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The hydraulic accumulators market size is estimated to grow at a CAGR of 4.07% between 2022 and 2027 and the size of the market is forecast to increase by USD 41.05 million. The growth of the market depends on several factors, such as the growing market for machine tools, the growth in the agriculture sector, and the increase in demand from the construction sector.
This report extensively covers market segmentation by type (bladder hydraulic accumulator, piston hydraulic accumulator, and diaphragm hydraulic accumulator), end-user (CM and MH, agriculture and forestry, oil and gas, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Hydraulic Accumulators Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There are applications for hydraulic accumulators in machine tools. Advance and retraction speeds, cutting pitch and section, and cutting machine tools with multiple machine units are controlled individually. This has led to significant variations in oil consumption. To prevent fluctuations in oil requirements, these machine units can be fitted with accumulators to guarantee high starting speed, as the oil columns have low inertia when compared with the complete pumping system. They facilitate the accurate operation of machine tools and allow them to be operated at maximum precision.
However, the increasing air traffic is spurring the commercial aviation sector to higher growth. The automotive industry, on the other hand, continues to be stimulated by increased demand for vehicles in developing economies such as India, Indonesia, and Brazil, which are now enjoying a more improved state of affairs around the world. All this augurs well for machine tools, which will ultimately have a positive impact on the demand for hydraulic accumulators, which, in turn, will boost the growth of the global market in focus during the forecast period.
The consumption and distribution of specialty chemicals are increasing rapidly in emerging economies such as APAC, MEA, and South America. High chemical production rates and increasing demand for storage tanks and pumps to transport chemicals in developing countries have resulted in the growth of the global chemical industry. The chemical industry in the above regions is expected to grow, owing to an increase in investments.
Moreover, various established players in the chemical and petrochemical industries are opening manufacturing facilities in emerging economies, owing to the availability of raw materials, inexpensive labor, and other resources. The impact of chemical manufacturers' plans to expand and invest in developing markets is likely to be positive on the global hydraulic accumulators market during the forecast period.
Hydraulic systems, including accumulators, require regular maintenance and repair services to ensure their optimal performance and reliability. The perceived complexity and costs relating to maintenance and servicing may deter some end users from entering the market. Manufacturers need to emphasize the long-term benefits of proper maintenance and provide adequate support and service solutions to address these concerns.
Hydraulic accumulators operate using hydraulic fluids, which can become contaminated over time. The performance of the hydraulic accumulator may be adversely affected by contamination, for example, dirt, debris, moisture, and air. Thus, regular maintenance activities and related expenditures required for hydraulic accumulators may pose challenges for end-users, which may hamper the growth of the global market in focus during the forecast period.
The bladder hydraulic accumulator segment will account for a major share of the market's growth during the forecast period. The bladder hydraulic accumulator is commonly used in different applications. The bladder is filled with nitrogen gas and fitted inside the steel pressure vessel or shell. The bladder is made from elastomer (plastic) materials like rubber. Through a gas inlet and outlet valve at the top of the tank, the precharge pressure for natural gas can be adjusted.
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The bladder hydraulic accumulator segment was valued at USD 72.72 million in 2017 and continued to grow until 2021. Bladder hydraulic accumulators are used extensively in various industries, such as manufacturing, construction, mining, and oil and gas. The demand for hydro accumulators will also increase, given the growth in these sectors. With the continued advances in and adoption of automation and machinery in various industries, the demand for hydraulic systems and components, including bladder hydraulic accumulators, may increase.
Diaphragm accumulators are known for their compact design and versatility. They can be integrated easily into hydraulic systems with limited space. The flexible diaphragm separates the gas and hydraulic fluids, making them useful for applications where there is a risk that they are contaminated by gases. In different industries, diaphragm accumulators are highly popular because of their compactness and flexibility. However, they are limited to smaller volumes or sizes, and their performance is sometimes affected if the gas permeates through the diaphragm. Diaphragm hydraulic accumulators are commonly used in a wide range of industrial applications, including manufacturing, machine tools, automotive, and process industries.
Based on End-user, the market has been segmented into CM and MH, Agriculture and forestry, Oil and gas, and others. CM and MH were the largest segment of the market in 2022 and will continue to be the largest segment of the market in 2027, growing faster than the overall market (4.07%). It will grow at a compounded annual growth rate of 5.73% between 2022 and 2027. Hydraulic accumulators are used in excavators, loaders, earthmovers, graders, dozers, dumpers, cranes, forklifts, and bulldozers. Many of the devices are heavily industrial applications based, which means that their use involves rugged terrains in adverse weather conditions and at different altitudes. The massive investments, which led to capacity growth in different industries, are a driving force for industrial development. This expansion is most prominently witnessed in real estate, retail industries, shipping, aviation, and steel, and thus, there are huge market prospects for material handling equipment in these industries which will have a positive impact on the growth of the global market in focus during the forecast period.
The increase in the demand for agricultural and forestry equipment will drive the demand for hydraulic accumulators. APAC is expected to witness significant growth in the agricultural sector due to an increase in government initiatives to enhance the productivity of farms. In the last 5 years, low commodity prices and exchange rate volatility have resulted in the stagnation of agricultural equipment market growth. In addition, the growing demand for hydraulic accumulators is foreseen to be driven by an increased demand from forestry. Land clearing by felling trees and clipping plants or trees and other debris for mulching requires hydraulic equipment. Bladder and diaphragm accumulators are most frequently used in forestry equipment to clear land, especially in wet areas or sites with limited access.
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APAC is estimated to contribute 60% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The construction sector in India is growing significantly, with investments in roads and infrastructure. Infrastructure is the fifth pillar in transforming India, and the government is vigorously involved in upgrading all the state highways to national highways. NHAI accomplished the construction of 12,205 km of national highways in 2020. This is one of the highest numbers of road projects carried out in a financial year. The Government of India (GoI) is planning to expand the national highway network to over 200,000 km. Demand for hydraulic accumulators is being driven by the growth of agriculture in India. The machinery and equipment manufactured for the agricultural sector use hydraulic accumulators in order to operate, as a result of advances in technology and automation. Such factors will increase the market growth during the forecast period.
The outbreak of COVID-19 hindered the growth of the regional hydraulic accumulators market in 2020. However, a gradual increase in economic activities coupled, with government funding to support businesses, following the implementation of large-scale COVID-19 vaccination drives in 2021 across the region are expected to propel the demand for hydraulic accumulators in the region further during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.W. Chesterton Co. - The company offers hydraulic accumulators and pressurized seal systems for various applications.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AB SKF, All Seals Inc., DingZing Advanced Materials Inc., EnPro Industries Inc., Freudenberg and Co. KG, Greene Tweed, and Co., Hallite Seals International Ltd., Kastas Sealing Technology, Max Spare Ltd., NOK Corp., Parker Hannifin Corp., Robert Bosch GmbH, SealTeam Australia, Spareage Sealing Solutions, TotalEnergies SE, Trelleborg AB, EPE Process Filters and Accumulators Pvt. Ltd., MAXX Hydraulics LLC, and Sacria Engineering Pvt. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The hydraulic accumulators market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Hydraulic Accumulators Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.07% |
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Market growth 2023-2027 |
USD 41.05 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.6 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 60% |
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Key countries |
US, China, Japan, India, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A.W. Chesterton Co., AB SKF, All Seals Inc., DingZing Advanced Materials Inc., EnPro Industries Inc., Freudenberg and Co. KG, Greene Tweed, and Co., Hallite Seals International Ltd., Kastas Sealing Technology, Max Spare Ltd., NOK Corp., Parker Hannifin Corp., Robert Bosch GmbH, SealTeam Australia, Spareage Sealing Solutions, TotalEnergies SE, Trelleborg AB, EPE Process Filters and Accumulators Pvt. Ltd., MAXX Hydraulics LLC, and Sacria Engineering Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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