Oil And Gas Accumulators Market Size, Share & Industry Analysis, By Type (Bladders, Diaphragms, Pistons), By Application (Blowout Protection Devices , Mud Pumps , Offshore Rigs), By Location (Onshore, Offshore) And Regional Forecast, 2024-2032

Oil and gas accumulators are primarily utilized in oil exploration and drilling to reduce environmental and personal safety threats at the discovery site. These accumulators are employed in various applications, including leakage compensation, unpredictable pressures, and noise reduction.

The demand for oil and gas accumulators is increasing continuously, owing to the high demand for crude oil across the globe. As the crude oil demand increases, the drilling and oil and gas exploration activity also increase, which is expected to be an essential companion to the growth of this market. In addition, onshore oil reserves have been depleting rapidly, and companies have moved towards deeper and new exploration projects to meet the increasing demand.

• According to the IEA (International Energy Agency), global oil consumption increased by 5.4 million barrels per day (mb/d) in 2021 and is expected to reach 3.3 million barrels per day (mb/d) by 2022 with a rise to pre-pandemic levels of 99.5 mb/d.

The increasing use of renewable resources to generate energy over conventional oil and gas is expected to restrain the oil and gas storage battery market. As a technical challenge, manufacturers are more likely to view producing accumulators as a hazard, making it more difficult for utilities and developers to justify accumulators.

North America dominates the global market due to its rapid increase in global crude oil and natural gas production. North American countries have intended to reduce their carbon footprint by embracing cleaner fuels, such as natural gas, emitting less carbon. Over the years, the rise in crude oil output demonstrates the need for greater accumulator installation capacity to prevent any accidents in the oil and gas field that could cause injury. For example,

• According to U.S. Energy Information Agency (EIA), the country's oil production data shows 11.18 million barrels per day (mb/d) in 2021 and is expected to reach 11.85 million barrels per day (mb/d) by 2022.

IMPACT OF COVID-19 ON OIL AND GAS ACCUMULATOR MARKET

The global oil and gas accumulator market is expected to take a significant amount of time before recovering from the impact of the COVID-19 pandemic. Because it relies on oil and gas, energy, and power industries, the oil and gas accumulator industry has suffered due to the COVID-19 pandemic.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in Oil and Gas Accumulator


• Key Industry Trends


• Regulatory Landscape for Oil and Gas Accumulator


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

 ANALYSIS BY TYPE

Based on type, the global oil and gas accumulator market is segmented into bladders, diaphragms, and pistons based on type. The bladders segment is expected to have significant growth in the market. The most common type of hydro-pneumatic accumulator is a bladder accumulator. The bladder is filled with nitrogen and installed in a welded or forged steel pressure vessel. The bladder consists of a malleable substance.

ANALYSIS BY APPLICATION

Based on application, the global oil and gas accumulators market is segmented into blowout protection devices (BOPs) and mud pumps. The BOP segment is dominating the market. More wells in new oil fields and their exploration require drilling several new wells, requiring the installation of accumulators at each location to function appropriately to prevent fatal accidents.

ANALYSIS BY DEPLOYMENT

Based on deployment, the global oil and gas accumulators market is segmented into onshore and offshore. In recent years, the offshore region has seen a tremendous increase in demand for oil and gas accumulators. Expanding drilling operations in the Gulf of Mexico's offshore field and rising drilling activity in developing economies like China and India make offshore the leading category.

REGIONAL ANALYSIS

The Asia Pacific region has a considerable percentage of the global market and is expected to grow significantly during the forecast period. This is attributed to the growing need for oil supply in China, where major crude oil corporations are state-owned with extensive overseas oil and gas product exploration and production operations. Europe is another region with a growing market and witnesses potential growth in the near future, with significant CAPEX for oil exploration projects.

 KEY PLAYERS COVERED

The report will include key players such as Accumulators Inc., Airmo Inc. Pressure Technologies, Bosch Rexroth, Eaton, Hydril, Hannon Hydraulics LLC, HYDAC Group, Nippon Accumulator Co Ltd, Parker Hannifin, Pressure Technologies plc, and Tobul Accumulator, Inc.

SEGMENTATION

 KEY INDUSTRY DEVELOPMENTS

• In  2020, a new oil field was discovered in the Iranian province of Khuzestan. The field is expected to hold 50 billion barrels of oil. Developments in these newly discovered fields are expected to impact the oil and gas accumulator market positively.


• In 2018, Exxon Mobil Corp will treble its oil and gas production from the Permian Basin by 2025. The Permian Basin is the United States' largest shale oil and gas basin. Increasing company output is expected to benefit the oil and gas accumulator market over the forecast period.