Market Size of North America Perforating Gun Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Perforating Gun Market Analysis
The North America perforating gun market is expected to register a CAGR of more than 6% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 affected the growth of the oil and gas industry with declined investments. This had a direct impact on the oil and gas industry, especially in the production activities, which curbed the market for perforating guns. For instance, companies like ExxonMobil, and Shell cumulative decreased their expenditure by around 22% in 2020, thus impacting the market studied. Factors such as the rise in oil and gas drilling activities in the North American region, increased shale gas exploration, and technological developments in perforating gun systems are expected to drive the perforating gun market during the forecast period. However, a shift toward renewable energy sources to fulfill energy demand due to increasing concerns about emissions and global warming are likely to restrain the perforating gun market during the forecast period..
- The horizontal and deviated well segment is expected to provide a huge thrust to the perforating gun market owing to the increasing well development activities in comparison to vertical wells.
- The discovery of new oil and gas fields discoveries and the reperforation of old wells are expected to provide opportunities for the perforation gun market.
- The United States is one of the largest markets for perforating guns mainly due to increased exploration and production activities in its tight oil and shale reserves.
