Stratview Research publishes a new report titled Oil Accumulator Market which is segmented by Accumulator Type (Bladder, Piston, and Diaphragm), by Application Type (Bop & Wellhead Control, Offshore Rig, and Mud Pumps), by Pressure Type (Above 6,000 PSI, Up to 6,000 PSI), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The oil accumulator market was estimated at USD 466.62 million in 2022 and is likely to grow at a CAGR of 5.08% during 2023-2028 to reach USD 630.1 million in 2028.
What is an oil accumulator?
An oil accumulator is a device that stores energy during the drilling process in the hydraulic system. It compresses a gas bladder which is charged to a little extent with hydraulic fluids. Through this process, energy gets stored.
Oil accumulator is used in blowout preventers, mud pumps, and drilling rigs. It is also called a hydro-pneumatic device, which majorly handles pressure arising from fluctuations, noise reduction, leakage compensation, and pulsation damping.
Market Dynamics
The major factors driving the oil accumulator market growth are-
- Rising Exploration and Production Endeavours: The surge in exploration and production undertakings within the oil and gas industry propels the demand for oil accumulators. As oil companies delve into new reserves and extract oil from existing wells, the imperative for highly efficient hydraulic systems, including oil accumulators, escalates.
- Escalating Energy Demand: The relentless global thirst for energy persists, and oil stands as a paramount source. This unyielding surge in energy demand propels the very exploration and production activities elucidated earlier, thereby intensifying the need for oil accumulators.
- Enhanced Safety and Environmental Compliance: Governments and regulatory bodies exert rigorous control over industries, particularly the oil and gas sector, imposing stringent safety and environmental regulations. Within this context, oil accumulators assume a pivotal role in safeguarding the secure functioning of hydraulic systems, effectively mitigating the potential for accidents and environmental harm. Adherence to these imperative regulations necessitates the utilization of dependable and high-performance oil accumulators, thereby stimulating market growth.
- Revolutionary Technological Progress: The oil accumulator market thrives on the back of remarkable strides in accumulator technology, encompassing refined materials, innovative designs, and cutting-edge control systems. These breakthrough advancements yield amplified performance, heightened efficiency, and enhanced reliability, rendering oil accumulators exceptionally appealing to end-users.
- Surging Industrial Automation: The relentless wave of automation and digitization sweeps across industries, leaving a transformative impact on the oil and gas sector. Within this paradigm shift, automated systems extensively rely on hydraulic power, thereby elevating the indispensable role of oil accumulators. The escalating embrace of industrial automation, coupled with the seamless integration of hydraulic systems, powerfully propels the demand for oil accumulators.
Global Oil Accumulator Market Report Segments:
Based on the accumulator type, the market is segmented as bladder, piston, and diaphragm. The bladder segment dominated the market in 2022 and is expected to remain the largest segment during the forecasted period. An increase in investment in onshore and offshore applications is driving the growth of the segment. Bladder accumulators are quite useful in various offshore applications, and they own high durability.
Based on the application type, the market is segmented as bop & wellhead control, offshore rig, and mud pumps. The blow out preventer & well head control segment is estimated to register the highest growth during the forecast period. The growth of the segment is attributed to the use of BOPs in both, onshore and offshore activities.
Based on the pressure type, the market is segmented as above 6,000 PSI and up to 6,000 PSI. The up to 6,000 PSI segment led the market in 2022 and is expected to witness faster growth during the forecasted period. The growth of the segment is driven by the increase in consumption of up to 6,000 psi as it is useful in multiple applications to avoid idle time during production.
In terms of regions, North America is expected to dominate the market during the forecast period. The market is driven by the leading countries, such as the US and Canada, which are immensely contributing to the growth of the oil accumulator market in the North American region. On the other hand, the market is being gradually captured by the Asia-Pacific region, with China and India as the major growth engines, as the increase in maritime security activities and growth in offshore oil & gas production is improving. Also, the European market is expanding owing to improved maritime security and a rise in oil & gas production, which is likely to drive the market during the forecast period.
Why is this report beneficial?
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
It also offers –
- Market Overview
- Key Manufacturers Profiles
- Market Analysis by Region
- Market Segment by Type
- Market Segment by Application
- Raw Material and Supply Chain
- Other Key Research Findings
All the data compiled by the market experts is the outcome of rigorous primary and secondary research conducted on the market players and reliable sources, including company white papers, journals, press releases, and more.
Key players active in the market –
The following are some of the key players in the Oil Accumulator Market:
- Nippon Accumulator Co. Ltd.
- Eaton Corporation
- Parker Hannifin Corporation
- Bosch Rexroth AG.
Customization of the report –
At Stratview Research, the market researchers make a note of opportunities, drawbacks/bottlenecks, estimations, and information related to the market using experienced skills and verified methodologies. Our research reports offer an exceptional experience of innovative solutions and outcomes to the users. If required, user can also opt for customization of the report.
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