The oil and gas accumulator market size has the potential to grow by USD 146.26 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (onshore and offshore) and geography (North America, Europe, APAC, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Accumulators Inc., Robert Bosch GmbH, Eaton Corporation Plc, EnPro Industries Inc., Freudenberg SE, General Electric Co., HYDAC Verwaltung GmbH, Nippon Accumulator Co. Ltd., Parker Hannifin Corp., and Schlumberger Ltd.
Market Overview
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Market Competitive Analysis
The market is concentrated with local and regional vendors who are increasingly focusing on providing valves with a high level of customization at a comparatively lower price in comparison to international vendors. They are also providing hydraulic systems like cylinders, accumulator pumps, and accumulators. Accumulators Inc., Robert Bosch GmbH, and Eaton Corporation Plc are some of the major market participants. Although the increase in oil rig count will offer immense growth opportunities, the uncertainties associated with low crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this oil and gas accumulator market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this oil and gas accumulator market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Accumulators Inc.
- Robert Bosch GmbH
- Eaton Corporation PlcÂ
- EnPro Industries Inc.
- Freudenberg SE
- General Electric Co.
- HYDAC Verwaltung GmbH
- Nippon Accumulator Co. Ltd.
- Parker Hannifin Corp.
- Schlumberger Ltd.
Oil and Gas Accumulator Market: Segmentation by Geography
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North America was the largest oil and gas accumulator market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as rising production and drilling activities in unconventional sources of energy will significantly drive oil and gas accumulator market growth in this region over the forecast period.
32% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for oil and gas accumulators in North America. Market growth in this region will be slower than the growth of the market in APAC, MEA, and South America.
Oil and Gas Accumulator Market: Segmentation by End-user
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The rise in drilling and production activities drives the need for blowout preventers (BOPs) and accumulators. The drilling and production projects that were at halt are slowly resuming due to the gradual stabilization of crude oil prices, which in turn, will boost the adoption of oil and gas accumulators.
Market growth in this segment will be slower than the growth of the market in the offshore segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the oil and gas accumulator market size.
Oil and Gas Accumulator Market: Key Drivers and Trends
The rise in exploration and drilling activities has resulted in increased oil spills, which in turn, has a negative impact on the aquatic as well as human life. As a result, international environmental bodies such as the US environmental protection agency (EPA) have introduced strict restrictions on the drilling and production companies to counter the effects of oil spills. The increase in environmental risks and strict government regulations will be one of the major factors that will have a positive impact on the growth of the market. These risks are also creating awareness about the environmental impact of oil spills and accidents by introducing initiatives such as the Paris climate agreement. As a result, various drilling and production companies are installing quality BOP systems, to maintain the pressure balance in the wellbore. This will boost the installation of pressure accumulators. The oil and gas accumulator market will register a CAGR of almost 3% during the forecast period.
Oil and Gas Accumulator Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive oil and gas accumulator market growth during the next five years
- Precise estimation of the oil and gas accumulator market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the oil and gas accumulator market industry across North America, Europe, APAC, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of oil and gas accumulator market vendors
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