The Oil Accumulator Market is estimated to reach a market size of USD 488.5 million in 2018 and is projected to reach USD 617.1 million by 2023, at a CAGR of 4.78%, from 2018 to 2023. Increase in exploration and production activities in countries such as China, India, Australia, US, and Indonesia are the key factors driving the oil accumulator market, during the forecast period.
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The report segments the Oil Accumulator Market, by pressure range, into up to 6,000 psi and above 6,000 psi. The up to 6,000 psi led the oil accumulator market in 2017. The up to 6,000 psi market is mainly driven due to application of multiple units in place of a single unit to avoid idle time during production or drilling.
The global oil accumulator market, by type, has been segmented into bladder, piston, and diaphragm. The bladder segment is expected be the largest market during the forecast period. The growing demand for bladder accumulators is attributed to the increased Exploration and Production (E&P) spending and use in Blow Out Preventer (BOP) applications worldwide, which are driving the bladder accumulator market. High investment in onshore and offshore activities in emerging economies will create new revenue pockets for the oil accumulator market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the oil accumulator market such as: Hydac (Germany), Parker Hannifin (US), Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon Accumulator (Japan).
Up to 6,000 PSI segment is expected to be the fastest oil accumulator market, by pressure ratings, during the forecast period. The up to 6,000 PSI segment is expected to be the fastest growing oil accumulator market from 2018 to 2023. This is due to various factors, including rising investments in the oil & gas industries. Consumption of accumulators of pressure ranges up to 6,000 psi is higher because of the application of multiple units in place of a single unit to avoid idle time during production or drilling; this is expected to drive the up to 6,000 PSI segment of the oil accumulator market.
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The Oil Accumulator Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. North America is the largest oil accumulator market, by region, during the forecast period. Digitalization in the oil & gas industry, shale gas exploration in the US, and supportive government plans are expected to drive the market for oil accumulators in this region. The US and Canada are the leading countries, among others, which are likely to contribute to the growth of the oil accumulator market in North America.