Press release
Oil & Gas Efficiency: Exploring Market Dynamics, Trends, and Strategic Insights in the Oil Accumulator Market
Oil Accumulator Global Market Report 2024
The Business Research Company offers in-depth market insights through Oil Accumulator Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Fueling Growth Exploration And Production Activities Boosting The Oil Accumulator Market
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.
Competitive Landscape:
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.
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Top Trend - Innovative Product Offerings Launch Of Piston Accumulators In The Oil Accumulator Market
New product innovations have emerged as the key trend gaining popularity in the oil accumulator market. Major companies operating in the oil accumulator market are introducing new products to sustain their position in the market. For instance, in May 2021, Liebherr, a German-based equipment manufacturer, launched piston accumulators for the 250 and 350 bar pressure range. These act as an additional series-production range and can be used either as a single solution or in conjunction with other hydraulic components as a system. This helps with a range of piston diameters from 100 to 360 mm.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Oil Accumulator Market Characteristics
3. Oil Accumulator Market Trends And Strategies
4. Oil Accumulator Market - Macro Economic Scenario
5. Oil Accumulator Market Size And Growth
…..
27. Oil Accumulator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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