Perforating Gun Market Size, Share & Trends Analysis Report, 2024–2030

 The global perforating gun market size was estimated at USD 1.17 billion in 2023 and is projected to reach USD 1.83 billion by 2030, growing at a CAGR of 5.7% from 2024 to 2030. This growth is attributed to the rising global energy demand which continues to drive exploration activities, directly boosting the demand for perforating guns used in well completion operations.

 

Furthermore, flourishing shale gas production, particularly in regions like North America, is a significant driver for market growth as shale formations require specialized completion techniques. Additionally, innovations in product design and materials are enhancing their efficiency, reliability, and safety. This is expected to attract adoption of product in both conventional and unconventional reservoirs. Moreover, operators are increasingly investing in well intervention activities to enhance production from existing wells, which in turn, is further expected to fuel demand for perforating guns over the years.

 

Presence of regulatory pressures and environmental considerations from government of various countries regarding the negative impact of oil and gas extraction operations may act as a challenge for market growth. Furthermore, fluctuations in crude oil prices can impact capital expenditures by oil and gas companies, affecting their investment in new drilling and completion activities. Thereby, negatively impacting product growth.


Increasing exploration and production activities in offshore fields present lucrative opportunities for perforating gun manufacturers due to higher technical demands and deeper reservoirs. Integration of digital technologies such as real-time monitoring and data analytics is opening new avenues for optimizing perforating operations and reducing costs. Furthermore, growing energy demand in emerging economies presents untapped opportunities for market expansion in regions like Asia-Pacific, Central & South America, and Middle East & Africa.

 

Key Market Trends & Insights

  • North America dominated the perforating gun market in 2023 with a revenue share of 35.3% and is expected to grow at a significant CAGR from 2024 to 2030.
  • The U.S. is expected to grow at a CAGR of 5.8% over the forecast period.
  • Based on gun type, the tubing conveyed the perforation system segment accounted for the largest revenue share of 50.3% in 2023.
  • Based on application, the onshore segment dominated the market with a revenue share of 68.1% in 2023.

 

Order a free sample PDF of the Perforating Gun Market Intelligence Study, published by Grand View Research.

 

Market Size & Forecast

  • 2023 Market Size: USD 1.17 Billion
  • 2030 Projected Market Size: USD 1.83 Billion
  • CAGR (2024-2030): 5.7%
  • North America: Largest market in 2023
  • Asia Pacific: Fastest growing market



Key Companies & Market Share Insights

Some of the key players operating in the market are Baker Hughes, Schlumberger Limited, and Weatherford International plc:

  • Baker Hughes was established in 1907 and is a U.S. based company involved in proving various products and services for oil & gas sector. Major operating segments of company includes oilfield services, oilfield equipment, and digital solutions. It operates in over 120 countries worldwide, with a significant presence in key oil and gas regions such as North America, Middle East, Europe, and Asia Pacific.
  • Schlumberger Limited is a U.S. based company established in 1926. It is an oilfield services company, providing a comprehensive range of services and technologies to the oil and gas exploration and production industry. Its products are categorized into following segments: reservoir characterization, drilling, production, and digital & integration.

 

Key Players

  • Baker Hughes
  • Schlumberger Limited
  • Weatherford International plc
  • NOV Inc.
  • Halliburton Company
  • Hunting PLC
  • DMC Global Inc.
  • China Shaanxi FYPE Rigid Machinery Co. Ltd
  • Core Laboratories NV
  • DynaEnergetics

 

Browse Horizon Databook on Global Perforating Gun Market Size & Outlook


Conclusion

The global perforating gun market is poised for consistent growth, projected to reach USD 1.83 billion by 2030 with a CAGR of 5.7% from 2024. Rising global energy demand and increased exploration activities are key growth drivers, fueling the need for advanced well completion tools. The surge in shale gas production—particularly in North America—along with the complexity of unconventional reservoirs, is further accelerating market expansion. Technological advancements in perforating gun design and materials are enhancing operational efficiency and safety, encouraging wider adoption. Additionally, growing investments in well intervention activities to boost production from aging wells are expected to sustain market momentum in the coming years.

 

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