Oil and Gas Accumulator Market by End-user and Geography - Forecast and Analysis 2018-2028
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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