As per a report by P&S Intelligence, the perforating gun market generated a value of USD 1,112 million in 2022, and it will advance at a 5.70% CAGR, to touch USD 1,733 million, by 2030.
The growth of the industry is mainly due to the increasing oil and gas profits and earnings, growing average well depth over time, increasing activities of E&P, rising shale gas exploration, and the mounting complexity of reservoir conditions.
The petroleum industry has witnessed a rapid change in the modes, materials, and methods used for production and distribution. There is a growing requirement for alternate resources that can efficiently justify the mounting demand for energy because of the development of traditional reservoirs.
The North American perforating gun industry will advance at a rate of approximately 6% in the years to come. This is credited to the existence of numerous industry players and rigs and the increasing requirement for oil and gas, which has resulted in a surge in drilling activities in the region.
In 2022, the LATAM industry generated a significant revenue share in the global perforating gun industry. This is credited to the high oil and gas production rate. Moreover, the growing shale industry in LATAM will boost the number of providers offering oilfield services in the industry.
The horizontal well category accounted for a larger revenue share, at approximately 63%. This is mainly credited to the improved production capabilities of horizontal wells.
Furthermore, this type of drilling rises contacts with the pay zone and encourages enhanced production. Therefore, in the years to come, a rising focus on unconventional reserves is expected to be a key driving factor in the growth of the industry.
Additionally, the requirement for horizontal drilling activity is increasing in offshore locations, because of a rising multilateral wells trend, along with forthcoming projects of horizontal wells, which is driving the global requirement.
Countries such as Argentina, China, and Mexico have started to investigate the commercial possibility of their shale reserves. Thus, the industry will experience a large demand.
In 2022, the tubing conveyed perforation systems dominated the perforating gun market, with a share of over 30%. This is attributed to their high operational efficiency and flexibility. Furthermore, the requirement for guns for these systems is increasing due to the extensive adoption of tube-conveyed perforating approaches for underbalanced wells in deviated and vertical applications.
It is because of the discovery of new oil and gas reserves, the reperforation of old wells, and the advancement of technology in perforating gun systems, the global perforating gun industry will continue to grow in the years to come.
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