Oil
Accumulator are hydro-pneumatic equipment that utilizes the compressibility of
gas and are widely used as a supplementary energy source. The fluid is stored
via an external source that can either be piston, spring, gas and fluid. These
accumulators are available in different shapes. Most popular types of oil and
gas accumulators are diaphragm, bladder and piston. Exploration as well as
drilling activities supported by greater need for crude oil is driving the oil
& gas market The global Oil
Accumulator market is estimated to expand
at 4.80% CAGR during the forecast period.
The growing demand for Oil Accumulator
market is attributed to the growing IoT in oil & Gas industry and rising
demand for digitalization due to Increased productivity, safety operations, and
cost savings are the potential benefits of digital transformation in oil &
gas. One of the major restraints for the
global oil accumulator market is transition to renewable sources of energy
Industry Segmentation
The Oil Accumulator market has been segmented based on type into bladder,
piston, and diaphragm. Among these types, bladder is the fastest growing
segment in the Oil Accumulator market as it can be used for almost many
offshore applications and has high durability compared with other types.
Based on pressure rating, the market is segmented as up to 6000 Psi and
Above 6000 Psi. Oil accumulator is estimated to dominate the market during the
forecast period by up to 6000 Psi segment due to rise in the investments in oil
& gas industry. Consumption of accumulators of pressure ranges up to 6,000
psi is higher because of the application of multiple units in place of a single
unit to avoid idle time during production or drilling; this is expected to
drive the up to 6,000 PSI segment of the oil accumulator market
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Competitive Landscape
The key players of the global Oil Accumulator market are 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), and others.
Regional Analysis
Region wise, North America held the largest market share of the global Oil
accumulator market in 2017. It is estimated that Asia-Pacific region would be
the fastest growing market during the forecast period, mainly due to the rising
investment in oil & gas processes. The accumulator market in the oil &
gas industry would be mainly driven by the growth in digital technologies such
as machine learning, artificial intelligent, and data analytics in the
countries such as US and Canada. The demand from the onshore & offshore
fields in the Gulf of Mexico is also likely to positively impact the oil
accumulator market during the forecast period.
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