Global Oil Accumulator Market was value US$ 450.50Mn in 2017 and is expected to reach US$ 700.50Mn by 2026, at a CAGR of 5.67% during a forecast period.
An accumulator is a pressure storage tank, which supplies a specific amount of fluid that is under pressure. This fluid is later unconstrained to perform a specific operation in the hydraulic system. The fluid, which is stored via an external source that can either be piston, spring, gas, and fluid. Oil accumulators are used for different purposes, comprising noise reduction as well as pulse dampening. These accumulators are available in different shapes as per the customization.
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Increasing safety concerns and various environmental threats related with oil & gas exploration activities are expected to enhance the growth of the oil accumulator market. Fast exhaustion of crude oil reserves has prompted key players to take up new exploration developments to survive up with increasing demand. Furthermore, technical challenges faced by the manufacturers to produce accumulators to suit the appropriate application coupled with stringent environmental regulations may hamper the oil accumulator market growth.
The bladder segment is expected to dominate the global oil accumulator market the forecast period. The dominance of the market is attributed to increasing demand for bladder accumulators owing to the exploration and production spending and its wide usage in a blowout preventer applications. High investment in onshore and offshore activities by emerging economies will be booming the oil accumulator market. It has high durability compared with other types.
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Blowout Preventer & Well Head Control is expected to lead the global oil accumulator market owing to its usage in wide application of accumulators. These accumulators possess the capability to operate blowout preventer & wellhead control in case of a power failure, which is one of the key drivers for its dominance the global oil & gas accumulator market in the Forecast period.
The up to 6,000 psi is estimated to contribute a major share in the oil accumulator market in 2017. The major contribution is driven owing to it is useful for the application of multiple units in place of a single unit to reduce the idle time during production or drilling. Rising investments in the oil & gas industries are increasing the growth of the oil accumulator market.
The report provides a detailed overview of the oil accumulator market including regional analysis information. Geographically, North America is expected to share a significant share of the growth in the oil accumulator market. The growth is attributed to digitalization in the oil & gas industry, and shale gas exploration in this region. The US and Canada are the countries, which are estimated to contribute a large amount of share in the oil accumulator market. Furthermore, Asia Pacific is projected to lead the oil accumulator market owing to the rapid industrialization and the increasing presence of the oil and gas industries in this region.
The Middle East and Africa are also contributing share in the oil accumulator market owing to the presence of the oil and gas industry and the increasing investment in the oil sector.
The report gives a clear representation of the current market scenario of oil accumulator market, which includes projected market size in terms of value and volume, pestle analysis, Porter’s analysis factors in the market.
The Scope of the Report for Global Oil Accumulator Market
Global Oil Accumulator Market, By Type
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Global Oil Accumulator Market, By Pressure Type
Up to 6,000 Psi
Above 6,000 Psi
Global Oil Accumulator Market, By Application
Blowout Preventer & Well Head Control
Global Oil Accumulator Market, By Geography
Middle East & Africa
Key players Operating in Global Oil Accumulator Market
GE Oil & Gas
Nippon Accumulator Co., Ltd.
Parker Hannifin Corp.
Bosch Rexroth USA
Hydac International GMBH
Tobul Accumulator Inc.
Bolenz& Schafer Gmbh
Hydril Pressure Control
Hydac International Gmbh
Freudenberg Sealing Technologies