Oil & Gas Accumulator Market Size, Growth & Forecast 2028

Summary

Report Description

Global oil & gas accumulator market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to the increasing production of crude oil as a result of increasing power demand. The International Energy Agency (IEA) estimated that world oil consumption climbed by 5.4 million barrels per day (mb/d) in 2021. Oil and gas drilling exploration activities are predicted to expand along with the demand for crude oil, which will be a necessary corollary to the expansion of this industry. To fulfil the rising demand, companies have shifted into deeper and new exploration projects.

Oil and gas accumulators are hydro-pneumatic devices that have a high-pressure storage capacity for non-compressible fluid. Most hydro-pneumatic accumulators are utilized as bladder accumulators. In a pressure vessel made of forged or welded steel, nitrogen is added to it. Piston accumulators use pistons as a separating element for gas and liquid. The system is made up of cylinder tubes with an inter-surface designed for a high-pressure sealing system.

Rising Oil Exploration Operations Worldwide

By managing high-pressure variations, leakage correction, and noise reductions during drilling operations, oil and gas accumulators play a significant role in oil exploration operations. It is used in blow-out preventer (BOP) applications to seal gas wells and protect them from damage caused by unstable pressures and uncontrolled flow of gas from the well. As a result, oil and gas exploration companies are now more strongly committed to deploying oil and gas accumulators throughout exploration and drilling operations. Additionally, as industrial activity has grown, regulatory organizations like the Occupational Safety and Health Administration (OSHA), the Pressure Equipment Directive (PED), and others have increased their focus on machinery that operates under very unpredictable pressure. All of these elements work together to increase demand for oil and gas accumulators, driving the expansion of the oil and gas accumulator market.

Furthermore, Oil and gas accumulators are used for a variety of tasks, such as pulsation dampening and noise reduction. They are available in a variety of forms. Due to the presence of operational rigs and continuous research into potential rigs for the future, the U.S. is expected to see tremendous expansion. The market is expanding as a result of increased drilling and production for unconventional energy sources including shale oil and sand oil.

Acceptance of Oil & Gas Accumulator in Energy Storage System

The government of both developed and emerging nations have increased investment in power generation, maximizing oil and gas production, and other end-use industries as a result of expanding industrialization, rising electrical consumption, and other factors. For instance, oil and gas accumulators are often used for energy storage, pressure management, leakage compensation, and other applications for the LNG Regasification Terminal, Versai East Development project for ONGC, and other companies. It is an essential component that is projected to present new possibilities in the market for oil and gas accumulators worldwide.

To boost Visakh refinery processing capacity from 8.33 million tons per year (Mtpa) to 15Mtpa, the HPCL Visakh refinery in Andhra Pradesh, in the year 2023, capacity of the refinery was raised to 4.5Mtpa in 1985, 7.5Mtpa in 1999, and 8.3Mtpa in 2010. According to the HPCL statement in 2023, The HPCL's Visakha Refinery is set for further modernization and expansion with the cost of USD 318.89 crore. These factors are driving the market growth.

New Product Launch in the Market

The new product launch trend is gaining traction in the oil industry. As the oil & gas industry, major players are launching new products such as different type of accumulators. For instance, the German-based equipment company Liebherr introduced piston accumulators for the 250–350 bar pressure range in May 2021. These function as an extra range for series manufacturing and can be utilized alone or as part of a system with other hydraulic components. This is useful for pistons with a diameter range of 100 to 360 mm. Due to this new product launch, market will grow further.

Growing Usage of Accumulators in BOP (Blow Out Preventors)

The drilling of multiple new wells is necessary due to the expanding demand for oil & gas. Accumulators are needed at each location for the BOP to function properly and prevent any tragic mishaps. The use of accumulators for the BOP's emergency operation is mandated by government rules for the safety of drilling and workover sites. A further factor propelling the oil and gas accumulator market over the projection period is the lower investment cost in onshore field development compared to offshore. Global natural gas production increased in 2019 to 3989.3 billion cubic metres (bcm), surpassing the region's output of 3857.5 bcm in 2018. Additionally, natural gas accounted for around 23.3% of the energy produced globally in 2019. The market for oil and gas accumulators is anticipated to be driven by the rising demand for and production of natural gas throughout the world, which is projected to have a beneficial effect on additional drilling and well workover operations.

In the past few years, numerous new oil and gas discoveries have been found in the area. In 2019, a new oil field with an estimated 50 billion barrels of oil was discovered in Iran's Khuzestan province. The growth of these recently found areas is anticipated to benefit the oil and gas accumulator industry. As a result of the aforementioned factors, the onshore sector is anticipated to grow in the oil and gas accumulators’ market through the forecast period.

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Turning to Renewable Energy Sources Restraining the Market Growth

Switching to renewable energy sources may hinder industry expansion. People are becoming oriented towards using renewable forms of energy in a range of end-use sectors, including transportation with electric cars, electricity generation with hydroelectricity, nuclear power, and other end-uses. This is due to rising behaviors towards sustainability and green environment.

Recent Development

· In the Iranian region of Khuzestan, a new oil field was found in 2020. An estimated 50 billion barrels of oil is present in the field. The oil and gas accumulator industry are anticipated to benefit from developments in these recently found resources.

· By 2025, Exxon Mobil Corp will have tripled its Permian Basin oil and gas output. The largest shale oil and gas basin in the US is the Permian Basin. Over the course of the projection period, rising firm output is anticipated to favor the oil and gas accumulator market.

· Talos Energy has announced plans to drill the Tornado Attic well in the deepwater Gulf of Mexico using Seadrill's West Neptune drillship in May 2021. The Tornado Attic well is expected to boost the company's waterflood enhanced oil recovery project in the Tornado field, increasing production by 25 to 35 million barrels of oil equivalent (MBOE) from the field.

· In October 2019, Weatherford agreed to several contracts with a significant Russian operator for drilling services totaling USD 67.4 million.

· The most prevalent rigs in the US are oil rigs. 480 oil rigs were still operational according to 2021 data. The most recent weekly EIA estimates show that crude oil output in the United States increased by 100,000 bpd on April 7, 2021, and reach 12.3 million bpd. In comparison to a year ago, U.S. output levels are up 500,000 bpd.

Market Segmentation

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. Based on application, the market is segmented into Blow Out Preventers (BOP), Mud Pumps, Offshore Rigs and Others. Based on deployment, the market is segmented into Onshore and Offshore. Based on Region the market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East.

Market Players

Major players in the global oil & gas accumulator market are 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, and Bolenz & Schafer GmbH.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
Report coverage	Revenue forecast, company share, growth factors, and trends
Segments covered	Type Application Deployment
Regional scope	North America, Asia-Pacific, Europe, South America, Middle East
Country scope	United States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE, Israel
Key companies profiled	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
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the global oil & gas accumulator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

· Oil & Gas Accumulator Market, By Type:

o Bladder

o Piston

o Diaphragm

o Spring

· Oil & Gas Accumulator Market, By Application:

o Blow Out Preventers (BOP)

o Mud Pumps

o Offshore Rigs

o Others

· Oil & Gas Accumulator Market, By Deployment:

o Offshore

o Onshore

· Oil & Gas Accumulator Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Indonesia

o Europe

§ Germany

§ United Kingdom

§ France

§ Russia

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East

§ Saudi Arabia

§ South Africa

§ UAE

§ Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Oil & Gas Accumulator Market.

Available Customizations:

Global Oil & Gas Accumulator Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

· Detailed analysis and profiling of additional market players (up to five).

Global Oil & Gas Accumulator Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.3. Markets Covered

1.4. Years Considered for Study

1.5. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Oil & Gas Accumulator Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Bladder, Piston, Diaphragm and Spring)

5.2.2. By Application (Blow Out Preventers (BOP), Mud Pumps, Offshore Rigs and Others)

5.2.3. By Deployment (Onshore and Offshore)

5.2.4. By Region

5.3. By Company (2022)

5.4. Market Map

6. North America Oil & Gas Accumulator Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Deployment

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Oil & Gas Accumulator Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By Deployment

6.3.2. Canada Oil & Gas Accumulator Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By Deployment

6.3.3. Mexico Oil & Gas Accumulator Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Type

6.3.3.2.3. By Application

6.3.3.2.4. By Deployment

7. Asia-Pacific Oil & Gas Accumulator Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Deployment

7.2.4. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Oil & Gas Accumulator Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By Deployment

7.3.2. India Oil & Gas Accumulator Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By Deployment

7.3.3. Japan Oil & Gas Accumulator Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By Deployment

7.3.4. South Korea Oil & Gas Accumulator Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By Deployment

7.3.5. Indonesia Oil & Gas Accumulator Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By Deployment

8. Europe Oil & Gas Accumulator Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Deployment

8.2.4. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Oil & Gas Accumulator Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By Deployment

8.3.2. United Kingdom Oil & Gas Accumulator Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By Deployment

8.3.3. France Oil & Gas Accumulator Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By Deployment

8.3.4. Russia Oil & Gas Accumulator Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By Deployment

8.3.5. Spain Oil & Gas Accumulator Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By Deployment

9. South America Oil & Gas Accumulator Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Deployment

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Oil & Gas Accumulator Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By Deployment

9.3.2. Argentina Oil & Gas Accumulator Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By Deployment

9.3.3. Colombia Oil & Gas Accumulator Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By Deployment

10. Middle East & Africa Oil & Gas Accumulator Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Deployment

10.2.4. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Oil & Gas Accumulator Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By Deployment

10.3.2. South Africa Oil & Gas Accumulator Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By Deployment

10.3.3. UAE Oil & Gas Accumulator Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By Deployment

10.3.4. Israel Oil & Gas Accumulator Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Application

10.3.4.2.3. By Deployment

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Bosch Rexroth AG

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2. Eaton Corporation

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3. Freudenberg Sealing Technologies

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4. NIPPON ACCUMULATOR CO., LTD

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5. Parker Hannifin Corporation

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6. Hydac International GmbH

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7. Hydril Pressure Control

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8. Hannon Hydraulics LLC

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9. Tobul Accumulator, Inc.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10. Bolenz & Schäfer

13.10.1. Business Overview

13.10.2. Key Revenue and Financials (If Available)

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services

14. Strategic Recommendations

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Figures and Tables

Frequently asked questions

Who are the leading players in global oil & gas accumulator market?

Major market players in the global oil & gas accumulator market are 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, and Bolenz & Schafer GmbH.

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Oil & Gas Accumulator Market is Expected to Register a High CAGR in the Forecast Period

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Rising operational errors and risks during the oil extraction process are the factors propelling market growth in the forecast period.

Summary

Report Description

Table of content

Figures and Tables

Frequently asked questions

Who are the leading players in global oil & gas accumulator market?

What are the main drivers of the global oil & gas accumulator market?

Write about oil & gas accumulator working.

What are the significant challenges faced by the global oil & gas accumulator market?

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Summary

Report Description

Table of content

Figures and Tables

Frequently asked questions

Who are the leading players in global oil & gas accumulator market?

What are the main drivers of the global oil & gas accumulator market?

Write about oil & gas accumulator working.

What are the significant challenges faced by the global oil & gas accumulator market?

Related Reports

Parvati Sharma

Account Manager BD

Press Release

Why Choose Us