Oil & Gas Accumulator Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 1.60 % |
| Fastest Growing Market | North America |
| Largest Market | Middle-East and Africa |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Accumulator Market Analysis
The oil and gas accumulator market is expected to rise with a CAGR of more than 1.6% during the forecast period of 2020-2025. Increasing production of oil and gas along with rapidly growing drilling operation in oil and gas fields are likely to drive the oil and gas accumulator market. However, increasing the use of renewable sources for generating energy over conventional oil and gas is expected to restrain the oil and gas accumulator market.
- Due to the increased drilling and workover activities, the onshore segment is likely to dominate the oil and gas accumulator market during the forecast period. In 2019 the increase in natural gas production was about 3.3%.
- The development in the area of gas hydrates, which is still in the research phase and its requirement of new technologies for its production, is likely to create several opportunities for the oil and gas accumulator market in the future.
- Due to its rapidly growing upstream industry, North America is likely going to be the fastest-growing market, the oil and gas accumulator during the forecast period. In 2019 the region produced 6.6% more crude oil than the previous year, which is likely to have a positive impact on the accumulator market.
Oil & Gas Accumulator Market Trends
This section covers the major market trends shaping the Oil & Gas Accumulator Market according to our research experts:
Onshore Segment Expected to Dominate the Market
- An accumulator is a device used in a hydraulic system to store energy or dampen pressure fluctuations in some applications. Energy is stored by compressing a pre-charged gas bladder with hydraulic fluid from the operating or charging system. Well pressure-control systems typically incorporate sufficient accumulator capacity to enable the blowout preventer (BOP) to be operated with all other power shut down.
- The increasing number of wells at new fields and its exploration requires the drilling of several new wells, which require accumulators at every site for the proper working of the BOP to prevent any fatal accidents. The government regulations for the safety of the drilling and workover site also require the usage of accumulators for the working of BOP in case of emergency.
- Moreover, the low investment cost in onshore field development than offshore is attracting more investment in onshore, thus driving the oil and gas accumulator market during the forecast period.
- In 2019, the global natural gas production was 3989.3 billion cubic meters (bcm), higher than the region's production in 2018, 3857.5 bcm. Moreover, in 2019, about 23.3% of the electricity generated worldwide was from natural gas. The increasing demand and production of natural gas over the world is likely to have a positive impact on the more drilling and well workover activities, which is expected to drive the oil and gas accumulator market.
- In recent years several new oil and gas fields were discovered in the region, in 2019, a new oil field was found in Khuzestan province of Iran, which is expected to have 50 billion barrels of oil. The development of such newly discovered fields is expected to have a positive impact on the oil and gas accumulator market.
- Hence, owing to the above points, the onshore segment is likely to dominate the oil and gas separator market during the forecast period.
North America Expected to be the Fastest Growing Market
- North America, due to its rapid increase in crude oil and natural gas production in the world, held a significant share in the market. In 2019, North America produced is approximately 24.9% of the global crude oil production.
- Countries in North America have planned to decrease their carbon signature by using cleaner fuel such as natural gas from which the carbon emissions are less. Natural gas energy in the countries in North America already surpassed coal-based power and is likely to take over the energy sector, thus reducing greenhouse gas emissions.
- As of 2019, North America's crude oil production was 1116.5 million tonnes (MT), which was higher than the region produced in 2018, 1042.2 million tonnes (MT). The increase in crude oil production over the year exhibits the requirement of more installation capacity of the accumulators to prevent any accidents in the oil and gas field, which may lead to cause any harm to the personnel's life.
- In Jan 2018, Exxon Mobil Corp announced to triple its oil and gas production by 2025 from Permian Basin. The Permian Basin is the largest shale oil and gas basin in the United States. Increasing company production is likely to have a positive impact on the oil and gas accumulator market during the forecast period.
- Hence, owing to the above points, North America is expected to be the fastest-growing market for the oil and gas accumulator during the forecast period.
Oil & Gas Accumulator Industry Overview
The oil and gas accumulator market is moderately fragmented. Some of the key players in this market include Eaton Corporation PLC, Parker-Hannifin Corp, Hydac, Freudenberg Group, and Roth Industries, LLC.
Oil & Gas Accumulator Market Leaders
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Eaton Corporation PLC
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Parker-HannifinCorp
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Hydac
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Freudenberg Group
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Roth Industries, LLC
*Disclaimer: Major Players sorted in no particular order
Oil & Gas Accumulator Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Force Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Drilling
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5.1.2 Well Workover and Intrervention
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5.1.3 Others
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5.2 Location of Deployment
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5.2.1 Onshore
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5.2.2 Offshore
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5.3 Geography
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5.3.1 North America
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5.3.2 Europe
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5.3.3 Asia-Pacific
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5.3.4 South America
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5.3.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
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6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
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6.3.1 Eaton Corporation PLC
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6.3.2 Parker-Hannifin Corp
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6.3.3 Rotec Hydraulics Ltd
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6.3.4 Hydac
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6.3.5 Nippon Accumulator Co., Ltd
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6.3.6 Freudenberg Group
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6.3.7 Roth Industries, LLC
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6.3.8 Etola Group (Hydroll)
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6.3.9 Technetics Group
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oil & Gas Accumulator Industry Segmentation
The oil and gas accumulator report include:
| Application | |
| Drilling | |
| Well Workover and Intrervention | |
| Others |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Oil & Gas Accumulator Market Research FAQs
What is the current Oil and Gas Accumulator Market size?
The Oil and Gas Accumulator Market is projected to register a CAGR of greater than 1.60% during the forecast period (2024-2029)
Who are the key players in Oil and Gas Accumulator Market?
Eaton Corporation PLC, Parker-HannifinCorp, Hydac, Freudenberg Group and Roth Industries, LLC are the major companies operating in the Oil and Gas Accumulator Market.
Which is the fastest growing region in Oil and Gas Accumulator Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Oil and Gas Accumulator Market?
In 2024, the Middle-East and Africa accounts for the largest market share in Oil and Gas Accumulator Market.
What years does this Oil and Gas Accumulator Market cover?
The report covers the Oil and Gas Accumulator Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oil and Gas Accumulator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oil and Gas Accumulator Industry Report
Statistics for the 2024 Oil and Gas Accumulator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil and Gas Accumulator analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
