Oil Accumulator Market Key Players
The leading players in the global oil accumulator market are Eaton (Ireland), Parker Hannifin (US), Technetics Group (US), Bosch (Germany), Hydac (Germany), Freudenberg (Germany), Hannon Hydraulics (US), Rotec Hydraulics (UK), Roth Hydraulics (Germany), Hydroll (Finland), and others.
According to Market Research Future (MRFR), Oil Accumulator Market share is expected to reach USD 60 Billion by 2028, expanding at a compound annual growth rate (CAGR) of 5.50% during the forecast period. The report provides an accurate understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Oil accumulators are hydro-pneumatic equipment that can store non-compressible fluid even under intense pressure. These accumulators use compressibility of gas and are commonly used as an additional source of energy. The fluid is stored via an external source that can be either piston, spring, gas, or fluid. In addition, oil accumulators are used for a number of purposes, including noise reduction and pulsation dampening. These accumulators are available in various shapes. The most basic types of oil and gas accumulators are diaphragm, bladder, and piston. Exploration and drilling activities, assisted by a greater need for crude oil, are driving the oil & gas market.
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Market Dynamics
The global market for oil accumulator is expected to rise at a high rate during the forecast period, primarily due to the digital revolution in the oil & gas industry. Increased efficiency, safety operations, and cost savings are the potential benefits of digital transformation in oil and gas. Oil & gas companies are investing heavily in emerging technologies to improve next-generation well delivery, optimize oil production, and improve maintenance. For example, Statoil (Norway) will invest USD 240 million in digitalization by 2020 by building a center for data analytics, machine learning, and artificial intelligence. Likewise, Noble Corporation and General Electric have entered into a partnership agreement to work on the digital rig by using data analytics to boost operational efficiency. These advances in the adoption of digital technology will push the market for oil accumulator in the coming years.
Similarly, the shale gas exploration boom in the US will also push the market for oil accumulators. As per EIA, the increased speed of technological progress in the oil and gas sector will result in growing per well recoveries and an increase in the production of shale gas. According to EIA, the share of natural gas will grow from 34% in 2018 to 39% by 2050 owing to growth in drilling activities. Such activities and increased production of shale gas will raise the demand for accumulators globally.
Market Segmentation
The global oil accumulator market has been segmented into type, pressure rating, and application.
Based on type, the global oil accumulator market has been segmented into bladder, piston, and diaphragm. The bladder segment is estimated to be the largest market between 2018 and 2023. Factors like high investment in onshore and offshore industries are driving the market for oil accumulators. Another benefit of the bladder accumulator is that it can be used for almost many offshore applications and has strong durability compared to other forms.
Based on pressure rating, the global oil accumulator market has been segmented into up to 6000 psi and above 6000 psi. Up to 6000 psi segment is estimated to register the highest growth rate during the forecast period.
Based on application, the global oil accumulator market has been segmented into BOP & wellhead control, offshore rigs, and mud pumps.
Regional Analysis
Region-wise, the global oil accumulator market has been segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
The global oil accumulator market is predicted to see significant growth during the forecast period due to increased offshore investment in the oil & gas industry. According to the IEA, by 2040, offshore oil production is expected to exceed 27.4 million barrels of oil equivalent per day (mboe) from 26.4 million barrels of oil equivalent per day (mboe) in 2016. This will result in a global rise in demand for the oil accumulator. North America is the largest oil accumulator market in the assessment period. Digitalization in the oil & gas sector, shale gas exploration in the US, and supporting government plans for the upstream oil & gas sector are expected to drive the market for oil accumulators in the region.
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