The global oil accumulator market is poised for significant growth, reaching USD 51.2 billion in 2024. The revenue of oil accumulators is expected to witness a CAGR of 8.1% from 2024 to 2034. By 2034, the demand for oil accumulators is anticipated to attain a valuation of USD 112 billion.
Pollutants emitted into the environment during oil and gas drilling operations are becoming less common due to the increased demand for oil accumulators. The continuous exploration efforts for oil and gas globally propelled the oil accumulators market expansion.
Capacitors Demand Rise to Meet Oil and Gas Accumulator Market Growth
As the need for crude oil develops globally, there is predicted to be a greater need for these capacitors. The oil accumulator market expansion is anticipated to be supported by growing end-use sector demand.
It is stated that the key catalysts of the oil accumulator system market expansion are the surge of exploration activities in the oil and gas industry. Due to the numerous environmental hazards and expanding health and safety concerns related to oil and gas production, the demand for oil accumulators is expected to grow.
Price Drop Endeavors Deterred by Surging Production Expenses
The market expansion of oil accumulators is likely to be constrained by certain obstacles and challenges. Many governments worldwide prefer sustainable energy sources over fossil fuels due to issues including drastic climate changes. It is anticipated that demand for crude oil is going to decline. These are the possible obstacles to the oil accumulator market expansion.
Regional Outlook
- The expansion of the Asia Pacific market is likely to be stimulated by rising investments in offshore oil exploration and production operations throughout Southeast Asia. The demand for oil accumulators in the Asia Pacific is increased by the adoption of advanced hydraulic systems in several industries, including mining, building, and manufacturing.
- Due to Europe’s focus on renewable energy sources, oil accumulators are integrated into hydraulic systems to store excess energy produced by solar and wind power. Technological advances in oil accumulator design and manufacturing processes foster market expansion in Europe, serving various industries.
- Increased funding for infrastructure-building initiatives propels the adoption of oil accumulators in North America. The requirement for high-performance hydraulic systems and growing factory automation boost oil and gas accumulator market expansion in North America’s industrial sector.
“The rising demand for effective hydraulic systems across various sectors is expected to propel the market expansion of oil accumulators. The oil accumulator system market is expected to expand, accentuating the importance of technological developments and the growing emphasis on energy-efficient solutions in shaping industry dynamics.”, comments an analyst at FMI.
Key Takeaways:
- South Korea’s oil accumulator device market is anticipated to boost at a CAGR of 10.5% between 2024 and 2034.
- The United Kingdom oil accumulator market is envisioned to develop at a CAGR of 9.5% from 2024 to 2034.
- China’s sales of oil accumulators are expected to surge at a CAGR of 8.9% between 2024 and 2034.
- The United States oil accumulator market is anticipated to evolve at a CAGR of 8.4% through 2034.
- The bladder accumulator segment in the type category is predicted to register a CAGR of 7.9% through 2034.
- In the application category, the blow out preventer and well head control segment is envisioned to exhibit a CAGR of 7.7% from 2024 to 2034.
- Japan’s oil accumulator market is likely to exhibit a CAGR of 6.3% from 2024 to 2034.
Competitive Landscape
Major oil accumulator vendors are expected to engage in product and technical innovation to create better, more efficient oil accumulators. Increasing their manufacturing capacity is expected to be a key priority for the main producers of oil accumulators. The oil accumulator manufacturers have expanded through agreements and contracts, mergers and acquisitions, partnerships, and collaborations to gain a larger market share.
Key Players:
- Hydac, Parker Hannifin
- Bosch Rexroth AG
- NIPPON ACCUMULATOR CO. LTD.
- Technetics Group
- Eaton Corporation PLC
- Hannon Hydraulics
Key Segments:
By Type:
- Bladder Accumulator
- Piston Accumulator
- Diaphragm Accumulator
By Application:
- Blow Out Preventer and Well Head Control
- Offshore Rigs
- Mud Pumps
By Region:
- Asia Pacific
- Europe
- North America
- Middle East
- Africa
- South America
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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