Oil And Gas Accumulators Market Will Witness Substantial Growth

Posted On September 18th, 2018 - 10:34 am | by Krutika Bhoot

Accumulator is a device used for storage of potential energy under high pressure through an external source, which could be a gas, spring, fluid, or piston. Accumulators are divided mainly into three types – weight-loaded or gravity accumulator, spring-loaded accumulator, and gas-loaded accumulator. Oil and gas accumulators are used for various purposes such as noise reduction, leakage compensation, thermal expansion, energy conservation, and shock or pulsation dampening.

Rising oil and gas exploration and production activities, coupled with increasing energy demand across the globe are key factors driving growth of the global oil and gas accumulators market. In addition, growth in unconventional hydrocarbon reserves, increasing hydraulic fracturing, and well drilling activities are some other factors expected to boost growth of the global oil and gas accumulators market over the forecast period.

Drilling activities raise need for other different equipment’s such as offshore rigs, mud pumps, blow out preventer (BOP), etc. which also requires accumulators for efficient working. This is another factor expected to aid in growth of the global oil and gas accumulators market.

However, high initial cost is a key factor restraining growth of the global oil and gas accumulators market. Additionally, owing to its large size and heavy weight it is unsuitable for easy mobile transportation which is another factor anticipated to hamper growth of the global oil and gas accumulators market over the forecast period.

The global oil and gas accumulators market is segmented on the basis of type, application, and region. On the basis of region, the global oil and gas accumulators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Currently, the market in North America accounted for dominant revenue share in the global oil and gas accumulators market. This dominance can be attributed to rising oil and gas exploration projected in countries in the region. The market in Asia Pacific is projected to witness fastest growth over the forecast period, owing to rising energy demand, and increasing drilling activities in emerging economies such as China, India, etc. Also, market in Middle East is expected to witness moderate growth over the forecast period owing to presence of large untapped energy reserves and increasing crude oil exploration projects in the region.

Prominent players in the global oil and gas accumulators market includes Robert Bosch GmbH, Parker-Hannifin Corporation, Eaton Corporation plc, Hannon Hydraulics, LLC, HYDAC INTERNATIONAL GmbH, Tobul Accumulator, Inc., Airmo Inc., BOLENZ & SCHAEFER GmbH, Freudenberg Sealing Technologies GmbH & Co. KG, and Technetics Group LLC.

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