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

Wed, 30 September 2020 10:59

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.

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Following are some of the initiatives taken by different governments:

  • In 2019, the government of India allocated USD 540.53 billion to the infrastructure sector to increase the capacity of the Green Energy Corridor Project, along with wind and solar power projects
  • In 2019, the National Development and Reform Commission (NDRC) of China approved 21 projects worth USD 107.8 billion to boost the infrastructure and recover from the economic slowdown in the country due to the trade war between the U.S. and China

The growing automotive industry, especially electric vehicles, is projected to boost the demand for accumulators during the forecast period. China has the world’s largest automotive market for both conventional and electrical vehicles. In 2018, around 45% of the world's electric vehicles were in China, a total of 2.31 million.

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

Key Players

  • HYDAC International GmbH
  • Parker-Hannifin Corporation
  • Bosch Rexroth, Eaton
  • Freudenberg and NOK Corp
  • Nippon (NALCO)
  • PMC Hydraulics
  • STAUFF Group
  • Buccma
  • Accumulator, Inc
  • Roth Hydraulics

Accumulator Market: Segmentation

By Type

  • Bladder Accumulator
  • Piston Accumulator
  • Diaphragm Accumulator

By Application

  • Automobile Industry
  • Construction and Agricultural
  • Machinery
  • Plastics Industry
  • Marine Industry
  • Oil and Gas Industry

By Sales Channel

  • Direct Channel
  • Indirect Channel

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • The Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • The Rest of Asia-Pacific

Latin America

  • Brazil
  • Argentina
  • Columbia
  • The Rest of Latin America

The Middle East

  • The UAE
  • Saudi Arabia
  • Qatar
  • Oman
  • Turkey
  • The Rest of ME

Africa

  • South Africa
  • Nigeria
  • The Rest of Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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