Oil Accumulator Market Scenario
According to the reports published in Market Research Future, the global oil accumulator market is set to achieve high position at a CAGR of 4.80% by the year 2023.
Opportunities in the oil accumulator market arise from mounting demand for oil & gas exploration and its production activities. There are now being many attempts to minimize environmental hazards by a large amount to exploration activities, which in turn, is positively impacting the growth of the oil accumulator market. Thus, oil accumulators are important component when environmental factors are taken into consideration. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Oil Accumulator Market is included in the present report.
More importantly, oil accumulators are used for different purposes such as noise reduction as well as pulse dampening. Such accumulators are available in different shapes as per the requirement and customization done for the various purposes.
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An accumulator is a pressure storage tank, which is considered to be profound in supplying a specific amount of fluid in under pressure. The fluid further gets unconstrained to perform a specific operation in the hydraulic system. The fluid is then stored via an external source that can either be piston, spring, gas, and fluid.
Drivers and Trends
The global oil accumulator market is projected to grow at a high rate owing to many key factors which include mainly digital revolution in oil & gas industry, safety operations, increased productivity. Moreover, cost savings factor has been one of the most important benefits of digital transformation in oil accumulation market.
The current scenario portrays that oil & gas companies are largely investing in digital technologies to enhance the next-generation oil production, maintenance improvement and more. Furthermore, fast exhaustion of crude oil reserves has opened ways for the key players of the market to take up new exploration developments with increasing demands. Also, technical challenges in manufacturing to build accumulators for a purposeful application coupled with stringent environmental regulations may hamper the oil accumulator market growth.
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Industry Segmentation
In the reports of MFRF, the global oil accumulator market has been segmented by type, pressure rating, application, and region.
Based on type, the market is classified into bladder, piston and diaphragm. Of these, the bladder segment accounts to be the largest market share from 2018 to 2023. Key factors such as high investment in onshore and offshore industries are supporting the oil accumulator market with a positive brunch. Followed by it, the bladder accumulator can be used for a lot of offshore applications as it has high durability as compared to the others.
Based on rating, the market include segments as the pressure rating rises to 6000 psi and above it. This segment is estimated to register the highest growth rate in the years to come.
Regional Outlook
Region wise, North America held the largest market share of the global Oil accumulator market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in oil & gas processes. The accumulator market in the oil & gas industry would be mainly driven by the growth in digital technologies such as machine learning, artificial intelligent, and data analytics in the countries such as US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to positively impact the oil accumulator market during the forecast period.
Key Players
The key players of the global Oil Accumulator market are Eaton (Ireland), Parker Hannifin (US), Bosch (Germany), Hydac (Germany), Freudenberg (Germany), Technetics Group (US), Hannon Hydraulics (US), Rotec Hydraulics (UK), Roth Hydraulics (Germany), Hydroll (Finland), and others.
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