Accumulators are the hydraulic device in which gas is compressed with the help of spring or weight and potential energy is stored, this energy is used to apply the force on the incompressible fluid. Oil and gas accumulators are pneumatic accumulators which can store energy under extreme pressure. The primary purpose of using oil and gas accumulators is to handle pressure fluctuations, leakage compensation and noise reductions during various operations such as drilling. Oil and gas accumulators can be used for both onshore and offshore application such as drilling. The accumulators help in consistent operation of oil and gas operation. This helps in cost reduction, improved performance and reduction in noise levels. The flexible design of the accumulator is also anticipated to enhance the efficiency of the drilling operation.
Market Size and Forecast
The global oil and gas accumulator market is anticipated to expand at a significant CAGR of around 7.0% during 2018-2027. It is projected to reach significant market size by 2027. The increasing prices for the crude oil coupled with rising offshore drilling activities is anticipated to increase the market of the global oil and gas accumulator market throughout the forecast period. The global oil and gas accumulator market can be segmented on the basis of type and application. On the basis of type, it is sub-segmented into piston, bladder and diaphragm. The bladder sub-segment is anticipated to register significant growth during the forecast period on the account of growing production activity coupled with increasing use of blow out preventer across the globe. On the basis of application, it is sub-segmented into blowout preventer, offshore rigs and mud pumps. Blowout preventer is anticipated to witness substantial growth on the account of increasing usage in offshore and onshore drilling activities. The blowout preventer also have the ability to work in the power failure, this is contributing to the growth of the blowout preventer sub-segment during the forecast period.
By region, global oil and gas accumulator market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global oil and gas accumulator market on the account of booming oil and gas industry in the countries such as U.S and Canada. .Furthermore increasing drilling activity in the Mexico region is anticipated to fuel the demand for the oil and gas accumulator in Latin America during the forecast period. Asia-Pacific region is anticipated to register significant growth during the forecast period on the account of increasing drilling activities in developing countries such as China and India.
Our in-depth analysis segmented the global oil and gas accumulator market in the following segments:
Global oil and gas accumulator market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The increasing demand for the crude oil for various industrial and commercial activities is primary growth driver for the global oil and gas accumulator market during the forecast period. The rising environmental concerns regarding oil spills in the ocean which has negative impact on the ocean biodiversity is anticipated to fuel the demand for the oil and gas accumulator. This is expected to increase opportunities for the market players operating in the global oil and gas accumulator market to establish their foothold globally. The increasing operational hazards caused by the drilling and extraction are anticipated to fuel the growth of the global oil and gas accumulator market. The promotion of blowout preventer by the various government across the globe is also expected to support the increasing demand for the oil and gas accumulator.
However, volatility in prices of the oil and gas is a major restrain for the global oil and gas accumulator market.
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