The report named Oil Accumulator Market Research Report, published by Stratview Research offers a thorough knowledge of the development and current scenario of the market. This report contains updated information related to the market gathered through extensive primary and secondary research. The market report incorporates the key players including manufacturers, providers, etc. This can help the users to understand the scenario of the market and take a firm decision for future investments.

Market Insights

As per the report, the oil accumulator market was estimated at USD 466.62 million in 2022 and is likely to witness an impressive CAGR of 5.08% during 2023-2028 to reach USD 630.1 million in 2028.

The major factors driving the market are the digital revolution in the oil & gas industry and growing exploration and production activities in countries, such as India, China, Indonesia, and Australia.

This newly published and insightful report sheds light on market insights of the Oil Accumulator Market, including their impact on the overall value chain from suppliers to end-users and growth dynamics. Also, it discusses the market size from 2022-2028.

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.

Key Players

Stratview Research tracks all the major product launches, mergers, and acquisitions over the past few years. The identification of key players in the market is based on both primary interview results as well as available authentic secondary data sources. According to the research, the following are the key players in the Oil Accumulator Market.

• Nippon Accumulator Co. Ltd.

• Eaton Corporation

• Parker Hannifin Corporation

• Bosch Rexroth AG.

This report aims at providing critical market information and valuable insights which are of high value to the users, enabling them to identify strategic growth opportunities in the market. The report also aims at answering the following key questions:

-        What is the current and future market potential of the Oil Accumulator Market?

-        How will the COVID-19 pandemic impact the market?

-        What will be the short and long-term repercussions of the pandemic?

-        How are other crucial market factors changing the market dynamics?

-        When is the recovery expected from the pandemic?

-        After the pandemic, which region will heal up with the fastest pace?

-        Which segments offer high-growth opportunities in the long run?

-        How fierce is the market competition?

-        What are the key emerging trends and unmet needs?

-        What are the strategic growth opportunities and key success factors?

Segments Analysis

Based on the accumulator type, the market is segmented as bladder, piston, and diaphragm. The bladder segment dominated the market in 2021 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.

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.

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 2021 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.

In terms of regions, North America is expected to dominate the oil accumulator 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.