Oil & Gas Accumulator Market is Expected to Register a High CAGR in the Forecast Period
Rising operational errors and risks
during the oil extraction process are the factors propelling market growth in
the forecast period.
“According to TechSci Research
report, “Oil & Gas Accumulator Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018–2028F”. The global oil & gas
accumulator market is expected to grow due to the increasing oil and gas
activities worldwide. The market for oil and gas accumulators is being
supported by increasing interest in shale gas exploration and continuous
advancements in technology to boost production rate and per-well recovery
rate. It is anticipated that growing drilling projects, increased exploration,
and production operations, and rising crude oil prices would spur market
expansion. For instance, the Union Ministry of Petroleum and Natural Gas
allocated USD 3.8 billion to boost refining capacity in October 2021, according
to the Indian Brand Equity Foundation, an Indian government organization.
Bharat Petroleum made a USD 13.66 billion investment in upstream oil and gas
exploration and production in 2021. As a result, the market for oil
accumulators is anticipated to be driven by increased exploration and
production activities over the projected period. A major problem impeding the
growth of the market for oil and gas accumulators globally is their high initial
cost.
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Key market players in the global oil
& gas accumulator market include:
- Bosch Rexroth AG
- Eaton Corporation
- Freudenberg Sealing
Technologies
- NIPPON ACCUMULATOR CO., LTD
- Parker Hannifin
Corporation
- Hydac International GmbH
- Hydril Pressure Control
- Hannon Hydraulics LLC
- Tobul Accumulator Inc
- Bolenz & Schafer
GmbH.
Based on region, the market is segmented
into North America, Asia-Pacific, Europe, South America, and the Middle East. Due
to its rapid rise in global crude oil and natural gas production, North America
maintained a major share of the market. In 2019, about 24.9% of the world's
crude oil was produced in North America. Nations aim to use cleaner fuels with
lower carbon emissions, such as natural gas, to reduce their carbon
footprint. In North American countries, natural gas energy has already exceeded
coal-based power and is projected to overtake it, which will lower greenhouse
gas emissions. The area produced 1042.2 million tonnes (MT) of crude oil in
2018, however as of 2019, North America produced 1116.5 million tonnes (MT).
Since crude oil output has increased every year, more accumulators must be
installed to prevent hazards in the oil and gas industry that might endanger
the lives of the workers. As a result of the factors listed above North
America is anticipated to experience the fastest rate of growth for the
global oil and gas accumulator market during the projected period.
The global oil & gas
accumulator market is segmented into type, application, deployment, and region.
Based on type, the market is
segmented into bladder, piston, diaphragm, and spring. The bladders market
category is anticipated to increase significantly. Bladder accumulators are the
most prevalent form of hydro-pneumatic accumulator. Bladders are disposable
products, and this is a growing trend in the oil industry. As more and more
people are using disposable products, the demand for bladders is increasing.
Based on application, the
market is segmented into blow out preventers (BOP), mud pumps, offshore rigs,
and others. The BOP category is currently ruling the market. To explore new oil
fields and drill more wells, numerous new wells must be drilled, and each one
needs to have accumulators installed and operating properly to prevent tragic
mishaps. Due to that, the blow out preventers segment will dominate the market
segment in the future.
Based on deployment, the
market is segmented into onshore and offshore. The need for oil and gas
accumulators in the offshore region has significantly increased in recent
years. Offshore is the top category due to expanding drilling activity in
emerging nations like China and India as well as growing offshore drilling
activities in the Gulf of Mexico.
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“The global demand for oil and gas is
expected to grow in the coming years, as the world's population and countries
continues to grow and develop. This increased demand for oil and gas will lead
to an increased demand for oil & gas accumulators, which are used to store
and control the flow of oil and gas. The market for oil and gas accumulators is
being supported by growing interest in shale gas exploration and continuous
technical developments to boost production rate and optimize more
oil recoveries.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Oil & Gas Accumulator Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028, Segmented By Type (Bladder, Piston, Diaphragm, and
Spring), By Application (Blow Out Preventers (BOP), Mud Pumps, Offshore Rigs,
and Others), By Deployment (Onshore, Offshore), By Region and Competition,”
has evaluated the future growth potential of Oil & Gas Accumulator Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Oil
& Gas Accumulator Market.
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