Market Overview
Market Research Future (MRFR) asserts that the global oil accumulator market can achieve a growth rate of 4.80% from 2018 to 2023, which is considered to be the forecast period.
Top Drivers and Key Barriers
An accumulator refers to a pressure storage tank that gives a certain amount of fluid under pressure. This fluid supplied by the accumulator is then used to conduct a particular operation within the hydraulic system. Oil accumulators find widespread use across several applications, including pulse dampening and noise reduction. Accumulators come in a variety of shapes, depending on the customization.
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Mounting safety concerns along with surge in environmental threats associated with oil and gas exploration activities can enhance the growth of the oil accumulator market in the coming years. Continuously depleting crude oil reserves has led renowned players to start with new exploration activities to satisfy the ever-increasing demand. But technical issues encountered by manufacturers to develop accumulators in compliance with the strict environmental regulations can lead to a slow down of the accumulator market’s growth rate in the years ahead.
The global market is also growing on the back of rapid expansion of the industrial and residential sectors, as well as the soaring demand for cooling and heating. The demand for cooling and heating has surged in recent years, given climate change which has also boosted the demand for electricity. This factor is slated to elevate the demand for energy and induce market growth during the review period.
Leading Players:
- Hydroll (Finland),
- Bosch (Germany),
- Rotec Hydraulics (UK),
- Freudenberg (Germany),
- Eaton (Ireland),
- Technetics Group (US),
- Parker Hannifin (US),
- Hannon Hydraulics (US),
- Roth Hydraulics (Germany),
- Hydac (Germany)
Global Oil Accumulator Industry Segmental Analysis:
The worldwide market for oil accumulator has been segmented with regard to type, pressure rating, and application.
Considering the type segment, the market has been split into piston, diaphragm and bladder. Bladder is the top segment in the oil accumulator market and can expand to become the largest market in the given timeframe. High investments being made in onshore and offshore industries is the chief reason for the segmental dominance. Also, bladder accumulators can be used in almost any offshore application and feature high durability, especially compared to other types.
The global oil accumulator market, depending on the pressure rating, caters to up to 6000 psi and above 6000 psi. Up to 6000 psi segment can record the highest CAGR in the following years.
The applications of oil accumulator are BOP and wellhead control, offshore rig and mud pumps.
Regional Outlook
Europe, South America, Asia Pacific (APAC), the Middle East and Africa, and North America are the main regions identified in the worldwide oil accumulator market.
In 2017, North America went to the top of the global market by seizing the largest share. Massive investments in oil & gas processes and growth in digital technologies like artificial intelligent, data analytics and machine learning in the United States (US) and Canada are believed to be the chief reasons backing the strong market growth in the region. The regional market is also expanding on account of the rising demand from the onshore & offshore fields based in the Gulf of Mexico.
The APAC is poised to expand at the fastest rate in the coming period, thanks to the fast-paced industrialization combined with the surging presence of oil and gas industries. MEA is touted to be one of the strongest regional markets for oil accumulator market because of the high concentration of the oil and gas industry coupled with the surging investment in these sectors.
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