Exploration and extraction of ‘Black Gold’ i.e., Oil is carried out by the perforating gun. The oil and gas industry is highly volatile and among the key sectors which have a major impact on the world economy. The demand for perforating gun is expected to increase exponentially due to the hasty investments in the fossil fuel industry. The conventional oil reservoirs are depleting rigorously. However, the global demand for more oil has opened doors for the exploration and drilling of new holes in the crust.
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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: 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.
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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
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
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