The global oil and gas accumulators market is expected to witness a huge growth in demand over the forecast period, owing to increased demand for crude oil across the globe. This has led to a surge in drilling and oil & gas exploration activities which is expected to be the key driver for the growth of this market. In addition, growing safety concerns and various environmental hazards associated with oil & gas exploration activities are also expected to augment the growth of this market. Furthermore, the fast depletion of crude oil reserves has triggered companies to take up new exploration projects to cope up with increasing demand. Owing to the abovementioned factors, global oil and gas accumulators market is expected to grow at a significant rate. However, technological challenges faced by the manufacturers to produce accumulators to suit the appropriate application coupled with stringent environmental regulations may hamper the market growth.
Oil & gas accumulators are mainly used in crude oil exploration & drilling to minimize various hazards associated with the environment as well as personal safety at the exploration site. These accumulators are used in various applications such as leakage compensation, coping up with erratic pressures, and noise reduction among others. On the basis of application, they are classified as blow out preventers (BOP), mud pumps, and offshore rigs. They can also be segmented on the basis of product types as bladders, diaphragms, and pistons out of which bladders had the majority of share as they are widely used in offshore applications.
North America was the largest market for oil & gas accumulators owing to a large number of oil & gas exploration projects in this region. Asia Pacific and Latin America are expected to be the fastest-growing segment owing to the increased exploration activities in this region. Europe, Middle East and Africa are also expected to have potential growth prospects over the next six years due to huge capital investments coming up in the crude oil exploration projects. Due to the aforementioned reasons, the global oil and gas accumulators market is expected to witness a sharp rise over the forecast period.
Key oil & gas accumulators market participants include Bosch Rexroth Corporation, Parker Hannifin Corporation, Eaton Corporation, Nippon Accumulators Co Ltd, Hannon Hydraulics, Hydac International GmbH, and Hydril Pressure Control.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.