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3. Schlumberger Limited (US) and Weatherford (US) are the Leading Players in the Perforating Gun Market

The global perforating gun market is projected to reach USD 1.4 billion by 2027 from an estimated market size of USD 1.1 billion in 2022, at a CAGR of 5.6% during the forecast period. The factors driving the growth for perforating gun market are rising exploration and production of unconventional oil & gas resources, especially in the North American region.

The North American region is estimated to be the largest market for the perforating gun market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American perforating gun market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.

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The perforating gun market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global perforating gun market include Schlumberger Limited (US), Weatherford (US), Baker Hughes (US), Halliburton (US), and NOV Inc. (US).

Schlumberger Limited offers products, services, technologies, information solutions, and integrated project management solutions to the global oil & gas industry. The company specializes in reservoir characterization, drilling, production, and processing. Schlumberger’s primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company conducts its operations through four business segments, namely, Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Schlumberger offers perforating gun through its Reservoir Performance segments, which accounts for 23.41% share of the total revenue in 2020. The segment offers wireline services (wireline logging and perforating), testing services for formation and fluid characterization, and stimulation services such as pressure pumping, well stimulation, reservoir monitoring, and downhole data acquisition. Schlumberger Limited has a global presence across North America, Latin America, Europe/Africa/Commonwealth of Independent States (CIS), and the Middle East & Asia. The company has executive offices in Paris, Houston, London, and The Hague. It has more than 90 technology centres across the world and conducts business in more than 120 countries worldwide. In 2020, Schlumberger entered into Agreement of Collaboration with China Petroleum Logging Co. Ltd. The agreement is to strengthen the Technical and commercial collaboration of these two companies. This will also provide licence CNPC logging for wireline technology manufacturing. Furthermore, in 2020, Subsea Integration Alliance, a Schlumberger company, was awarded an exclusive contract by Equinor for project delivery, field development planning and total life cycle solution of bacalhau project in offshore basin under the portfolio of services and extencive technologies.

Weatherford International is among the leading multinational oilfield service companies that deliver technologies, solutions, and services for upstream activities in the oil & gas industry. Weatherford International offers equipment and services for both onshore and offshore operations. The company operates its business through two segments, namely, Completion and Production; and Drilling, Evaluation and Intervention. The Completion and Production segment offers production optimization services and a complete production ecosystem, which consists of artificial lift solutions (rod lift systems, progressing cavity pumping systems, gas-lift systems, hydraulic-lift systems, plunger-lift systems, and hybrid lift systems) and pressure pumping and reservoir stimulation services (acidizing, fracturing, cementing and coiled-tubing intervention, and testing). In addition, it provides production services (well test data, slackline, and intervention services), liner systems, cementing products and completion systems, and tools such as safety systems, production packers, downhole reservoir monitoring systems, flow control systems, isolation packers, multistage fracturing systems, and sand-control technologies. The Drilling, Evaluation, and Intervention segment offers intervention services such as re-entry, wellbore cleaning & well abandonment services, fishing. Besides, it also provide advanced multilateral well system under this segment. Weatherford International conducts operations in over 75 countries with approximately 390 operating locations, including manufacturing, research and development, service, and training facilities. The majority of the company’s facilities are set up in the US, Canada, Brazil, Argentina, Mexico, Colombia, the UK, Norway, Germany, Kazakhstan, Russia, Algeria, Egypt, Iraq, Kuwait, Pakistan, Saudi Arabia, the UAE, India, China, and Australia. In November 2021, Weatherford signed 2 contracts for five years with Abu Dhabi National Oil Company (ADNOC) to provide liner hanger system and downhole completion equipment.

Related Reports:

Perforating Gun Market by Gun Type (Through Tubing Hollow Carrier & Exposed, Wireline Conveyed Casing, TCP), Well Type (Horizontal, Vertical), Application (Onshore, Offshore), Pressure, Depth, Type, Orientation, Explosives, Region - Global Forecast to 2027

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