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Oil Accumulator Market Overview
According to the latest reports, the Oil Accumulator market size is estimated to develop at a 5.50 percent CAGR during the projected period.
An oil accumulator acts as a mechanical device that stores incompressible fluid under colossal pressure. It acts as an energy storage equipment, and it holds the fluid through an external source such as a spring, gas, or piston. They are also known as hydro-pneumatic equipment. The fluid is collected via an external source such as a piston or spring. Furthermore, they are used for various objectives, comprising noise reduction and pulsation dampening.
The pressure energy is stored inside the accumulator and discharged according to the requirements of the applications for which the oil accumulator is being utilized. The energy stored in the oil accumulators also functions when a power supply is lost and there is no other power supply source. These accumulators are present in diverse shapes. The most successful oil accumulators are the diaphragm, bladder, and piston. The oil area is segregated from the gas area with a metal piston in the piston oil accumulator.
An accumulator is employed in the drilling rigs in onshore and offshore regions as it acts as a blowout preventer to curb the unexpected influx of oil & gas during drilling operations. The increasing demand for oil accumulators decreases the amount of toxic environmental pollution during oil & gas drilling projects. The ongoing oil & gas exploration activities crosswise the world are boosting the market's growth.
The worldwide Oil accumulator market growth is expected to expand rapidly over the forecast period, owing mostly to the technological age in the oil and gas sector. The possible value of electronic revolution in oil and gas include productivity gains, safer operations, and cost reductions. Oil and gas firms are heavily investing in digital technology to improve next-generation well deliveries, maximize oil output, and maintain equipment.
Statoil (Norway), for example, plans to invest USD 240 million in digitalization by 2020, including the establishment of a data analytics, machine learning, and artificial intelligence center. Similarly, Noble Corporation and General Electric agreed to work on the digital rig by leveraging data analytics to increase operating efficiency. These advancements in digital technology usage will boost the oil accumulator industry in the future years.
Similarly, the increase in shale gas development in the United States would feel the need for oil accumulators. According to the EIA, the rapid pace of technical improvement in the oil and gas industry will result in higher per-well recoveries and increased shale gas output. According to the EIA, the percentage of natural gas will rise from 34% in 2018 to 39% by 2050 due to increased drilling activity.
This report contains all the information on the global Oil Accumulator market trends and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Oil Accumulator market forecast for 2027 is also included in the report.
Covid 19 Analysis
The market dynamics, competitiveness, and worldwide supply networks have all been influenced by Covid-19. Revenues fell in 2020 and are expected to rise steadily beginning in 2021. Companies that optimize their operations and strategies will be able to compete and outperform their competitors.
Major Key Players
- Eaton (Ireland)
- Parker Hannifin (US)
- Bosch (Germany)
- Hydac (Germany)
- Freudenberg (Germany)
- Technetics Group (US)
- Hannon Hydraulics (US)
- Rotec Hydraulics (UK)
- Roth Hydraulics (Germany)
- Hydroll (Finland)
- Others.
Recent Developments
Energy demand has been swiftly growing in recent times. Accumulation of oil is essential to reducing hazards during oil extraction processes. North America holds the largest market share. The increase in maritime security activities, growth in offshore oil & gas production, and ongoing projects will boost the market in the North American region.
Oil accumulators are hydro-pneumatic equipment that deposits noncompressible fluid through an external source such as gas, spring, and piston under tremendous pressure. Oil accumulators have gained importance globally due to initiatives to diminish harmful environmental pollution during oil & gas drilling activities.
Market Dynamic
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Drivers
The need for these capacitors is projected to increase as the global demand for crude oil rises. In the years ahead, rising demand from the end-use industry is expected to support the worldwide oil accumulator market's growth. The growth and exploration operations in the oil and gas sector have been cited as the primary reasons for the market's expansion. The worldwide oil accumulator market is projected to grow in response to growing health and safety concerns, as well as many environmental risks associated with oil and gas development.
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Opportunities
Rising demand for oil and gas exploration and production operations creates opportunities in the oil accumulator industry. The market for oil accumulators has benefited from efforts to reduce environmental risks associated with exploration.
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Restraints
High production costs are one of the market's constraints. Efforts are being made, however, to cut prices and create advanced oil accumulators. When environmental considerations are taken into account, oil accumulators become a crucial component.
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Challenges
Transitioning to renewable energy sources, on the other hand, is expected to be a stumbling challenge for this industry.
Cumulative Growth Analysis
Due to increasing offshore investments in the oil and gas sector, the global Oil Accumulator market is anticipated to develop significantly over the forecast period. According to the International Energy Agency (IEA), offshore oil output will increase to 27.4 million barrels of oil equivalent per day (more) by 2040, up from 26.4 million barrels of oil equivalent per day (more) in 2016. This would result in a rise in worldwide demand for Oil accumulators. During the projection period, North America is by area, the largest oil accumulator market outlook.
The oil accumulator market has been increasing in Asia Pacific nations like India, China, and Japan as a result of increased maritime security operations, development in offshore oil and gas production activities, and advancements in underwater communications. The oil accumulator market value in European nations such as the United Kingdom, Germany, France, and Norway is expected to grow as oil and gas drilling operations in the North Sea rise and marine security improves.
Value Chain Analysis
According to the reports, the global Oil Accumulator market has been divided into four sections: type, pressure rating, application, and geography. The market is divided into three types: bladder, piston, and diaphragm. From 2018 to 2023, the bladder sector of the oil accumulator market is anticipated to be the biggest market by type. The oil accumulator market is being driven by factors such as increased investment in onshore and offshore businesses.
Another benefit of bladder accumulators is that they may be utilized for a wide range of offshore applications and have high durability when compared to other varieties. The worldwide Oil Accumulator market is further subdivided depending on pressure rating, with up to 6000 psi and over 6000 psi being the most common. The worldwide Oil Accumulator market segment of up to 6000 psi is expected to expand at the fastest rate during the projected period.
Segmentation Overview
The market is segmented based on type, pressure rating, application, and geography. The global Oil Accumulator market is expected to witness decent growth during the forecast period.
By Application
Based on the application, the market is segmented into Blow out preventer & wellhead control, Offshore rigs, and Mud pumps.
By end-users
The market is segmented into Bladder Accumulator, Piston Accumulator, and Diaphragm Accumulator based on the propulsion types.
Regional Analysis
According to the reports, based on region, the global oil accumulator market is divided into Asia Pacific, Europe, North America, the middle east, Africa, and South America. During the projected period, North America is likely to lead the oil accumulator market. The industry is led by major nations like the United States and Canada, which are significantly contributing to the expansion of the North American oil accumulator market share.
On the other hand, the Asia-Pacific region is increasingly capturing the market, China and India are the key development engines, as maritime security operations and offshore oil and gas production improve. Furthermore, the European market is increasing as a result of better maritime security and an increase in oil and gas production, which is expected to boost the market throughout the projected period.
Competitive landscape
Major companies in the worldwide oil accumulator market are anticipated to participate in product and technical innovation to produce better, more competent oil accumulators. Over the projected period, expansion of manufacturing capacity is also anticipated to be a significant strategy for the main players in the worldwide oil accumulator market.
To get a greater portion of the oil accumulator industry, these companies have used expansion methods like contracts and agreements, mergers and acquisitions, and partnerships and collaborations.
Report Overview
The following report comprises of –
- Market overview
- Covid 19 Analysis
- Market Dynamic
- Drivers
- Opportunities
- Restraints
- Challenges
- Cumulative Growth Analysis
- Value Chain Analysis
- Segmentation Overview
- By Application
- By End-Users
- Regional Analysis
- Competitive landscape
Recent Developments
- Liebherr increases its portfolio with a series-production line of piston accumulators in May 2021. The Components product category expands its offering with a series-production line of piston accumulators for pressures between 250 and 350 bar.
- R&B Plastics Machinery LLC, a prominent manufacturer of blow molding machinery, single-screw plastic extruders, extruder process screws, and machinery rebuilders, established a strategic alliance with Sika in December 2018. To provide the R&B Sika Shuttle line (RBS Series) and accumulator machines (RBA Series) throughout the North American market, the firm will combine contemporary and efficient blow mold technology and marketing techniques.
- Hengst is set to buy Bosch Rexroth AG's hydraulic filtration division in July 2020. This contains the Ketsch (Baden-Württemberg, Germany) location. The hydraulic filter business of Bosch Rexroth develops and manufactures entire filters and filter components for industrial and mobile hydraulic applications.
Segmentation By Type
- Bladder Accumulator
- Piston Accumulator
- Diaphragm Accumulator
By Pressure Rating
- Up to 6,000 Psi
- Above 6,000 Psi
By Onshore Vs Offshore
- Up to 6,000 Psi
- Above 6,000 Psi
By Application
- Blow out preventer & well head control
- Offshore rigs
- Mud pumps
By Region
- Asia Pacific
- Europe
- North America
- Middle East
- Africa
- South America
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