Perforating Gun Market Report 2026

The perforating gun market size has grown strongly in recent years. It will grow from $1.18 billion in 2025 to $1.25 billion in 2026 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to growth in onshore oil and gas production, expansion of conventional well completion activities, increasing drilling of mature fields, demand for efficient reservoir access, adoption of hollow carrier guns.

The perforating gun market size is expected to see strong growth in the next few years. It will grow to $1.6 billion in 2030 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing unconventional oil and gas drilling, rising demand for optimized well productivity, technological advancements in perforating systems, focus on minimizing formation damage, growth in offshore drilling activities. Major trends in the forecast period include rising demand for high shot density guns, increasing use of through-tubing perforating systems, growing adoption of advanced shaped charges, shift toward customizable gun configurations, increasing focus on operational precision.

Increasing demand for oil is expected to drive the growth of the perforating gun market in the coming years. Oil demand refers to the rising need for petroleum products to support global energy consumption and industrial activities. This demand is growing primarily due to sustained increases in energy use driven by expanding industrial and transportation sectors. Perforating guns facilitate oil and gas production by creating perforations that allow hydrocarbons to flow from the reservoir into the wellbore, thereby supporting oil supply. For example, in March 2024, the U.S. Energy Information Administration (EIA) reported that crude oil production in the United States reached a record 12.9 million barrels per day in 2023, an increase of approximately 1 million barrels per day compared with 2022. Consequently, rising oil demand is fueling the growth of the perforating gun market.

Major companies in the perforating gun market are focusing on developing advanced solutions, such as DS GRAVITY 2.0, to improve perforation performance, enhance operational efficiency, and reduce completion costs in oil and gas wells. DS GRAVITY 2 is an advanced perforating gun designed to optimize the perforation process during well-completion operations, increasing productivity and minimizing operational downtime. For example, in June 2023, DynaEnergetics, a Germany-based provider of well-completion solutions for the oil and gas industry, launched DS GRAVITY 2.0, which incorporates innovative technology to enhance perforation accuracy and effectiveness while lowering operational costs for energy sector customers.

In May 2023, SEF Energy LLC, a US-based private holding company, acquired OSO Perforating for an undisclosed sum. Through this acquisition, SEF Energy aims to broaden its presence in the perforating gun market by incorporating OSO Perforating’s advanced technologies and expanding its portfolio of products and services. OSO Perforating LLC, based in the US, specializes in innovative perforating solutions designed to streamline downhole components.

Major companies operating in the perforating gun market are Baker Hughes Company, DMC Global Inc., G&H Diversified Manufacturing LP, Halliburton Company, Hunting PLC, Schlumberger NV, Tassaroli S. A., Weatherford International Ltd., Shaanxi FYPE Rigid Machinery Co. Ltd., Core Laboratories N. V., Northern Colorado Manufacturing LLC, Oiltech Service Pte Ltd., Zao NTF Perfotech, ZZ Top Oil Tools Co. Ltd., Promperforator LLC, NOV Inc., FHE LLC, Oso Perforating LLC, Dyna-energetics GmbH & Co. KG, Landsea Technical Services Pte Ltd., Iljin Steel Corporation, Joo Sung Sea & Air Co. Ltd., Apergy LLC, Trican Well service Ltd., Toyo Engineering Corporation.

North America was the largest region in the perforating gun market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the perforating gun market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the perforating gun market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The perforating gun market consists of sales of retrievable hollow gun, expendable gun, and semi-expendable gun. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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