Oil and Gas Accumulator Market Outlook - 2030
The global oil and gas accumulator market size was valued at $488.3 million in 2020, and is projected to reach $814.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Oil & gas accumulators are hydro-pneumatic equipment, which can store non-compressible fluid even under extreme pressure. Bladder accumulator is the most widely used hydro-pneumatic accumulator. It is filled with nitrogen in a forged or welded steel pressure vessel. Piston accumulators use pistons as a separating element for gas and liquid. It consists of cylinder tubes with an inter-surface designed for a high-pressure sealing system.
The growing population has surged transportation activities, which, in turn, led the oil-producing sectors to witness exponential rise in demand for oil and gas. Oil and gas accumulators play a major role in oil exploration activities by handling high-pressure fluctuations, leakage compensation, and noise reductions during drilling operations. It is used in blow-out preventer (BOP) applications to seal and prevent gas wells from the damage of extreme erratic pressures and uncontrolled flow of gas from the well. This has made the oil and gas exploration companies more linear toward using oil and gas accumulators for exploration and drilling activities. In addition, rising industrial activities have led regulatory bodies, such as Occupational Safety and Health Administration (OSHA), Pressure Equipment Directive (PED), and others, to put more emphasis on equipment operating under extreme erratic pressure. All these factors collectively surge the demand for oil and gas accumulator, thereby augmenting the oil and gas accumulator market growth.
However, transition to renewable energy source may hamper the market growth. The emerging trends toward sustainability and a green environment have made people more linear toward using renewable sources of energy in various end-use sectors such as electric vehicles in transport, hydroelectricity in electricity generation, nuclear power in energy generation, and others.
On the contrary, increasing industrialization, electricity demand, and other factors have led the government of both developed and developing economies to invest more in power generation, maximizing oil and gas production, and other end-use sectors. For instance, for Vikash Refinery Modernization Project (VRMP), LNG Regasification Terminal, Versai East Development project for ONGC, and others, oil and gas accumulators are widely employed for energy storage, pressure control, leakage compensation, and other applications. It is a key factor that is anticipated to offer new opportunity in the global oil and gas accumulator market.
The global oil and gas accumulator market analysis is done on the basis of type, deployment location, application, and region. Depending on type, the market is divided into bladder accumulator, piston accumulator, and diaphragm accumulator. On the basis of deployment location, it is fragmented into offshore and onshore. The applications covered in the study include blow-out preventor, drilling rigs, mud pumps, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in oil and gas accumulator industry include Accumulators Inc., Airmo Inc., Bosch Rexroth AG, Eaton Corporation PLC (Eaton), HAWE Hydraulik SE, Hydac Verwaltung GmbH (Hydac), Hydroll, Nippon Accumulator Co., Ltd, NOK Corporation, and Parker Hannifin Corp.
Oil and gas accumulator market, by region
The Asia-Pacific oil and gas accumulator market is projected to grow at the highest CAGR of 6.4% during the forecast period and accounted for 24.2% of the oil and gas accumulator market share in 2020. This is attributed to the proliferating demand for oil supplies in China, wherein major crude oil companies in China are state owned with additional international operations in exploration & production of oil & gas products.
By Region
North America is the most lucrative region
Oil and gas accumulator market, by type
In 2020, the bladder accumulator type was the largest revenue generator, and is anticipated to grow at a CAGR of 5.6% during the forecast period. Bladder accumulator has excellent significant features, such as small inertial with quick response, easy charging, simple installation, compensation for pressure variation, and others, that make it suitable for a wide range of applications.
By Type
Bladder Accumulator type is the most lucrative segment
Oil and gas accumulator market, by deployment location
By deployment location, the offshore segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 5.4% during forecast period. The offshore application sites of oil and gas accumulators include oil exploration and drilling sites, oil rigs, and other offshore platforms. The utilization of oil and gas accumulators in offshore applications, such as exploration and drilling, blowout prevention, oil production, pre-charge maintenance, and others, is the major key market trend in the global market.
By Deployment Location
Offshore deployment location is projected as the fastest growing segment
Oil and gas accumulator market, by application
In 2020, the blow-out preventer application was the largest revenue generator, and is anticipated to grow at a CAGR of 5.3% during the forecast period. Oil and gas accumulator is the main control unit of the blow-out preventer (BOP). It is used to seal, control, and monitor oil wells from high pressures to prevent the release of crude oil or natural gas from oil wells. It is designed to cope with extreme uncontrolled flow and underwater pressures of reservoirs.
By Application
Blow-out preventer application is the most lucrative segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current oil and gas accumulator market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact Of Covid-19 On The Global Oil And Gas Accumulator Market
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The oil and gas accumulators market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the oil & gas, energy, and power sectors. According to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sectors with an average contraction of -2.8% in 2020.
- More than 100 countries have locked their international borders for transportation and non-essential trade activities, which, in turn, have led to demand-supply disruptions for the oil and gas accumulator market. Furthermore, the temporary shutdown of oil refineries amid the COVID-19 period has reduced the consumption of oil and gas accumulators in onshore sites for pressure recovery applications. For instance, according to a report published by the Indian Ministry of Petroleum & Natural Gas, the central public sector enterprise (CPSE) refineries produced 7,103.76 thousand metric tons (TMT) of crude oil in April 2020 that is 28.91% lower than the target for the month and 36.93% lower than the production achieved in the corresponding month of 2019.
- This has severely affected the demand for oil and gas accumulator among the oil refineries during the COVID-19 situation where oil and gas accumulators are widely used for energy storage, leakage compensation, and other applications.
- However, the growing global energy need and fuel consumption is anticipated to push the growth of the oil and gas accumulators market post COVID-19 scenario. For instance, according to a report published by the U.S. Energy Information Administration, the organization of petroleum exporting countries (OPEC), crude oil production is expected to rise to an average of 28.7 million barrel per day by 2022. This is expected to enhance the performance of the oil and gas accumulator market post-COVID-19 scenario.
Key market segments
By Type
- Bladder Accumulator
- Piston Accumulator
- Diaphragm Accumulator
By Deployment Location
- Offshore
- Onshore
By Application
- Blow-out Preventor
- Drilling Rigs
- Mud Pumps
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Oil and Gas Accumulator Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By DEPLOYMENT LOCATION |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | Parker Hannifin Corp, Nippon Accumulator Co., Ltd., NOK Corporation, Accumulator, Inc., Bosch Rexroth AG, Airmo Inc., Hydroll, Eaton Corporation PLC (Eaton), Hydac Verwaltung GmbH (Hydac), HAWE Hydraulik SE |
Analyst Review
The global oil and gas accumulator market is expected to exhibit high growth potential. Bladder accumulators possess excellent significant features, such as small inertial with quick response, easy charging, simple installation, compensation for pressure variation, and others, that make them suitable for a wide range of applications. The utilization of bladder accumulators in sectors, such as oil & gas exploration, loading stations & refineries, and others, is the major key market trend in the global market. In addition, the increasing global energy need has accelerated offshore oil production. For instance, according to a report published by the U.S. Energy Information Administration, the organization of petroleum exporting countries (OPEC), crude oil production is expected to rise to an average of 28.7 million barrel per day by 2022. The bladder accumulator being widely used for pressure holding and leakage compensation applications in offshore oil production may lead the oil and gas accumulator market to witness a significant increase in demand.
Diaphragm accumulators are one of the types of hydro-pneumatic accumulator having a rubber plate or diaphragm as the separating element between the compressible gas cushion and the operating fluid. Diaphragm accumulators possess excellent significant features, such as high gas compression ratios, small size, less maintenance, easy mounting options, and others, that make them suitable for a wide range of applications. The utilization of diaphragm accumulators in sectors, such as mobile equipment, chemical industries, renewable energy, and others, is predicted to offer lucrative growth opportunities in future.
The increasing demand for consumer goods has surged the growth of chemical manufacturing industries where diaphragm accumulators are widely preferred for their small size and large compression ratios. For instance, according to a report published by India Brands Equity Foundation, the Indian chemical industry stood at around $178 billion in 2019 and is expected to reach $304 billion by 2025. This is not only gaining immense attention in the market but also emerging as a key strategy in terms of gaining additional product demand.
Increase awareness regarding benefits of ESCOs and government mandates are the key factors driving the Oil & Gas Accumulator market.
Blow-out preventor, drilling rigs, and mud pumps sectors are the potential customers of Oil & Gas Accumulator industry.
To get latest version of Oil & Gas Accumulator market report can be obtained on demand from the website.
The rising use in applications such as blow-out prevention, drilling rigs, mud pumps, and others are the key trends in market.
North America and Asia-Pacific will provide more business opportunities for Oil & Gas Accumulator market in future.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Business expansion and acquisition are the key growth strategies of Oil & Gas Accumulator market players.
The market size of Oil & Gas Accumulator market $488.3 million in 2020.
The leading players in the market are Accumulators Inc., Airmo Inc., Bosch Rexroth AG, Eaton Corporation PLC (Eaton), HAWE Hydraulik SE, Hydac Verwaltung GmbH (Hydac), Hydroll, Nippon Accumulator Co., Ltd, NOK Corporation, and Parker Hannifin Corp.
Blow -out preventer segment based on application holds the maximum market share of the Oil & Gas Accumulator market.
Loading Table Of Content...
