According to a new report published by UnivDatos, the Oil & Gas Accumulator Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Type (Piston Accumulator, Bladder Accumulation, and Diaphragm Accumulator); Location of Deployment (Onshore and offshore); Application (Mud Pumps, Blow-Out Preventers, Drilling Rigs, and Others); Region/Country.

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The oil & gas accumulator market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the oil & gas accumulator market. The oil & gas accumulator market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the oil & gas accumulator market at the global and regional levels.

Market Overview

The oil and gas accumulator is defined as hydro-pneumatic equipment and is used to store non-compressible fluid under extreme conditions. Additionally, the oil and gas accumulator is used to monitor, control, and seal oil wells from high pressure in order to prevent the release of crude oil from the oil wells. The oil and gas accumulator is also able to deal with extreme underwater pressure and uncontrol flow of the reservoirs. In recent times, the oil and gas accumulator witnessed significant growth in demand due to the surging demand from the transport segment which subsequently propel the demand for the oil and gas and therefore increase the demand for the oil and gas accumulator. The oil and gas accumulator is implemented in offshore or onshore oil well rigs and acts as the blowout preventer to mitigate the sudden influx of oil and gas during the drilling process.

The Oil & Gas Accumulator Market is expected to grow at a steady rate of around 5% owing to the increasing drilling activities around the world coupled with the increasing investment and demand for energy security by the countries. The major companies in the market offer technologically advanced and innovative products to meet the market requirement. For instance, in May 2021, Liebherr groups expands its portfolio with the launch of piston accumulation products that are able to work under extreme conditions with a pressure range of 250-350 bar pressure range.

Some of the major players operating in the market include Bosch Rexroth AG, Eaton Corporation PLC, Nippon Accumulator Co Ltd, NOK Corporation, HYDAC INTERNATIONAL GmbH, Freudenberg Group, PARKER HANNIFIN CORP, Pressure Technologies, Hydroll, and SCI Sharp Controls, Inc.

COVID-19 Impact

Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the oil & gas accumulator industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for oil & gas accumulator manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, North America is one of the significant oil & gas accumulator service providers and has a significant impact on the global oil & gas accumulator market. North America's supply shortages have triggered a chain reaction throughout the world.

The global oil & gas accumulator market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

Based on type, the market is segmented into piston accumulator, bladder accumulation, and diaphragm accumulator. The bladder segment is expected to register significant market growth during the forecast period due to the lower inertia with the quick response which makes it suitable for pulsation dampening. In a bladder accumulator, the hydraulic fluid compressed the nitrogen-filled bladder to generate the pressure. Also, the bladder system offers significant features such as simple installation, easy charging, quick response time, easy maintenance, and compensation for pressure response among other features.

Based on the location of the deployment, the market is categorized into onshore and offshore. The offshore segment is expected to witness significant demand for the oil and gas accumulator during the forecast period owing to the increasing offshore drilling activities around the world. Offshore oil and gas exploration requires special attention and includes exploration and drilling, oil production, blowout prevention, and pre-charge maintenance among others. Also, exploration in the Gulf of Mexico and other locations is expected to contribute significantly to the offshore oil and gas accumulator market. For instance, the Gulf of Mexico accounted nearly 15 percent of the total US crude oil production and 2 percent of total US dry natural gas production for the year 2020. 

Have a Look at the Chapters

Oil & Gas Accumulator Market Geographical Segmentation Includes:

·        North America (The United States and Canada)

·        Europe (Norway, United Kingdom, and the Rest of Europe)

·        Asia-Pacific (China, Japan, Australia, India, and the Rest of Asia-Pacific)

·        Latin America, Middle East and Africa (Saudi Arabia, U.A.E., Brazil, and Rest of the LAMEA)

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing drilling activities in the region. Also, the increasing shale oil and gas oil coupled with technological advancements such as the implementation of AI, ML, big data, hydraulic fracking technology, and digitalization of the oil wells in the region are propelling the demand for the oil and gas accumulator in the region. According to a leading firm, the USA Permian Basin condensate & crude oil capacity is 5,055 mbd, and natural gas capacity is approximately 19,891 mmcfd in the year 2022. The drilling and exploration activities in the Permian Basin support the growth of the oil and gas accumulator in the region. Furthermore, the supportive government initiative in the region also supports exploration activities and subsequently grows the demand for oil and gas accumulators in the region. For instance, the permission to use diesel oil for hydraulic fracturing and allowance of the underground injection of waste fluids extracted from oil and gas well as per the defined standard among other.

The major players targeting the market include

·        Bosch Rexroth AG

·        Eaton Corporation PLC

·        Nippon Accumulator Co Ltd

·        NOK Corporation

·        HYDAC INTERNATIONAL GmbH

·        Freudenberg Group

·        PARKER HANNIFIN CORP

·        Pressure Technologies

·        Hydroll

·        SCI Sharp Controls, Inc.

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Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the oil & gas accumulator market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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