Global Perforating Gun Market 2019-2023 | Increasing Applications of IoT in the Oil and Gas Industry to Boost Growth | Technavio
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.
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Technavio has released a new market research report on the global perforating guns market for the period 2019-2023. (Graphic: Business Wire)
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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market snapshot before purchasing
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:
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 Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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