Oil and Gas Accumulator Market

Oil and Gas Accumulator Market Outlook - 2030

The global oil and gas accumulator market size was valued at $488.3 million in 2020, and is projected to reach $814.4 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Oil & gas accumulators are hydro-pneumatic equipment, which can store non-compressible fluid even under extreme pressure. Bladder accumulator is the most widely used hydro-pneumatic accumulator. It is filled with nitrogen in a forged or welded steel pressure vessel. Piston accumulators use pistons as a separating element for gas and liquid. It consists of cylinder tubes with an inter-surface designed for a high-pressure sealing system.           

The oil and gas accumulator market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the oil & gas, energy and power, sectors. According to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sectors with an average contraction of -2.8% in 2020.

The growing population has surged transportation activities, which, in turn, led the oil-producing sectors to witness exponential rise in demand for oil and gas. Oil and gas accumulators play a major role in oil exploration activities by handling high-pressure fluctuations, leakage compensation, and noise reductions during drilling operations. It is used in blow-out preventer (BOP) applications to seal and prevent gas wells from the damage of extreme erratic pressures and uncontrolled flow of gas from the well. This has made the oil and gas exploration companies more linear toward using oil and gas accumulators for exploration and drilling activities. In addition, rising industrial activities have led regulatory bodies, such as Occupational Safety and Health Administration (OSHA), Pressure Equipment Directive (PED), and others, to put more emphasis on equipment operating under extreme erratic pressure. All these factors collectively surge the demand for oil and gas accumulator, thereby augmenting the oil and gas accumulator market growth.

However, transition to renewable energy source may hamper the market growth. The emerging trends toward sustainability and a green environment have made people more linear toward using renewable sources of energy in various end-use sectors such as electric vehicles in transport, hydroelectricity in electricity generation, nuclear power in energy generation, and others.  

On the contrary, increasing industrialization, electricity demand, and other factors have led the government of both developed and developing economies to invest more in power generation, maximizing oil and gas production, and other end-use sectors. For instance, for Vikash Refinery Modernization Project (VRMP), LNG Regasification Terminal, Versai East Development project for ONGC, and others, oil and gas accumulators are widely employed for energy storage, pressure control, leakage compensation, and other applications. It is a key factor that is anticipated to offer new opportunity in the global oil and gas accumulator market. 

The global oil and gas accumulator market analysis is done on the basis of type, deployment location, application, and region. Depending on type, the market is divided into bladder accumulator, piston accumulator, and diaphragm accumulator. On the basis of deployment location, it is fragmented into offshore and onshore. The applications covered in the study include blow-out preventor, drilling rigs, mud pumps, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The major companies profiled in oil and gas accumulator industry include Accumulators Inc., Airmo Inc., Bosch Rexroth AG, Eaton Corporation PLC (Eaton), HAWE Hydraulik SE, Hydac Verwaltung GmbH (Hydac), Hydroll, Nippon Accumulator Co., Ltd, NOK Corporation, and Parker Hannifin Corp.

Oil and gas accumulator market, by region

The Asia-Pacific oil and gas accumulator market is projected to grow at the highest CAGR of 6.4% during the forecast period and accounted for 24.2% of the oil and gas accumulator market share in 2020. This is attributed to the proliferating demand for oil supplies in China, wherein major crude oil companies in China are state owned with additional international operations in exploration & production of oil & gas products.

Oil and gas accumulator market, by type

In 2020, the bladder accumulator type was the largest revenue generator, and is anticipated to grow at a CAGR of 5.6% during the forecast period. Bladder accumulator has excellent significant features, such as small inertial with quick response, easy charging, simple installation, compensation for pressure variation, and others, that make it suitable for a wide range of applications.

Oil and gas accumulator market, by deployment location

By deployment location, the offshore segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 5.4% during forecast period. The offshore application sites of oil and gas accumulators include oil exploration and drilling sites, oil rigs, and other offshore platforms. The utilization of oil and gas accumulators in offshore applications, such as exploration and drilling, blowout prevention, oil production, pre-charge maintenance, and others, is the major key market trend in the global market. 

Oil and gas accumulator market, by application

In 2020, the blow-out preventer application was the largest revenue generator, and is anticipated to grow at a CAGR of 5.3% during the forecast period. Oil and gas accumulator is the main control unit of the blow-out preventer (BOP). It is used to seal, control, and monitor oil wells from high pressures to prevent the release of crude oil or natural gas from oil wells. It is designed to cope with extreme uncontrolled flow and underwater pressures of reservoirs.

Key benefits for stakeholders

• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current oil and gas accumulator market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Oil And Gas Accumulator Market

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. 
• The oil and gas accumulators market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the oil & gas, energy, and power sectors. According to a report published by Energy and Economic Growth Survey, the oil & gas sector is among the hardest hit sectors with an average contraction of -2.8% in 2020. 
• More than 100 countries have locked their international borders for transportation and non-essential trade activities, which, in turn, have led to demand-supply disruptions for the oil and gas accumulator market. Furthermore, the temporary shutdown of oil refineries amid the COVID-19 period has reduced the consumption of oil and gas accumulators in onshore sites for pressure recovery applications. For instance, according to a report published by the Indian Ministry of Petroleum & Natural Gas, the central public sector enterprise (CPSE) refineries produced 7,103.76 thousand metric tons (TMT) of crude oil in April 2020 that is 28.91% lower than the target for the month and 36.93% lower than the production achieved in the corresponding month of 2019. 
• This has severely affected the demand for oil and gas accumulator among the oil refineries during the COVID-19 situation where oil and gas accumulators are widely used for energy storage, leakage compensation, and other applications. 
• However, the growing global energy need and fuel consumption is anticipated to push the growth of the oil and gas accumulators market post COVID-19 scenario. For instance, according to a report published by the U.S. Energy Information Administration, the organization of petroleum exporting countries (OPEC), crude oil production is expected to rise to an average of 28.7 million barrel per day by 2022. This is expected to enhance the performance of the oil and gas accumulator market post-COVID-19 scenario. 

Key market segments

By Type

• Bladder Accumulator
• Piston Accumulator
• Diaphragm Accumulator 

By Deployment Location

• Offshore
• Onshore

By Application

• Blow-out Preventor
• Drilling Rigs
• Mud Pumps
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA