Perforating Gun Market: Introduction
The oil and gas industry mainly involves the process of exploration, which includes several operations from searching of wells to drilling them. The well pressure is divided into two categories, i.e., low pressure & high pressure. Despite of development in the recent technology, regular equipment fail to bear extreme temperature and pressure conditions of the reservoir. Therefore, the perforation of the well requires special equipment that can sustain volatile environment of a reservoir. Perforating gun is a specialized device used to penetrate in the oil & gas wells and to connect the path between well & reservoir during the process of production. It is available in the market in several shapes & sizes and the diameter of the gun is decided by the limitation imposed by the surface equipment and the presence of wellbore restrictions. As the productivity of the well totally depends on being perforated right (correctly oriented, deep and clean), perforating guns are optimized for complex geometry, reservoir and wellbore environment. Perforating gun has the following characteristics – high pressure & temperature rating, high charge performance, minimum causing damage, minimum debris formation and low market cost. Moreover, perforating gun is provided by the feature of multi-phasing, instant spot detection and variable shot densities, which can vary from 1 to 12 shots per foot. Manufacturers customize perforated guns according to the reservoir conditions using special materials. The stable growth in the global gross domestic product, stronger energy demand from the global consumers and the urge to stabilize oil & gas prices across the globe are the factors expected to drive the growth of the perforating gun market.
Perforating Gun Market: Dynamics
Increasing exploration activities in turn is expected to augment the demand for perforating guns over the forecast period. Growing economies have been witnessing urbanization on a huge scale which will consequently result accelerate the demand for transportation, residential area, construction and energy resources. In order to fulfill the demand for petrochemical & energy, perforation of new oil & gas reserves has become mandatory. However, technological and environmental concerns related to the exploration activities such as remote, harsh and hostile locations accompanied by operational changes is the key challenge for the growth of the perforating gun market. On the other hand, increasing inclination towards renewable source of energy is also expected to hamper the growth of the perforating gun global market over the forecast period.
Perforating Gun Market: Segmentation
The perforating gun market can be segmented based on gun type, well pressure, well type and depth
By gun type, the perforating gun market is segmented as:
- Through Tubing Strip
- Through Tubing Hollow Carrier
- Tubing conveyed Perforating
- Wireline Conveyed Casting
By well pressure, the perforating gun market is segmented as:
- Low Pressure perforating gun
- High Pressure perforating gun
By well type, the perforating gun market is segmented as:
- Horizontal perforating gun
- Vertical perforating gun
By depth, the perforating gun market is segmented as:
- Up to 3,000 ft
- 3,000-8,000 ft
- Above 8,000 ft
Perforating Gun Market: Regional Outlook
Asia Pacific is expected to hold substantial share in the global perforating gun market and is expected to grow at a significant CAGR due to rapid urbanization and industrialization. Moreover, increasing demand for energy in the growing economies, such as India and China, is expected to fuel the demand for perforating guns over the near future. North America followed by the Middle East is estimated to show significant growth in the global perforating gun market over the forecast period. Mexico, Canada and the U.S. are particularly investing in exploration of oil and gas reserves to achieve the path of self-sustainability.
Perforating Gun Market: Key Participants
Examples of some of the key participants in the global perforating gun market are:
- National Oilwell Varco, Inc.
- DYNAenergetics GmbH & Co KG
- Yellowjacket Oilfield Services, L.L.C.
- Schlumberger N.V.
- Hunting PLC
- Zao Ntf Perfotech
- Baker Hughes
- Core Laboratories
- Shaanxi Fype Rigid Machinery
- Oiltech Service
- FHE USA
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