveyed Casing TCP
Global Perforating Gun Market, By Well Type:
Global Perforating Gun Market, By Application:
Global Perforating Gun Market, By Region:
North America United States Canada Mexico Asia-Pacific China India Japan South Korea Indonesia Europe Germany United Kingdom France Russia Spain South America Brazil Argentina Middle East & Africa Saudi Arabia South Africa Egypt UAE Israel
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Global Perforating Gun Market
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