Oil and Gas Accumulator Market Top Companies
Key players operating in the global oil and gas accumulator market include
Accumulators Inc.
Airmo Inc.
Bosch Rexroth AG
Eaton Corporation PLC (Eaton)
HAWE Hydraulik SE
Hydac Verwaltung GmbH (Hydac)
Hydroll
Nippon Accumulator Co., Ltd
NOK Corporation
Parker Hannifin Corp
According to a new report published by Allied Market Research, titled, the global oil and gas accumulator market was valued at $488.3 million in 2020, and is projected to reach $814.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
The bladder accumulator segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.6% from 2021 to 2030.
The offshore deployment location type is anticipated to register the highest CAGR of 5.4% during the forecast period.
The blow-out application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.3% from 2021 to 2030.
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The utilization of oil and gas accumulators in drilling rigs for controlling, RAMS blow-out preventer (BOP), annular blowout preventer, hydraulically operated gate valve (HCR), and other hydraulic equipment is the major key market trend in the global market.
The rising awareness for work safety rules has led the key oil manufacturing companies to focus more on the safety of workers and equipment. This has increased the sales of oil and gas accumulators for preventing high-pressure blow-outs during emergencies.
Asia-Pacific garnered the highest market share of 24.2% in 2020, in terms of revenue, growing at a CAGR of 6.4%.
Large oil and gas manufacturing companies are located in China and it has large number of oil manufacturers such as Sinopec. In addition, other major manufacturers of oil & gas in Asia-Pacific include China National Petroleum Corporation, China National Offshore Oil Corporation, Shaanxi Yanchang Petroleum, and others.
COVID-19 analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
The oil and gas accumulator market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the oil & gas, energy, and power sectors.
More than 100 countries have locked their international borders for transportation and non-essential trade activities, which, in turn, led to demand-supply disruptions for the oil and gas accumulator market. Furthermore, temporary shutdown of oil refineries amid the COVID-19 period has reduced the consumption of oil and gas accumulators in onshore sites for pressure recovery applications.
Rising industrial activities have led regulatory bodies, such as Occupational Safety and Health Administration (OSHA), Pressure Equipment Directive (PED), and others, to put more emphasis on equipment operating under extreme erratic pressure.
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Oil and gas accumulator is a type of hydraulic accumulator that is used to store energy in the form of compressed gas. Bladder accumulator, piston accumulator, and diaphragm accumulator are the types of oil and gas accumulators that are available in the market.
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