Market Trends of Oil and Gas Accumulator Industry
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.
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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.
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