Oil Accumulator Market 2024 - By Size, Segmentation, Application, Outlook And Opportunities Analysis By 2033

by sai subhash on April 23, 2024

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Overview and Scope

An oil accumulator refers to an energy storage device that holds the fluid through an external source such as a spring, gas, or piston. They are used for various objectives, including noise reduction and pulsation dampening.

Sizing and Forecast

The oil accumulator market size has grown strongly in recent years. It will grow from $47.92 billion in 2023 to $51.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing oil exploration, industrial expansion, safety and efficiency concerns, global economic growth.

The oil accumulator market size is expected to see strong growth in the next few years. It will grow to $69.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy transition, emerging markets, resilience in oil prices, regulatory compliance. Major trends in the forecast period include digitalization and iot integration, smart technologies integration, green energy initiatives, customization and modular design, focus on downtime reduction, collaboration and partnerships, market expansion in asia-pacific.

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Segmentation & Regional Insights

The oil accumulator market covered in this report is segmented –

1) By Type: Bladder Accumulator, Piston Accumulator, Diaphragm Accumulator

2) By Pressure Rating: Up to 6,000 Psi, Above 6,000 Psi

3) By Application: Blow Out Preventer and Well Head Control, Offshore Rigs, Mud Pumps

Top Major Players

Hydac GmbH

Parker Hannifin Corporation

Bosch Rexroth AG

Nipon Accumulator Co. Ltd.

Technetics Group

North America was the largest region in the oil accumulator market in 2023. The regions covered in the oil accumulator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increasing exploration and production activities are expected to propel the growth of the oil accumulator market going forward. Exploration activities refer to activities of the oil and gas industry, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling. Oil accumulators are used to prevent fluid loss and to cope with extreme erratic pressures and uncontrolled flow in a well for the exploration of oil and gas. For instance, according to the Indian Brand Equity Foundation, an India-based government agency, in October 2021, the Union Ministry of Petroleum and Natural Gas approved $3.8 billion to increase refining capacity. Also, in 2021, Bharat Petroleum invested $13.66 billion in upstream oil and gas exploration and production. Therefore, the increased exploration and production activities are expected to drive the oil accumulator market during the forecast period.

Key Industry Players

Major companies operating in the oil accumulator market report are Hydac GmbH, Parker Hannifin Corporation, Bosch Rexroth AG, Nipon Accumulator Co. Ltd., Technetics Group, Eaton Corporation PLC, Hannon Hydraulics, The Freudenberg Group, Hydroll oy, Baker Hughes Company, Tobul Accumulator Inc., Roth Industries GmbH & Co. KG, Rotec Hydraulics Ltd., Canton Racing Products, Moroso Performance Products, Valaris Limited, Acadian Contractors Inc., Schlumberger NV, Nabors Industries Ltd., Halliburton Company, Saipem S. p. A, Transocean Ltd., Helmerich & Payne Inc., Airmo Inc., Airtrol Components Inc., Bieri Hydraulik AG, Blacoh Industries Inc., C & C Industries Inc., Enerpac, Fawcett Christie Hydraulics Pvt. Ltd.

The oil accumulator market report table of contents includes:

1. Executive Summary

2. Oil Accumulator Market Characteristics

3. Oil Accumulator Market Trends And Strategies

4. Oil Accumulator Market - Macro Economic Scenario

5. Global Oil Accumulator Market Size and Growth

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31. Global Oil Accumulator Market Competitive Benchmarking

32. Global Oil Accumulator Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Oil Accumulator Market

34. Oil Accumulator Market Future Outlook and Potential Analysis

35. Appendix