Oil & Gas Accumulator Market is Expected to Register a High CAGR in the Forecast Period

Rising operational errors and risks during the oil extraction process are the factors propelling market growth in the forecast period.

“According to TechSci Research report, “Oil & Gas Accumulator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”. The global oil & gas accumulator market is expected to grow due to the increasing oil and gas activities worldwide. The market for oil and gas accumulators is being supported by increasing interest in shale gas exploration and continuous advancements in technology to boost production rate and per-well recovery rate. It is anticipated that growing drilling projects, increased exploration, and production operations, and rising crude oil prices would spur market expansion. For instance, 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, an Indian government organization. Bharat Petroleum made a USD 13.66 billion investment in upstream oil and gas exploration and production in 2021. As a result, the market for oil accumulators is anticipated to be driven by increased exploration and production activities over the projected period. A major problem impeding the growth of the market for oil and gas accumulators globally is their high initial cost.

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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.

Based on region, the market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East. Due to its rapid rise in global crude oil and natural gas production, North America maintained a major share of the market. In 2019, about 24.9% of the world's crude oil was produced in North America. Nations aim to use cleaner fuels with lower carbon emissions, such as natural gas, to reduce their carbon footprint. In North American countries, natural gas energy has already exceeded coal-based power and is projected to overtake it, which will lower greenhouse gas emissions. The area produced 1042.2 million tonnes (MT) of crude oil in 2018, however as of 2019, North America produced 1116.5 million tonnes (MT). Since crude oil output has increased every year, more accumulators must be installed to prevent hazards in the oil and gas industry that might endanger the lives of the workers. As a result of the factors listed above North America is anticipated to experience the fastest rate of growth for the global oil and gas accumulator market during the projected period.

The global oil & gas accumulator market is segmented into type, application, deployment, and region.

Based on type, the market is segmented into bladder, piston, diaphragm, and spring. The bladders market category is anticipated to increase significantly. Bladder accumulators are the most prevalent form of hydro-pneumatic accumulator. Bladders are disposable products, and this is a growing trend in the oil industry. As more and more people are using disposable products, the demand for bladders is increasing.

Based on application, the market is segmented into blow out preventers (BOP), mud pumps, offshore rigs, and others. The BOP category is currently ruling the market. To explore new oil fields and drill more wells, numerous new wells must be drilled, and each one needs to have accumulators installed and operating properly to prevent tragic mishaps. Due to that, the blow out preventers segment will dominate the market segment in the future.

Based on deployment, the market is segmented into onshore and offshore. The need for oil and gas accumulators in the offshore region has significantly increased in recent years. Offshore is the top category due to expanding drilling activity in emerging nations like China and India as well as growing offshore drilling activities in the Gulf of Mexico.

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“The global demand for oil and gas is expected to grow in the coming years, as the world's population and countries continues to grow and develop. This increased demand for oil and gas will lead to an increased demand for oil & gas accumulators, which are used to store and control the flow of oil and gas. The market for oil and gas accumulators is being supported by growing interest in shale gas exploration and continuous technical developments to boost production rate and optimize more oil recoveries.”  said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Oil & Gas Accumulator Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028, Segmented    By Type (Bladder, Piston, Diaphragm, and Spring), By Application (Blow Out Preventers (BOP), Mud Pumps, Offshore Rigs, and Others), By Deployment (Onshore, Offshore), By Region and Competition,” has evaluated the future growth potential of Oil & Gas Accumulator Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Oil & Gas Accumulator Market.

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