The global perforating gun market is expected to grow at a CAGR of 5.07% during the forecast period. The global perforating gun market has been segmented into the onshore and offshore segments based on their applications in the upstream oil and gas industry. As per the latest market research report published by Technavio, the The global perforating gun market size will grow by USD 160.79 million during 2019-2023. Get the free sample report below for the detailed information.
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The growth of onshore oil and gas production was due to the lower cost of onshore E&P activities compared with such activities in the offshore operations. The operating conditions at onshore drilling sites are more suitable than offshore sites. Hence, several oil and gas companies engage in onshore E&P activities. The US, Canada, and the Middle East are the major adopters of onshore oil and gas explorations in the world.
An increase in shale gas exploration and production activities, as well as technological improvements supporting enhanced recovery, drive the growth of the onshore segment. The rising demand for energy is encouraging the upstream oil and gas industry to explore new fields, which necessitates the use of rge perforating guns. All these factors will drive the growth of the onshore segment of the perforating gun market during the forecast period. To know the complete and in-depth analysis and forecast of this market get the complete report by clicking the link below.
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