The global oil and gas accumulator market size was valued at USD 556.22 million in 2023. It is projected to reach USD 856.32 million by 2032, growing at a CAGR of 4.91% during the forecast period (2024-2032). Increasing 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. Moreover, 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.
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. Accumulators are deployed for both onshore and offshore oil and gas applications. An oil and gas accumulator is an essential part of the hydraulic control systems of production equipment and oil and gas drilling rigs. It serves as a hydraulic fluid storage device under pressure, producing instantaneous energy when required. Three types of accumulators are available in the market: bladder, diaphragm, and piston.
By regulating wellbore pressures throughout drilling operations, accumulators aid in maintaining blowout-preventer pressure levels and guaranteeing safety. They also support a range of well-intervention tasks, such as hydraulic workovers and wireline operations. Accumulators improve hydraulic systems' responsiveness and efficiency by storing energy for times when demand is low and quickly releasing it for times when demand is high. This maximizes the overall performance and safety of oil and gas operations.
Highlights
The global increase in exploration and production activities drives up demand for oil and gas accumulators. Oil and gas corporations continue to invest extensively in exploration and production operations due to the need to maximize recovery from existing fields and the continual search for new reserves. For instance, to improve domestic exploration and production (E&P) efforts, state-run ONGC and Oil India (OIL) are in discussions with Mitsui, Bahrain Petroleum Company (Bapco), and Japan Petroleum Exploration (Japex).
In response to a starred question in the Rajya Sabha, Oil Minister H S Puri stated, "Indian National Oil Companies (NOCs) (ONGC and OIL) have executed several agreements with International Oil Companies (IOCs) (ExxonMobil, Chevron, TotalEnergies) for collaboration in E & P activities and are also in discussions with BAPCO, JAPEX and Mitsui." Accumulators are in high demand because of the industry's ongoing attempts to maximize performance, increase production, and fulfill the world's expanding energy needs. This is expected to drive market growth.
The major barrier to the expansion of the worldwide oil and gas accumulators market is the high beginning prices, one of the industry's major issues. The deployment of these accumulators is further complicated because their size and weight make mobile conveyance impracticable. In addition, the increased drilling and exploration efforts have resulted in more oil leaks, which pose serious risks to aquatic and human life.
As a result, global environmental regulatory agencies, including the Environmental Protection Agency (EPA) in the United States, impose strict regulations on drilling and production firms. These rules might hinder the growth of the oil and gas accumulator business in addition to addressing environmental concerns. To address these problems and reduce environmental hazards while maintaining market viability and growth, industry players must work together and find creative solutions.
With the oil and gas sector undergoing a digital transformation and shale gas resource exploration gaining traction, the market for oil and gas accumulators is poised for substantial growth. The onshore sector of this business, which has lower investment requirements than offshore activities, is especially well-positioned for significant expansion. To make matters worse, demand is predicted to increase as more wells in developing fields require accumulators to improve safety and operational effectiveness.
With oil and gas accumulators expected to expand quickly in North America, the region becomes the focal focus of this growth trajectory. Underpinning this growing trend are the region's rapidly expanding output of natural gas and crude oil, a deliberate shift towards cleaner energy sources like natural gas, and aggressive initiatives to reduce carbon emissions. Moreover, the industry's need for accumulators is further stimulated by the actions of major players such as Exxon Mobil Corp., which rapidly increases the amount of oil and gas it produces from shale basins.
The oil and gas accumulator market has ample opportunity to grow and adapt in step with the industry's shifting terrain, as these advancements highlight the revolutionary influence of the digital revolution on the oil and gas sector. Therefore, the key to realizing the full potential of this rapidly expanding market will be to embrace breakthrough technology and strategic collaborations.
| Study Period | 2020-2032 | CAGR | 4.91% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 556.22 million |
| Forecast Year | 2032 | Forecast Year Market Size | USD 856.32 million |
| Largest Market | North America | Fastest Growing Market |
Based on region, the global oil and gas accumulator market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
North America is the most significant global oil and gas accumulator market shareholder and is expected to expand substantial growth over the forecast period. Fueled by thriving oil and gas industries in the U.S. and Canada, North America dominates the market share in this sector. With its continued dominance, North America is projected to maintain its lead as the largest oil accumulator market regionally. For instance, the oil and natural gas sector contributes 7% of the GDP of the United States and sustains nine million employees in the country, according to the American Petroleum Institute. By 2021, the natural gas and petroleum sectors will employ 10.3 million people and contribute 8% of the US GDP.
Several key factors underpin the region's ascendancy. Firstly, the ongoing digital transformation within the oil and gas sector and burgeoning shale gas exploration in the U.S. propel market expansion. Supportive governmental initiatives to bolster the upstream oil and gas sector further augment the market's growth trajectory. The surge in drilling activities in the offshore Gulf of Mexico adds to the increasing demand for oil and gas accumulators. For instance, the United States became the world's greatest producer of crude oil in 2018 and continued to hold that title in 2019 and 2020. It produced 15% of the crude oil produced worldwide in 2020.
Furthermore, oil and gas accumulators serve diverse purposes, including noise reduction and pulsation dampening, and are available in various configurations to suit diverse applications. The United States is poised for significant growth due to its robust rig activity and continuous research endeavors toward future rig advancements. Moreover, the escalating production and drilling operations targeting unconventional energy sources such as oil sands and shale contribute significantly to market proliferation.
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The global oil and gas accumulator market is segmented into type and application.
Based on type, the global 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. The robust market share of bladder accumulators can be accredited to the customer preference for these accumulators. The bladder accumulators segment is also expected to hold a strong share in the future, 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.
Diaphragm pumps are an indispensable component of the oil and gas sector; they play a vital role in various applications such as exploration, processing, and transportation of oil and gas. These pumps are crucial for handling fluids in different stages of oil and gas operations, and they ensure the smooth functioning of the industry. Among the different types of diaphragm pumps, air-operated double-diaphragm (AODD) pumps are a popular choice in the oil and gas sector. This is because they can be powered by compressed air, which makes them an alternative power source for fluid handling in oil and gas operations.
Piston oil and gas accumulators are expected to be highly sought after in various industries due to their unique features and benefits. These accumulators are designed to store fluid under pressure using a piston that separates the fluid and gas sections. They are highly customizable, allowing for precise control of fluid pressure, volume, and flow rate, making them ideal for applications requiring accurate fluid dynamics control. One of the most significant advantages of piston accumulators is their ability to function efficiently under extremely hot and cold temperatures. This makes them suitable for various industries, including oil and gas, marine, aerospace, and defense. They are also highly reliable due to their robust construction and design, which helps to reduce maintenance costs.
Based on application, the global oil and gas accumulator market is segmented into offshore, onshore, and blow-out preventers.
Offshore oil and gas accumulators are crucial in the oil and gas accumulator market, particularly in deep-sea drilling operations. These accumulators help to store energy or dampen pressure fluctuations in offshore applications, like in the blowout preventer (BOP) system. Although the growth rate of the offshore segment is slower than that of the onshore segment, it is still expected to play a significant role in the market. Moreover, the segment is expected to dominate the market due to its lower investment costs and the increasing number of wells in new fields requiring accumulators for safety and operational efficiency. The offshore accumulator market is expanding due to the digital revolution in the oil and gas sector, making more effective drilling and exploration methods possible.
The market for oil and gas accumulators presents significant opportunities in onshore applications. The increasing number of wells in new fields and the exploration of new fields require drilling several new wells, which necessitates the installation of accumulators at every site. This is important for properly functioning the blowout preventer (BOP) to prevent fatal accidents. Moreover, government regulations for safety in drilling and workover sites also require the usage of accumulators for BOP operation in case of emergencies. The oil and gas accumulator market is expected to be driven during the projected period by increased onshore investment due to the lower cost of onshore field development compared to offshore operations.
The emergence of the COVID-19 pandemic prompted the imposition of strict lockdown in most countries, causing delays in the import and export of gelatin-based plasma expanders. COVID-19 has the potential to impact the global economy in three ways, i.e., directly affecting production and demand, causing supply chain and market disruption, and facing a financial impact on businesses and financial markets.
