Global Oil Accumulator Market – Overview
The global Oil Accumulator Market is expected to exhibit a strong 4.8% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global oil accumulator market is mainly driven by the growing demand from the oil and gas industry. The growing digitalization in the oil and gas industry is also a major driver for the global oil accumulator market.
The MRFR report profiles the major drivers and restraints affecting the global oil accumulator market and provides a detailed analysis of the major trends affecting the global market. The leading players operating in the global oil accumulator market are also profiled in the report, which thus provides a detailed analysis of the global oil accumulator market’s competitive landscape. The impact of the COVID-19 pandemic on the global oil accumulator market is also studied in the report.
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Industry Highlights
Oil accumulators are a type of hydro-pneumatic equipment used in oil and gas applications to store non-compressible fluid under extreme pressure. Using the compressibility of gas, oil accumulators provide a secondary source of energy for oil and gas industry operations. Oil accumulators can also be used for other applications, such as noise reduction and pulsation dampening. The growing demand for exploration and drilling activities in the oil and gas sector is likely to be the major driver for the global oil accumulator market over the forecast period. Due to the growing global demand for energy, the oil and gas sector has expanded rapidly over the last few decades. Increased drilling operations have been a key feature of this growth, with several countries investing in increased oil and gas production. This is likely to remain a major driver for the global oil accumulator market over the forecast period.
The increasing demand for digitalization in the oil and gas industry is also likely to be a major driver for the global oil accumulator market over the forecast period. The major benefits of digitalization for the oil and gas industry include safer operations, increased productivity, and cost savings. Growing awareness about these benefits is likely to be a major driver for the global oil accumulator market over the forecast period. The shale gas boom in North America is also a major driver for the global oil accumulator market over the forecast period. Increased shale gas recovery operations are likely to lead to a growing demand for oil accumulators over the forecast period, leading to a steady growth of the global oil accumulator market in the coming years.
Competitive Leaderboard:
Leading players in the global Oil Accumulator Industry include Hydroll, Roth Hydraulics, Rotec Hydraulics, Hannon Hydraulics, Technetics Group, Freudenberg, Hydac, Bosch, Parker Hannifin, and Eaton. Major players in the global oil accumulator market are likely to engage in product and technological innovation in order to develop improved, more capable versions of oil accumulators. Expansion of production capacity is also likely to be a major strategy for the leading players in the global oil accumulator market over the forecast period.
Segmentation:
The global oil accumulator market is segmented on the basis of type, pressure rating, application, and region.
By type, the global oil accumulator market is segmented into bladder, piston, and diaphragm. The bladder segment is likely to dominate the global oil accumulator market over the forecast period. Key advantages of bladder oil accumulators over other types include their high durability, which makes them suitable for use in a wider range of terrains, and their applicability in multiple oil and gas industry applications.
By pressure rating, the global oil accumulator market is segmented into up to 6,000 psi and more than 6,000 psi. The up to 6,000 psi segment is likely to exhibit the highest growth rate over the forecast period.
By application, the global oil accumulator market is segmented into BOP and wellhead control, offshore rigs, and mud pumps.
Regional Analysis:
The evaluation of the regions in the oil accumulator market includes South America, Europe, the Middle East & Africa, Asia Pacific, and North America.
As per the study, the North American region held the principal market portion of the oil accumulator market in 2017. It is appraised that the Asia Pacific region would be the fastest mounting market during the forecast period, principally due to the intensifying investment in the oil & gas processes.
The oil accumulator market in the oil & gas industry would be largely motivated by the progress in digital technologies like machine learning, artificial intelligence, and data analytics in the nations such as the US and Canada. The demand from the fields onshore & offshore in the Gulf of Mexico is also likely to impact the oil accumulator market through the forecast period.
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Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
Continued…
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