Oil Accumulator Market Growth Analysis | 2023-2028

Market Insights

The oil accumulator market was estimated at USD 466.62 million in 2022 and is likely to grow at a CAGR of 5.08% during 2023-2028 to reach USD 630.1 million in 2028.

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What is an oil accumulator?

An oil accumulator is a device that stores energy during the drilling process in the hydraulic system. It compresses a gas bladder which is charged to a little extent with hydraulic fluids. Through this process, energy gets stored.

Oil accumulator is used in blowout preventers, mud pumps, and drilling rigs. It is also called a hydro-pneumatic device, which majorly handles pressure arising from fluctuations, noise reduction, leakage compensation, and pulsation damping.

Market Dynamics

The major factors driving the oil accumulator market growth are-

• Rising Exploration and Production Endeavours: The surge in exploration and production undertakings within the oil and gas industry propels the demand for oil accumulators. As oil companies delve into new reserves and extract oil from existing wells, the imperative for highly efficient hydraulic systems, including oil accumulators, escalates.
• Escalating Energy Demand: The relentless global thirst for energy persists, and oil stands as a paramount source. This unyielding surge in energy demand propels the very exploration and production activities elucidated earlier, thereby intensifying the need for oil accumulators.
• Enhanced Safety and Environmental Compliance: Governments and regulatory bodies exert rigorous control over industries, particularly the oil and gas sector, imposing stringent safety and environmental regulations. Within this context, oil accumulators assume a pivotal role in safeguarding the secure functioning of hydraulic systems, effectively mitigating the potential for accidents and environmental harm. Adherence to these imperative regulations necessitates the utilization of dependable and high-performance oil accumulators, thereby stimulating market growth.
• Revolutionary Technological Progress: The oil accumulator market thrives on the back of remarkable strides in accumulator technology, encompassing refined materials, innovative designs, and cutting-edge control systems. These breakthrough advancements yield amplified performance, heightened efficiency, and enhanced reliability, rendering oil accumulators exceptionally appealing to end-users.
• Surging Industrial Automation: The relentless wave of automation and digitization sweeps across industries, leaving a transformative impact on the oil and gas sector. Within this paradigm shift, automated systems extensively rely on hydraulic power, thereby elevating the indispensable role of oil accumulators. The escalating embrace of industrial automation, coupled with the seamless integration of hydraulic systems, powerfully propels the demand for oil accumulators.

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Segments Analysis

By Accumulator Type

Based on the accumulator type, the market is segmented as bladder, piston, and diaphragm. The bladder segment dominated the market in 2022 and is expected to remain the largest segment during the forecasted period. An increase in investment in onshore and offshore applications is driving the growth of the segment. Bladder accumulators are quite useful in various offshore applications, and they own high durability.

By Application Type

Based on the application type, the market is segmented as bop & wellhead control, offshore rig, and mud pumps. The blow out preventer & well head control segment is estimated to register the highest growth during the forecast period. The growth of the segment is attributed to the use of BOPs in both, onshore and offshore activities.

By Pressure Type

Based on the pressure type, the market is segmented as above 6,000 PSI and up to 6,000 PSI. The up to 6,000 PSI segment led the market in 2022 and is expected to witness faster growth during the forecasted period. The growth of the segment is driven by the increase in consumption of up to 6,000 psi as it is useful in multiple applications to avoid idle time during production.

Regional Insights

In terms of regions, North America is expected to dominate the market during the forecast period. The market is driven by the leading countries, such as the US and Canada, which are immensely contributing to the growth of the oil accumulator market in the North American region. On the other hand, the market is being gradually captured by the Asia-Pacific region, with China and India as the major growth engines, as the increase in maritime security activities and growth in offshore oil & gas production is improving. Also, the European market is expanding owing to improved maritime security and a rise in oil & gas production, which is likely to drive the market during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The oil accumulator market is segmented into the following categories.

By Accumulator Type

• Bladder
• Piston
• Diaphragm

By Application Type

• Bop & Wellhead Control
• Offshore Rig
• Mud Pumps

By Pressure Type

• Above 6,000 PSI
• Up to 6,000 PSI

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the oil accumulator market are-

• Nippon Accumulator Co. Ltd.
• Eaton Corporation
• Parker Hannifin Corporation
• Bosch Rexroth AG.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 800 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the accumulator types by pressure type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.