Oil and Gas Accumulator Market Poised to Garner Maximum Revenues during 2021 - 2030

An oil and gas accumulator is a type of hydraulic accumulator that is used to store energy in the form of compressed gas. Bladder accumulators, piston accumulators, and diaphragm accumulators are the types of oil and gas accumulators that are available in the market.

The global oil and gas accumulator market is expected to possess high growth potential in the coming years. Bladder accumulator has excellent significant features, such as small inertial with quick response, easy charging, simple installation, compensation for pressure variation, and others, that make it suitable for a wide range of applications. Diaphragm accumulators possess excellent significant features, such as high gas compression ratios, small size, less maintenance, easy mounting options, and others, that make them suitable for applications such as mobile equipment, chemical industries, renewable energy, and others. This is predicted to offer lucrative growth opportunities in the future. However, the outbreak of the COVID-19 pandemic has had negative impacts on the global oil and gas accumulator market.

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Rising industrial activities have led regulatory bodies, such as Occupational Safety and Health Administration (OSHA), Pressure Equipment Directive (PED), and others, to put more emphasis on equipment operating under extremely erratic pressure. Several hazards, such as well blowouts, explosions, oil spills, and others, occur due to high-pressure fluctuations during exploration and drilling activities. Oil and gas accumulators are widely used to handle high-pressure fluctuations and leakage compensation in oil wells by utilizing the compressible and incompressible nature of nitrogen gas for reducing the risk factors of hazards. These factors are predicted to notably contribute to the global market.

However, the prices of crude oil are controlled by oil traders, current oil supply, and future supply & demand. These factors make crude oil a highly volatile commodity. Natural and man-made disasters have a great influence on the price fluctuations of oil. For instance, attributed to the wake of the COVID-19 pandemic, factories, and manufacturing sites went on a complete shutdown that declined global oil demand.

Many plants were closed or either running at reduced rates, which may affect the demand for oil and gas accumulators. In addition, some of the worst affected countries, such as the U.S., India, Brazil, France, Russia, the UK, and others, have experienced very high price fluctuations of crude oil, and thus have reported considerably less demand for oil and gas accumulators amid the COVID-19 period. This factor is anticipated to hamper the oil and gas accumulator market growth.

Oil and gas accumulators are used in onshore applications to assist the flow output of pumps in chemical industries, surge pulsation control, storage and recapture of energy in wind turbines, damping vibrations in loading stations & refineries, and others. The utilization of oil and gas accumulators in sectors, such as loading stations and refineries, chemical industries, wind turbines, and others, is anticipated to create remunerative opportunities for the expansion of the oil and gas accumulator market in the future.

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The oil and gas accumulator market is segmented on the basis of type, deployment location, application, and region.

By type, the market is segregated into bladder accumulators, piston accumulators, and diaphragm accumulators. The bladder accumulator type dominated the global market in terms of revenue in 2020, with over 52.6% of the total market share. The increasing global energy need has accelerated offshore oil production. The bladder accumulator being widely used for pressure holding and leakage compensation applications in offshore oil production may lead the oil and gas accumulators market to witness a significant increase in demand.

By deployment location, the global oil and gas accumulator market is classified into offshore and onshore. The offshore deployment segment dominated the global market in terms of revenue in 2020, with over 67.8% of the total market share. The rapid increase in global energy demand has made oil-producing countries put more emphasis on their oil production capacities. Thus, the use of oil and gas accumulators for pressure control, shock absorption, energy storage, and other applications in drilling and exploration activities may fuel the growth of the oil and gas accumulators in offshore locations.

By application, the market is fragmented into blow-out preventers, drilling rigs, mud pumps, and others. The blow-out prevents applications dominated the global market, with over 45.3% of the total market share in 2020. The utilization of oil and gas accumulators in drilling rigs for controlling, RAMS blow-out preventers (BOP), annular blowout preventers, hydraulically operated gate valves (HCR), and other hydraulic equipment is the major key market trend in the global market. The rising awareness of work safety rules has led the key oil manufacturing companies to focus more on the safety of workers and equipment. This has increased the sales of oil and gas accumulators for preventing high-pressure blow-outs during emergencies.

Key players operating in the global oil and gas accumulator industry include Accumulators Inc., Airmo Inc., Bosch Rexroth AG, Eaton Corporation PLC (Eaton), HAWE Hydraulik SE, Hydac Verwaltung GmbH (Hydac), Hydroll, Nippon Accumulator Co., Ltd, NOK Corporation, and Parker Hannifin Corp.

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Key findings of the study

• The bladder accumulator segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.6% from 2021 to 2030.
• The offshore deployment location type is anticipated to register the highest CAGR of 5.4% during the forecast period.
• The blow-out application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.3% from 2021 to 2030.
• Asia-Pacific garnered the highest market share of 24.2% in 2020, in terms of revenue, growing at a CAGR of 6.4%

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