The global oil accumulator market was valued at USD 467.9 million in 2017; it is projected to reach USD 617.1 million by 2023, at a CAGR of 4.78%, during the forecast period.
Northrook, IL -- (SBWIRE) -- 10/10/2019 -- According to the new market research report "Oil Accumulator Market by Type (Bladder, Piston, and Diaphragm), Pressure Rating (Up to 6,000 Psi and Above 6,000 Psi), Onshore vs Offshore, Application (Blowout Preventer & Well Head Control, Offshore Rigs, and Mud Pumps), and Region - Global Forecast to 2023", the global oil accumulator market is expected to grow at a CAGR of 4.78%, from 2018 to 2023, to reach a market size of USD 617.1 million by 2023. Digitalization in the oil & gas industry and shale gas exploration boom in the US are expected to drive the oil accumulator market, during the forecast period.
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The oil accumulator market is dominated by major players that are established brand names with wide regional presence, along with many local and regional players in emerging economies. The leading players in the oil accumulator industry include Hydac (Germany), Parker Hannifin (US), Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon Accumulator (Japan).
The mud pump segment is a key segment of the oil accumulator market, by application, from 2018 to 2023. The market for this segment is driven by increasing investments in the oil & gas industry in developing countries of Asia Pacific and Middle East & Africa.
The up to 6,000 psi segment is expected to be the fastest growing oil accumulator market from 2018 to 2023. This is due to various factors, including increased investments in the offshore industry. Rising investments in the oil & gas industry is expected to drive the up to 6,000 PSI segment of the oil accumulator market.
The offshore segment of the oil accumulator market, by onshore vs. offshore, is estimated to grow at the fastest rate from 2018 to 2023. Factors such as high investment in oil & gas industries either in top side application or in subsea application are driving the oil accumulator market. Most of the industries, including oil & gas, renewable, and refineries, are using accumulators at various pressure ranges; this is driving the high temperature oil accumulator market.
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The oil accumulator market has been segmented by region into Asia Pacific, Europe, North America, Middle East & Africa, and South America. North America is projected to grow at the fastest rate, from 2018 to 2023, followed by Asia Pacific and Europe. Countries such as the US and Canada are the largest markets in North America and have increased their investments in the oil & gas sectors in the recent past. Growing urbanization, increasing industrialization, and increasing investment in the oil & gas industry are the major factors impacting the growth of the oil accumulator market in this region.
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