Asia-Pacific’s Accumulator Market to Witness Lucrative Growth During the Forecast Period

Introduction

The key factor favoring the accumulator market is the rising demand for energy conservation and storage energy across various end-use industries, increasing awareness regarding the advantages of frequent maintenance of industrial machinery, and growing demand for alternate resources for energy production. Accumulators can increase efficiency and provide smoother and more economical operations in hydraulic systems, owing to which there is a rise in demand for these devices in hydraulic machinery.

Burgeoning Automotive Industry in Asia-Pacific to Surge the Demand for Accumulators

The Asia-Pacific is estimated to attain a value of USD 195.78 million by 2025, with a healthy CAGR of 4.7%. This can be attributed to the largest plastic industry, growing automotive industry, and rapidly expanding the building and construction sectors.  In the past few years, the building and construction industry of the region has witnessed a significant growth due to rapid industrialization and urbanization and favorable government policies to improve the infrastructure.

Key Highlights

• The accumulator market was valued at USD 472.5 million in 2019 and is expected to grow with a CAGR of 3.9%
• Based on the end-use industry, the accumulator market has been classified into the automobile industry, construction & agricultural machinery, plastics industry, marine industry, and oil & gas industry. Plastic is projected to be the fastest-growing segment and is expected to grow with a CAGR of 4.6%
• The oil and gas segment held the largest market share of the accumulator market in 2019, accounting for around 16% to 20% share of the global market
• The Asia-Pacific region dominated the accumulator market in 2019 and is expected to follow the same trend during the forecast period. The growth of the region is attributed to the largest plastic industry, surging the automotive industry, rapidly expanding the building & construction sector, and growing the oil & gas industry

Competitive Players

1. HYDAC International GmbH 
2. Parker-Hannifin Corporation 
3. Bosch Rexroth, Eaton 
4. Freudenberg and NOK Corp 
5. Nippon (NALCO) 
6. PMC Hydraulics 
7. STAUFF Group 
8. Buccma 
9. Accumulator, Inc 
10. Roth Hydraulics

Recent Developments

• May 2024- Parker Hannifin Corporation, a major player in the U.S., has been actively expanding its accumulator product line to cater to diverse industrial needs, from aerospace to automotive sectors. 
• June 2024- Nippon Accumulator announced a strategic partnership with a leading Chinese renewable energy firm to supply advanced accumulators for large-scale solar power plants.

Segmentation

1. By Type
   1. Bladder Accumulator
   2. Piston Accumulator
   3. Diaphragm Accumulator
2. By Deployment Location
   1. Offshore
   2. Onshore
3. By Application
   1. Automobile Industry
   2. Construction and Agricultural
   3. Machinery
   4. Plastics Industry
   5. Marine Industry
   6. Oil and Gas Industry
4. By Sales Channel
   1. Direct Channel
   2. Indirect Channel