Perforating Gun Market Estimated to Cross $898.7 Million by 2022

The perforating gun market is projected to reach USD 898.7 million by 2022, at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. The increase in oil & gas production, increased shale exploration, growing complexity of reservoir conditions, and increase in average well depth over the years are the major drivers of the perforating gun market. The increase in demand for oil and scarcity of supply due to a drop in oil production by OPEC and non-OPEC countries to stabilize oil prices has led to investments in the upstream oil & gas activities. The major oil & gas companies see the increasing demand as an opportunity for their upstream businesses, which will ultimately drive the perforating gun market.

The perforating gun market is mainly driven by the increase in the average well depth over the years. The conventional oil & gas reservoirs are depleting. The new reservoirs are found deep below the earth’s surface. The various methods such as reperforation, drilling of unconventional oil wells, and increasing oil production in hostile reservoir environments with the help of advanced technologies are carried out to meet the oil & gas demand. Thus, the need for technically efficient and advanced perforating guns is increasing to meet the requirements of drilling operators.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=135152126

The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

Request Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=135152126

The leading players in the perforating gun market include Baker Hughes (US), Schlumberger (US), Halliburton (US), Weatherford (US), National Oilwell Varco (US), DynaEnergetics (Germany), Hunting (UK), and Yellow Jacket Oil Tools (US).

Content Source: https://www.marketsandmarkets.com/PressReleases/perforating-gun.asp

Perforating Gun Market has been Growing in accordance with the Global Oil & Gas Industry

According to the new market research report  "Perforating Gun Market by Gun Type (Wireline Conveyed, Tubing Hollow Carrier, Tubing Strip, Tubing Conveyed), Depth (Up to 3000ft, 3000–8000ft, Above 8000ft), Well Type (Horizontal, Vertical), Well Pressure (High, Low), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The global perforating gun market was valued at USD 724.3 Million in 2016 and is expected to reach USD 898.7 Million by 2022 at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. Rising oil and gas production, increase in the average well depth over the years, growing complexity of reservoir conditions, and increased shale gas exploration are the major factors driving the perforating gun market. 

The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

The report segments the perforating gun market, by well type, into horizontal wells and vertical wells. The horizontal well segment is expected to be the fastest-growing market. The segment is mainly driven by factors such as growing complexity of reservoir conditions over the years, environmental reforms, and technological advances. Horizontal wells require multiple perforations, thus, driving the market for perforating guns.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

For More Information @ 

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=135152126

The key players operating in Perforating Gun Market market include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US).