Oil Accumulator Market
Research Report: Information by Type (Bladder, Piston, Diaphragm), Pressure
Rating (Up to 6000 Psi and Above 6000 Psi), Application (BOP & Wellhead
Control, Offshore Rig, Mud pumps), and Region – Global Forecast till 2023
According to the reports published in Market Research
Future, the global oil accumulator market is set to achieve high position at a
CAGR of 4.80% by the year 2023. An accumulator is a pressure storage tank,
which is considered to be profound in supplying a specific amount of fluid in
under pressure. The fluid further gets unconstrained to perform a specific
operation in the hydraulic system. The fluid is then stored via an external
source that can either be piston, spring, gas, and fluid.
Oil Accumulator Market
Research Report – Global Forecast till 2023
More importantly, oil accumulators are used for
different purposes such as noise reduction as well as pulse dampening. Such
accumulators are available in different shapes as per the requirement and
customization done for the various purposes. Opportunities in the oil
accumulator market arise from mounting demand for oil & gas exploration and
its production activities. There are now being many attempts to minimize
environmental hazards by a large amount to exploration activities, which in
turn, is positively impacting the growth of the oil accumulator market. Thus,
oil accumulators are important component when environmental factors are taken
into consideration.
Global Oil Accumulator
Market: Drivers and Trends
The global oil accumulator market is projected to grow
at a high rate owing to many key factors which include mainly digital
revolution in oil & gas industry, safety operations, increased
productivity. Moreover, cost savings factor has been one of the most important
benefits of digital transformation in oil accumulation market.
The current scenario portrays that oil & gas
companies are largely investing in digital technologies to enhance the
next-generation oil production, maintenance improvement and more. Furthermore,
fast exhaustion of crude oil reserves has opened ways for the key players of
the market to take up new exploration developments with increasing demands.
Also, technical challenges in manufacturing to build accumulators for a
purposeful application coupled with stringent environmental regulations may
hamper the oil accumulator market growth.
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Key Players
The key players of 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.
Global Oil Accumulator Market
Segmentation
In the reports of MFRF, the global oil accumulator market
has been segmented by type, pressure rating, application, and region.
Based on type, the market is classified into bladder,
piston and diaphragm. Of these, the bladder segment accounts to be the largest
market share from 2018 to 2023. Key factors such as high investment in onshore
and offshore industries are supporting the oil accumulator market with a
positive brunch. Followed by it, the bladder accumulator can be used for a lot
of offshore applications as it has high durability as compared to the others.
Based on rating, the market include segments as the
pressure rating rises to 6000 psi and above it. This segment is estimated to
register the highest growth rate in the years to come.
Regional Outlook
Region wise, North America accounts for the largest
share of the global oil accumulator market in 2017. Whereas, Asia-Pacific is
the fastest growing region mainly owing to the rising investment in oil &
gas processes. The coming up of digital technologies such as machine learning,
artificial intelligent, and data analytics in the countries of US and Canada
have entirely supported the accumulator market in the oil & gas industry.
Also, from 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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