PUNE, India, November 3, 2017 /PRNewswire/ --
The 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 market is expected to grow from an estimated USD 749.0 Million in 2017 to USD 898.7 Million by 2022, at a CAGR of 3.71%, from 2017 to 2022. The global market is set to witness significant growth due to the rising oil & gas production, shale gas exploration, increase in average well depth over the years, and growing complexity of reservoir conditions.
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Browse 77 Market Data Tables and 38 Figures spread through 149 Pages and in-depth TOC on "Perforating Gun Market"
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The vertical well segment is expected to hold the largest share of the Perforating Gun Market, by well type, during the forecast period.
Most oil & gas companies across the globe are investing in the upstream oil & gas sector. The vertical well segment led the Perforating Gun Market in 2016 and is expected to dominate the market during the forecast period.
The growth of this segment is primarily driven by the advanced techniques in the upstream sector and the increasing demand for oil & gas. In some cases, oil & gas operators still rely on vertical drill wells where the oil/gas reserves are available at a short depth from the surface. Furthermore, vertical wells are the most preferred form of wells as they can be further fractured and converted into unconventional wells once oil production starts decreasing. These factors will drive the vertical well segment.
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The low pressure segment is expected to be the fastest-growing segment of the Perforating Gun Market, by well pressure.
The well pressure segment has been divided into high and low well pressure. The high-pressure wells are hostile in nature. Despite recent developments in well technology, the regular instruments are unable to sustain the high pressure and high temperatures in these wells. High pressure and high temperature wells require special instruments and materials. They also require extra preventive measures and experience as they are considered volatile reservoir environments. Thus, the need for instruments for high pressure environments provides companies the opportunity to customize perforating guns using special materials. Regions such as North America and Asia Pacific are expected to drive the market for perforating guns mostly due to ongoing investments in shale gas exploration.
North America: The Leading Market for Perforating Guns.
In this report, the Perforating Gun Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, the Middle East, South America, and Africa. The market in North America is expected to dominate the global Perforating Gun Market.
The EIA has revised the US oil productivity by 460,000 bps. Such a sudden rise in production clearly indicates that the country is moving toward becoming an independent oil country. Hence, the US presents an opportunity for the Perforating Gun Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Perforating Gun Market. These include Schlumberger (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and DynaEnergetics (US). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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