The Oil Accumulator by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Oil Accumulator , The oil accumulator market size has grown strongly in recent years. It will grow from $47.92 billion in 2023 to $51.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing oil exploration, industrial expansion, safety and efficiency concerns, global economic growth.
The oil accumulator market size is expected to see strong growth in the next few years. It will grow to $69.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy transition, emerging markets, resilience in oil prices, regulatory compliance. Major trends in the forecast period include digitalization and iot integration, smart technologies integration, green energy initiatives, customization and modular design, focus on downtime reduction, collaboration and partnerships, market expansion in asia-pacific.
The increasing exploration and production activities are expected to propel the growth of the oil accumulator market going forward. Exploration activities refer to activities of the oil and gas industry, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling. Oil accumulators are used to prevent fluid loss and to cope with extreme erratic pressures and uncontrolled flow in a well for the exploration of oil and gas. For instance, according to the Indian Brand Equity Foundation, an India-based government agency, in October 2021, the Union Ministry of Petroleum and Natural Gas approved $3.8 billion to increase refining capacity. Also, in 2021, Bharat Petroleum invested $13.66 billion in upstream oil and gas exploration and production. Therefore, the increased exploration and production activities are expected to drive the oil accumulator market during the forecast period.
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The oil accumulator market covered in this report is segmented –
1) By Type: Bladder Accumulator, Piston Accumulator, Diaphragm Accumulator
2) By Pressure Rating: Up to 6,000 Psi, Above 6,000 Psi
3) By Application: Blow Out Preventer and Well Head Control, Offshore Rigs, Mud Pumps
Top Major Player
Hydac GmbH
Parker Hannifin Corporation
Bosch Rexroth AG
Nipon Accumulator Co. Ltd.
Technetics Group
New product innovations have emerged as the key trend gaining popularity in the oil accumulator market. Major companies operating in the oil accumulator market are introducing new products to sustain their position in the market. For instance, in May 2021, Liebherr, a German-based equipment manufacturer, launched piston accumulators for the 250 and 350 bar pressure range. These act as an additional series-production range and can be used either as a single solution or in conjunction with other hydraulic components as a system. This helps with a range of piston diameters from 100 to 360 mm.
The oil accumulator market report table of contents includes:
1. Executive Summary
2. Oil Accumulator Market Characteristics
3. Oil Accumulator Market Trends And Strategies
4. Oil Accumulator Market – Macro Economic Scenario
5. Global Oil Accumulator Market Size and Growth
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31. Global Oil Accumulator Market Competitive Benchmarking
32. Global Oil Accumulator Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Oil Accumulator Market
34. Oil Accumulator Market Future Outlook and Potential Analysis
35. Appendix
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