The oil and gas accumulator market is estimated to reach a value of USD 1.2 billion by 2026, with a CAGR of 6.5% during the forecast period, 2019–2026.
Accumulators are energy-storing devices that accumulate potential energy and find application in shock or pulsation dampening, leakage compensation, energy conservation, noise reduction, and thermal expansion. Three types of accumulators are available in the market, namely bladder, diaphragms, and piston. Accumulators are deployed for both onshore and offshore oil and gas applications. Rising demand for oil and gas accumulators to ensure operational safety, enhance production, and drive cost-effectiveness is propelling the growth of the oil and gas accumulator market.
Key players in the oil and gas industry are engaged in the development of digital technologies to upgrade well delivery, improve maintenance, and optimize oil production rate. They are adopting artificial intelligence, machine learning, and data analytics to enhance technologies and drive production. Rising focus toward shale gas exploration and ongoing technological advancements to increase production rate and per well recoveries are fostering the oil and gas accumulator market. Growing exploration and production activities and the rising number of drilling projects, coupled with an increase in crude oil prices, are expected to stimulate market growth.
Regulatory bodies impose stringent norms for drilling and production operations to control the waste generated by sites and pollutants and protect the environment. Oil and gas accumulators are hydro-pneumatic equipment that have the ability to store non-compressible fluid under extreme pressure. The accumulators are good in utilizing the compressibility of gas and vastly used as an additional energy source. The fluid is stored through an external source, including piston, spring, fluid, and gas.
Oil and gas accumulators are deployed for different purposes, including noise reduction and pulsation dampening. They are also accessible in different shapes. The U.S. is set to witness significant growth, owing to the presence of active rigs and ongoing research on future rigs. The increase in production and drilling activities for unconventional sources of energy, such as sand oil and shale, is also contributing to market growth.
Growing demand for energy sources – both conventional and non-conventional – is increasing hydrocarbon exploration and production. Oil and gas accumulators are vastly used in drilling platforms and blow out preventers. Increasing operational accidents and hazards during the extraction process are leading to a rapid uptick in the adoption of oil and gas accumulators to safeguard and protect labor and machinery.
High initial cost is a key factor hampering the growth of the global oil and gas accumulators market. Furthermore, the big size and heavyweight of these accumulators render mobile transportation impossible. Increasing exploration and drilling activities are leading to oil spills, adversely impacting human as well as aquatic life. As a result, international environmental regulatory bodies such as the U.S. environmental protection agency (EPA) are imposing strict mandates on drilling and production companies, which may also suppress the growth of the oil and gas accumulator market to some extent.
Based on type, the oil and gas accumulator market is segmented into bladder, diaphragm, and piston. The bladder segment is estimated to register prominent growth during the forecast period, owing to rising production activities and the growing use of blowout preventers across the globe. Ongoing digital advancements and increasing investment toward offshore and onshore industries are driving the oil accumulator market. The robust market share of bladder accumulators can be accredited to the customer preference for these accumulators. The bladder accumulators segment is expected to hold a strong share in the future as well, owing to new API mandates. High durability and efficiency are the key features that drive the bladder segment’s growth. Bladder accumulators have extensive applications in blowout preventer systems, hydraulic power units, wind energy, fluid volume compensation, and various other industrial areas.
Piston oil and gas accumulators are expected to register high adoption, as they are highly customizable and offer hot and cold temperature handling capabilities. Diaphragm oil and gas accumulators, on the other hand, are anticipated to grow on account of their application in fluid storage and low-volume pulsation dampening, particularly in off-road and mobile markets. Diaphragm accumulators can be used in any orientation and can handle a liquid/gas ratio of up to 6:1.
Based on the application, the market is segmented into offshore, onshore, and blowout preventer. The blowout preventer segment is projected to witness prominent growth, owing to the rising consumption in onshore and offshore drilling activities. Blowout preventers (BOPs) are useful during power failure and responsible for the most significant application of accumulators in the oil and gas accumulator market.
The prospering oil and gas industries in the U.S. and Canada are driving the oil and gas accumulators market in North America. The market in North America accounted for a dominant revenue share in the global oil and gas accumulators market. North America is slated to remain the largest oil accumulator market, by region, during the forecast period. Digitalization in the oil and gas industry, shale gas exploration in the U.S., and supportive government plans for the upstream oil and gas sector are expected to drive the oil and gas accumulator market in the region. Rising drilling operations in the offshore field of the Gulf of Mexico are also triggering demand.
Asia-Pacific is projected to register prominent growth during the forecasted period, owing to rising drilling activities in developing economies such as China and India. The region is set to witness rapid growth on account of growing energy demand. The market in the Middle East is anticipated to grow moderately during the forecasted period, primarily due to the presence of vast energy reserves and rising crude oil exploration operations.
The market is competitive in nature, with a smaller number of participants dominating globally. The most notable market participants are
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