Oil and Gas Accumulator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Application (Drilling, Well Workover and Intervention, and Others), Location of Deployment (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

Market Snapshot

oil and gas accumulator market overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Middle-East and Africa
CAGR: >1.6 %
oil and gas accumulator market major players

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Market Overview

The oil and gas accumulator market is expected to rise with a CAGR of more than 1.6% during the forecast period of 2020-2025. Increasing production of oil and gas along with rapidly growing drilling operation in oil and gas fields are likely to drive the oil and gas accumulator market. However, increasing the use of renewable sources for generating energy over conventional oil and gas is expected to restrain the oil and gas accumulator market.

  • Due to the increased drilling and workover activities, the onshore segment is likely to dominate the oil and gas accumulator market during the forecast period. In 2019 the increase in natural gas production was about 3.3%.
  • The development in the area of gas hydrates, which is still in the research phase and its requirement of new technologies for its production, is likely to create several opportunities for the oil and gas accumulator market in the future.
  • Due to its rapidly growing upstream industry, North America is likely going to be the fastest-growing market, the oil and gas accumulator during the forecast period. In 2019 the region produced 6.6% more crude oil than the previous year, which is likely to have a positive impact on the accumulator market.

Scope of the Report

The oil and gas accumulator report include:

Application
Drilling
Well Workover and Intrervention
Others
Location of Deployment
Onshore
Offshore
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa

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Key Market Trends

Onshore Segment Expected to Dominate the Market

  • An accumulator is a device used in a hydraulic system to store energy or dampen pressure fluctuations in some applications. Energy is stored by compressing a pre-charged gas bladder with hydraulic fluid from the operating or charging system. Well pressure-control systems typically incorporate sufficient accumulator capacity to enable the blowout preventer (BOP) to be operated with all other power shut down.
  • The increasing number of wells at new fields and its exploration requires the drilling of several new wells, which require accumulators at every site for the proper working of the BOP to prevent any fatal accidents. The government regulations for the safety of the drilling and workover site also require the usage of accumulators for the working of BOP in case of emergency.
  • Moreover, the low investment cost in onshore field development than offshore is attracting more investment in onshore, thus driving the oil and gas accumulator market during the forecast period.
  • In 2019, the global natural gas production was 3989.3 billion cubic meters (bcm), higher than the region's production in 2018, 3857.5 bcm. Moreover, in 2019, about 23.3% of the electricity generated worldwide was from natural gas. The increasing demand and production of natural gas over the world is likely to have a positive impact on the more drilling and well workover activities, which is expected to drive the oil and gas accumulator market.
  • In recent years several new oil and gas fields were discovered in the region, in 2019, a new oil field was found in Khuzestan province of Iran, which is expected to have 50 billion barrels of oil. The development of such newly discovered fields is expected to have a positive impact on the oil and gas accumulator market.
  • Hence, owing to the above points, the onshore segment is likely to dominate the oil and gas separator market during the forecast period.
oil and gas accumulator market trends

North America Expected to be the Fastest Growing Market

  • North America, due to its rapid increase in crude oil and natural gas production in the world, held a significant share in the market. In 2019, North America produced is approximately 24.9% of the global crude oil production.
  • Countries in North America have planned to decrease their carbon signature by using cleaner fuel such as natural gas from which the carbon emissions are less. Natural gas energy in the countries in North America already surpassed coal-based power and is likely to take over the energy sector, thus reducing greenhouse gas emissions.
  • As of 2019, North America's crude oil production was 1116.5 million tonnes (MT), which was higher than the region produced in 2018, 1042.2 million tonnes (MT). The increase in crude oil production over the year exhibits the requirement of more installation capacity of the accumulators to prevent any accidents in the oil and gas field, which may lead to cause any harm to the personnel's life.
  • In Jan 2018, Exxon Mobil Corp announced to triple its oil and gas production by 2025 from Permian Basin. The Permian Basin is the largest shale oil and gas basin in the United States. Increasing company production is likely to have a positive impact on the oil and gas accumulator market during the forecast period.
  • Hence, owing to the above points, North America is expected to be the fastest-growing market for the oil and gas accumulator during the forecast period.
oil and gas accumulator market share

Competitive Landscape

The oil and gas accumulator market is moderately fragmented. Some of the key players in this market include Eaton Corporation PLC, Parker-Hannifin Corp, Hydac, Freudenberg Group, and Roth Industries, LLC.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Force Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Drilling

      2. 5.1.2 Well Workover and Intrervention

      3. 5.1.3 Others

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Company Profiles

      1. 6.3.1 Eaton Corporation PLC

      2. 6.3.2 Parker-Hannifin Corp

      3. 6.3.3 Rotec Hydraulics Ltd

      4. 6.3.4 Hydac

      5. 6.3.5 Nippon Accumulator Co., Ltd

      6. 6.3.6 Freudenberg Group

      7. 6.3.7 Roth Industries, LLC

      8. 6.3.8 Etola Group (Hydroll)

      9. 6.3.9 Technetics Group

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Oil and Gas Accumulator Market market is studied from 2016 - 2026.

The Oil and Gas Accumulator Market is growing at a CAGR of >1.6% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

Middle-East and Africa holds highest share in 2021.

Eaton Corporation PLC, Parker-HannifinCorp, Hydac, Freudenberg Group, Roth Industries, LLC are the major companies operating in Oil and Gas Accumulator Market.

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