The global Oil accumulator market is projected to grow at a high rate during the forecast period, mainly due to the digital revolution in the oil & gas industry. Increased productivity, safety operations, and cost savings are the potential benefits of digital transformation in oil & gas. Oil & gas companies are largely investing in digital technologies to enhance next-generation well delivery, optimize oil production, and improve maintenance. Global Oil Accumulator market is expected to witness substantial growth during the forecast period owing to growing offshore investments in oil & gas industry. Oil accumulators are used for different purposes, including noise reduction as well as pulsation dampening. Most popular types of oil and gas accumulators are diaphragm, bladder and piston. Exploration as well as drilling activities supported by greater need for crude oil is driving the oil & gas market.
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For instance, Statoil (Norway), plants to invest USD 240 million in digitalization by 2020, by establishing a center for data analytics, machine learning, and artificial intelligence. Similarly, Noble Corporation and General Electric entered in partnership agreement to collaborate on the digital rig by using data analytics to improve operational efficiency. These developments towards adoption of digital technology would drive the oil accumulator market in the coming years.
Global oil accumulator market has been segmented based on type, pressure rating, application, and region.
Based on type, the market is classified into bladder, piston, and diaphragm. The bladder segment of the oil accumulator market, by type, is expected to be the largest market from 2018 to 2023.
The global oil accumulator market is further segmented based on pressure rating, including up to 6000 psi and above 6000 psi. Up to 6000 psi segment of the global Oil Accumulator market is estimated to register the highest growth rate during the forecast period.
Based on region, the global oil accumulator market cover growth opportunities and latest trends across North America, South America, Europe, Asia Pacific and Middle East and Africa.
Oil Accumulator Market Regional Market Analysis
North America held the largest market share of the global Oil accumulator market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in oil & gas processes. The accumulator market in the oil & gas industry would be mainly driven by the growth in digital technologies such as machine learning, artificial intelligent, and data analytics in the countries such as US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to positively impact the oil accumulator market during the forecast period.
The key players of the global oil accumulator market are Eaton (Ireland), Parker Hannifin (US), Bosch (Germany), Hydac (Germany), Freudenberg (Germany), Technetics Group (US), Hannon Hydraulics (US), Rotec Hydraulics (UK), Roth Hydraulics (Germany), Hydroll (Finland), and others.
List Of Tables
Table 1 Global Oil Accumulator Market, By Region, 2016-2023 (USD Million)
Table 2 North America Oil Accumulator Market, By Country, 2016-2023 (USD Million)
Table 3 Europe Oil Accumulator Market, By Country, 2016-2023 (USD Million)
Table 4 Asia-Pacific Oil Accumulator Market, By Country, 2016-2023 (USD Million)
Table 5 Middle East & Africa Oil Accumulator Market, By Country, 2016-2023 (USD Million)
Table 6 South America Oil Accumulator Market, By Country, 2016-2023 (USD Million)
Table 7 Global Oil Accumulator Market, By Type, 2016-2023 (USD Million)
Table 8 North America Oil Accumulator Market, By Type, 2016-2023 (USD Million)
Table 9 Europe Oil Accumulator Market, By Type, 2016-2023 (USD Million)
Table 10 Asia-Pacific Oil Accumulator Market, By Type, 2016-2023 (USD Million)
Table 11 Middle East & Africa Oil Accumulator Market, By Type, 2016-2023 (USD Million)
Table 12 South America Oil Accumulator Market, By Type, 2016-2023 (USD Million)
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