Increasing operational errors and risks in oil extraction drive market growth in the forecast period.
TechSci Research’s report, “Oil & Gas Accumulator Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F,” forecasts growth in the global oil & gas accumulator market fueled by expanding oil and gas activities worldwide. The market is bolstered by growing interest in shale gas exploration and ongoing technological advancements to enhance production and per-well recovery rates. Increasing drilling projects, exploration, production operations, and crude oil prices are expected to drive market expansion. For example, 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. Bharat Petroleum invested USD 13.66 billion in upstream oil and gas exploration and production in 2021. Consequently, increased exploration and production activities are expected to propel the oil accumulator market over the forecast period. However, a major barrier to market growth is the high initial cost of oil and gas accumulators.
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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.
Regionally, the market is divided into North America, Asia-Pacific, Europe, South America, and the Middle East. North America holds a significant share due to its substantial increase in global crude oil and natural gas production. In 2019, North America accounted for 24.9% of global crude oil production. The region’s shift towards cleaner fuels like natural gas to reduce carbon emissions has driven its dominance. With natural gas surpassing coal-based power in North America and expected to continue growing, greenhouse gas emissions are projected to decrease. With annual crude oil production increasing, the installation of more accumulators becomes essential to prevent hazards in the oil and gas industry, leading to North America’s fastest growth rate in the global oil and gas accumulator market.
The global oil & gas accumulator market is categorized by type, application, deployment, and region. Bladder accumulators are expected to see significant growth as they are widely used and disposable, aligning with the increasing trend of disposable products in the oil industry. The blowout preventers (BOP) segment currently dominates the market, driven by the need for proper accumulator installation to prevent accidents in new wells. The offshore segment leads in deployment due to expanding drilling activities in emerging nations like China and India and increased offshore drilling in regions like the Gulf of Mexico.
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“The global demand for oil and gas is projected to increase due to population growth and development worldwide. This rising demand will drive the need for oil and gas accumulators, which store and regulate the flow of oil and gas. Factors such as growing interest in shale gas exploration and ongoing technical advancements to enhance production rates and optimize oil recovery support the oil and gas accumulator market,” stated Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
The report, “Oil & Gas Accumulator Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028,” evaluates the future growth potential of the Oil & Gas Accumulator Market, providing insights into market structure, size, share, and future growth. It aims to offer advanced market intelligence to facilitate sound investment decisions for decision-makers. Additionally, the report identifies and analyzes emerging trends, key drivers, challenges, and opportunities in the Global Oil & Gas Accumulator Market.
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