Global Oil & Gas Accumulator Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- December 22, 2023
- ENERGY & POWER, NEWS
- Bahrain Oil and Gas Accumulator Market, Kuwait Oil and Gas Accumulator Market, Middle East Oil and Gas Accumulator Market, Oil and Gas Accumulator Market, Oil and Gas Accumulator Market Growth, Oil and Gas Accumulator Market Size, Oil and Gas Accumulator Market Trends, Oman Oil and Gas Accumulator Market, Qatar Oil and Gas Accumulator Market, Saudi Arabia Oil and Gas Accumulator Market, UAE Oil and Gas Accumulator Market
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The oil and gas accumulator is defined as hydro-pneumatic equipment and is used to store non-compressible fluid under extreme conditions. Additionally, the oil and gas accumulator is used to monitor, control, and seal oil wells from high pressure in order to prevent the release of crude oil from the oil wells. The oil and gas accumulator is also able to deal with extreme underwater pressure and uncontrol flow of the reservoirs. In recent times, the oil and gas accumulator witnessed significant growth in demand due to the surging demand from the transport segment which subsequently propel the demand for the oil and gas and therefore increase the demand for the oil and gas accumulator.
The Oil & Gas Accumulator Market is expected to grow at a steady rate of around 5% during the forecast period (2022-2028) owing to the increasing drilling activities around the world coupled with the increasing investment and demand for energy security by the countries. The major companies in the market offer technologically advanced and innovative products to meet the market requirement. For instance, in May 2021, Liebherr groups expands its portfolio with the launch of piston accumulation products that are able to work under extreme conditions with a pressure range of 250-350 bar pressure range.
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Based on application, the oil and gas accumulator market has been classified into mud pumps, blow-out preventers, drilling rigs, and others. The blow-out preventer registered a significant CAGR during the forecast period owing to its ability to control, seal, and monitor the oil well from high pressure and provide a preventive mechanism for the release of natural gas and crude oil from the oil wells. Additionally, the blow-out preventer consists of several components including a hydraulic line, electric line, control pod, test valve, riser joint, and others to provide the required operational efficiency.
Based on type, the market is segmented into piston accumulator, bladder accumulation, and diaphragm accumulator. The bladder segment is expected to register significant market growth during the forecast period due to the lower inertia with the quick response which makes it suitable for pulsation dampening. Also, the bladder system offers significant features such as simple installation, easy charging, quick response time, easy maintenance, and compensation for pressure response among other features.
For a better understanding of the market adoption of the oil and gas accumulator industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S. and Canada), Europe (Norway, U.K., and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and Rest of Asia-Pacific), Latin America, Middle East and Africa (Saudi Arabia, U.A.E., Brazil, and Rest of the Latin America, Middle East and Africa). North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing drilling activities in the region. Also, the increasing shale oil and gas oil coupled with technological advancements such as the implementation of AI, ML, big data, hydraulic fracking technology, and digitalization of the oil wells in the region are propelling the demand for the oil and gas accumulator in the region. According to a leading firm, the USA Permian Basin condensate & crude oil capacity is 5,055 mbd, and natural gas capacity is approximately 19,891 mmcfd in the year 2022. Additionally, the increasing number of new oil and gas fields in the region and growing investment in oil fields are expected to create the demand for oil and gas accumulator equipment. For instance, 88 Energy an Australian oil company discovered the new oil field NPR-A or Merlin-1 in Alaska with the capacity of 3.4 billion barrels of oil equivalent.
For a detailed analysis of the Global Oil & Gas Accumulator Market browse through – https://univdatos.com/report/oil-and-gas-accumulator-market/
Some of the major players operating in the market include Bosch Rexroth AG, Eaton Corporation PLC, Nippon Accumulator Co Ltd, NOK Corporation, HYDAC INTERNATIONAL GmbH, Freudenberg Group, PARKER HANNIFIN CORP, Pressure Technologies, Hydroll, and SCI Sharp Controls, Inc.
Global Oil & Gas Accumulator Market Segmentation
Market Insight, by Type
· Piston Accumulator
· Bladder Accumulator
· Diaphragm Accumulator
Market Insight, by Location of Deployment
· Onshore
· Offshore
Market Insight, by Application
· Mud Pumps
· Blow-out Preventer
· Drilling Rigs
· Others
Market Insight, by Region
· North America
o US
o Canada
· Europe
o Norway
o The United Kingdom
o Rest of Europe
· Asia-Pacific
o China
o Japan
o Australia
o India
o Rest of Asia-Pacific
· Latin America, Middle East and Africa
o Saudi Arabia
o U.A.E.
o Brazil
o Rest of Latin America, Middle East and Africa
Top Company Profiles
· Bosch Rexroth AG
· Eaton Corporation PLC
· Nippon Accumulator Co Ltd
· NOK Corporation
· HYDAC INTERNATIONAL GmbH
· Freudenberg Group
· PARKER HANNIFIN CORP
· Pressure Technologies
· Hydroll
· SCI Sharp Controls, Inc.
