Perforating Gun: Soaring to New Highs in Oil and Gas Industry
Siddhant Patil
Oil and Gas | Offshore | Onshore | Oilfield | Drilling | Exploration & Production Consultant
Perforating guns are commonly used in the oil and gas industry to create holes in the wellbore casing, allowing the hydrocarbons to flow through and reach the surface. The perforating gun market growth is driven by the increasing demand for oil and gas. The growth of shale gas exploration and production is also a major factor contributing to the growth of the perforating gun market.
The global perforating gun market is expected to grow from an estimated USD 1.1 billion in 2022 to USD 1.4 billion by 2027, at a CAGR of 5.6% during the forecast period.
The players operating in the oil & gas industry are focusing on making discoveries as some of the existing fields may create challenges in producing hydrocarbons at an economical rate and require plug and abandonment. Major oil & gas companies have been making extensive discoveries in the onshore and offshore regions. According to the BP Statistical Review of 2020, the world still had unexplored 1,733.9 billion barrels of proven oil reserves by the end of 2019. Such reserves are creating opportunities for well drilling activities followed by production activities, which is expected to create demand for perforation gun services.
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As per International Energy Agency (IEA) World Energy Outlook, the unconventional oil production is projected to increase from 1.8 mb/d in 2008 to 7.4 mb/d by 2030. By 2035, the world's unconventional oil production is expected to account for 15.3% of the world's total oil production. Hence, the increasing production of unconventional oil & gas paves way for extensive exploration and production activities, which ultimately propels the demand for perforating guns across the exploration sites.
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.
Key Market Players:
The major players in the Perforating Gun Market are Schlumberger Limited (US), Weatherford International (US), Baker Hughes (US), Halliburton (US) and NOV Inc (US).
Experienced Oil & Gas Professional||Certified Trainer & Consultant||Certified John Maxwell Speaker/Coach/Mentor||Author
5 个月This is an impressive growth projection for the perforating gun market. The increasing exploration and production of unconventional oil and gas resources, especially in North America, are significant factors driving this expansion. It will be interesting to see how advancements in technology and sustainable practices further influence this market in the coming years.
RECRUITMENT CONSULTANT@ Galion CREST || Project Manager || Datbase Management|| Software integration|| Business Development Manager || Oil and Gas Field || Mental health Advocate || Talent Hunt
5 个月Thanks for sharing
RECRUITMENT CONSULTANT@ Galion CREST || Project Manager || Datbase Management|| Software integration|| Business Development Manager || Oil and Gas Field || Mental health Advocate || Talent Hunt
5 个月Great advice!
welding consultant
5 个月Hi We at welding and reclamation centre Bangalore, offer special welding services for worn out machine parts/welding broken machine parts/welding cracks on machine bodies etc…please email us at [email protected] or mobile us at 7892059895.
RECRUITMENT CONSULTANT@ Galion CREST || Project Manager || Datbase Management|| Software integration|| Business Development Manager || Oil and Gas Field || Mental health Advocate || Talent Hunt
5 个月I'll keep this in mind