India, Pune, May 29, 2023 (GLOBE NEWSWIRE) -- The global detonator for perforating gun market size was valued at USD 116.30 million in 2022. The market is projected to grow from USD 120.39 million in 2023 to USD 167.84 million by 2030, exhibiting a CAGR of 4.9% during the forecast period.
An opening is made in the casings used while drilling oil and gas wells using a perforating gun, which is also used in hydraulic fracturing. These firearms typically have a number of explosive charges, which determines the type of apertures. A conveyance for the shaped charge, a detonator, and a detonating cord make up the three primary parts of a perforating gun. Fortune Business Insights presents this information in their report titled "Global Detonator for Perforating Gun Market, 2023–2030."
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Key Industry Development:
July 2021 - Hunting Plc has introduced a new perforating system to its comprehensive line of modular perforating guns. The company has introduced the H-3 perforating system, which features Hunting's latest ControlFire Recon switch technology, allowing users to read detonator resistance in each gun downhole or at the surface with the company's VeriFire panel.
Drivers & Restraints:
Increasing Unconventional Oil and Gas Reserve Exploration and Production to Drive Market Growth
Potential investment prospects exist in the upstream oil & gas sector due to the large growth of the global crude oil market as a result of its use in the production of electricity, the production of goods, transportation, and other end-use sectors. The demand-supply ratio will also be impacted by the exploration of different oil and gas resources as a result of globalization, urbanization, and significant economic development.
For instance, the Outer Continental Shelf (OCS) portion of the Gulf of Mexico received a fresh report on estimated oil and gas reserves in September 2021 from the Bureau of Ocean Energy Management (BOEM). These factors will result in an increase in detonator for perforating gun market share.
Renewable energy sources, including wind, solar, and geothermal, have become more popular recently as a fuel substitute for oil and gas, which may stifle the detonator for perforating gun market growth.
COVID-19 Impact:
Oil and Gas Activity was Disrupted by the COVID-19 Outbreak, Which Reduced Market Growth
Global economic activity has decreased as a result of the COVID-19 impact. Due to the suspension of drilling operations, the suspension of oil & gas exploration and production, and the closure of various facilities, the demand for oil and gas resources has also been severely reduced. These effects had an influence on the market for products used in oil and gas drilling and considerably slowed down some projects and orders.
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Segments:
Due to the Variety of Features It Offers, the Electronic Detonator Rules the Market
Based on the type, the global detonator for the perforating gun market analysis has been done for electric, electronic, and non-electric detonators. Electronic-type detonators are frequently employed in the oil and gas industry to perforate guns because of their excellent precision, reduced ground vibration, and safe external surroundings. Additionally, the electronic detonator restricts the number of detonators used per shot, simplifying operations and saving time and money on each perforating job.
Due to the High Oil & Gas Production, Onshore Application to Hold the Largest Share
Based on application, the global market is segmented into onshore and offshore applications. Due to the availability of both conventional and unconventional resources, the onshore application is anticipated to predominate the detonator used in the perforating gun industry.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Regional Insights:
Due to Its Increased Production of Oil and Natural Gas, North America Dominates the Market
Detonators for perforating guns have the largest market in North America due to factors including rising oil and natural gas output. For comparison, the Energy Information Administration (E.I.A.) of the United States predicted that by 2022, American crude oil production would rise by 760,000 b/d to 12.0 million b/d.
Asia Pacific took the lead in the perforating gun detonator market, followed by North America. The majority of oil demand is satisfied by oil produced in Western Asia's Persian Gulf, which is sustained through consumption. In addition, rapid economic expansion and rising electricity demand will probably boost interest in oil and gas development.
Competitive Landscape:
Key Market Players Concentrate on Product Improvement to sustain Competitiveness
Detonators used in perforating weapons are very competitive on the international market. Key market competitors compete with a wide range of businesses that offer perforating services and goods. Many of these businesses—many of which have a global presence, a more extensive operational history, more significant financial, technical, and other resources, as well as better brand recognition—are the major oilfield service providers in the oil and natural gas industry.
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List of Key Players Profiled in the Market Report:
- DynaEnergetics (U.S.)
- Hunting Plc (U.K.)
- SLB (U.S.)
- Halliburton (U.S.)
- Dyno Nobel (U.S.)
- Owen Oil Tools (U.S.)
- Devon Global (U.S.)
- Promperforator (Russia)
- Wellmatics (U.S.)
- GEODynamics (U.S.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Detonator for Perforating Gun Market
- Global Detonator for Perforating Gun Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights, and Forecast – By Type
- Electric
- Electronic
- Non-Electric
- Market Analysis, Insights, and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Detonator for Perforating Gun Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights, and Forecast – By Type
- Electric
- Electronic
- Non-Electric
- Market Analysis, Insights, and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights, and Forecast – By Country
- U.S. Market Analysis, Insights, and Forecast – By Application
- Onshore
- Offshore
- Canada Market Analysis, Insights, and Forecast – By Application
- Onshore
- Offshore
- U.S. Market Analysis, Insights, and Forecast – By Application
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