The perforating gun is designed to hold an array of explosive shaped charges and it is lowered into the well to the depth where the connection to the reservoir is made. The gun is then fired to make multiple holes in the casing. Multiple fractures made by the perforating gun acts as a channel through which reservoir fluids in the form of hydrocarbons flow from the formation into the wellbore and up to the surface. The primary purpose of a perforating gun is to provide the communication between the cased wellbore and productive reservoir..

The global perforating gun market was valued at USD 724.3 Million in 2016. Rising oil and gas production, increase in the average well depth over the years, growing complexity of reservoir conditions, and increased shale gas exploration are the major factors driving the perforating guns market.

In recent years, companies in the perforating gun market focused on contracts & agreements as their key strategy to increase their market shares and regional presence. New product launches was the second most followed strategy by leading industry players to achieve growth in the perforating gun market.

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.

Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.