The global perforating gun market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in oil and gas E&P activities. E&P is an upstream oil and gas activity that is performed to find and produce underlying oil and gas resources. Since 2014, crude oil prices have been fluctuating widely, and it has impacted the oil and gas E&P activities. As per the IEA, the global rig count was at its peak at the time when the crude oil price was trading over USD110/bbl in 2014. However, the drastic drop in crude oil prices in 2015 and 2016 led to a gradual decline in the number of active rigs.
This market research report on the global perforating gun market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing applications of IoT in the oil and gas industry as one of the key emerging trends in the global perforating gun market:
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Global perforating gun market: Increasing applications of IoT in the oil and gas industry
During the well drilling process, oil and gas E&P activities generate large volumes of data. In order to improve efficiency, the integration of automation in drilling activities is being applied to various parts of the drilling process. To achieve the growing demand of the industry and to reduce safety concerns, the global positioning system, sensors, wireless communication, as well as real-time data acquisition and innovations in the equipment are being incorporated. Along with safety being the prime motive for drilling automation, the economic benefits of automation are also gaining popularity to increase adoption.
Drilling automation is designed to optimize the performance of the drilling process. The integration of Internet of Things in the oil and gas upstream operations for improved processing and automation provides an analytical as well as a calculated approach toward efficient oil and gas production. The integration of IoT leads to reduction of risks and uncertainties in the process and supports the maximum recovery of the available hydrocarbons in reserve, says a senior analyst at Technavio for research on oil and gas.
Global perforating gun market: Segmentation analysis
This market research report segments the global perforating gun market by application (onshore and offshore) and geographical regions (APAC, EMEA, and the Americas).
The onshore segment held the largest market share in 2018, accounting for nearly 96% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 51%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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