Oil Accumulator Market Share

Oil Accumulator Market Share Analysis

Global oil accumulator industry is predicted to grow at a significant pace throughout the forecast period, mainly because of the digital revolution in the oil & gas industry infrastructure. Oil & gas industry can expect the results of productivity improvement, safe operation, and cost reduction for the areas of digital transformation. Oil & gas companies are heavily relying on the digital world these days as these are the main technologies in today’s world oil and gas industry to generate the next generation of wells, improve oil production and maintain system. Consider Statoil example (Norway), by 2020 it plans to invest USD 240 million in digitalization. Establishing a center for data analytics, machine learning and artificial intelligence is part of it. Likewise, Noble Corporation and GE engaged in the partnership agreement to use a collaborative approach of the digital rig supported by the data outcome analysis for efficiency improvement. The digital technology adoption movement would ultimately lead the oil accumulator market in the forthcoming years.In the current period, the market of oil accumulator is undergoing some meaningful changes due to technology advances, safety regulations, and the changing requirements of oil and gas industry. Among the noticeable features of the market is that of the technology adoptions such as high-pressure oil accumulators with enhanced safety features. These are the accumulators, which are engineered to endure the tough working conditions of the oil and gas industry, thereby allowing for reliable and long-term performance and compliance to high safety standards.

In addition, the market has actually a tendency to introduce the automation systems with real time forecasting functionality in oil accumulators. Smart accumulators with sensors and communication-enabled devices by the IoT technology track pressure levels and temperatures continually. These systems allow for predictive analytics which give way to predictive maintenance scheduling, early fault detection remotely, ultimately improving the operational efficiency and reducing downtime in operations of oil and gas.

Besides, lightweight and space saving components of the oil accumulator are the in-demand nowadays. Manufacturers are now focusing more on producing smarter, compact accumulators that are more efficient in terms of space utilization while at the same time providing high-pressure capacity functions. In compact form, the accumulators are aiming to provide oil and gas industry with the space-saving solution that facilitates the process of their inclusion into the necessary systems any time without any negative impact on the performance.

Another trend marking the industry is the transition of the eco-friendly and sustainable oil accumulators solutions to the market. Companies are looking at bio-based fluids as well as green materials which are in line with the objective to protect the environment and in harmony with green regulations. Unlike the legacy accumulator designs responsible for environmental impacts, today's sustainable accumulator designs are focused on minimizing impacts, eliminating leakages of fluids, and improving energy efficiency of hydraulic systems, which reflects the industry's green practices.