USD 588.95 billion
Global Oil and Gas Accumulator Market Size, Share, Growth Analysis, By Application(Blowout Protection Devices (BOPs) and Mud pumps), By Type(Bladders, Diaphragms), By Deployment(Onshore and Offshore) - Industry Forecast 2024-2031
Report ID:
SQMIG15F2146 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
86 |
Figures:
71
Global Oil and Gas Accumulator Market Insights
Global Oil and Gas Accumulator Market size was valued at USD 588.95 billion in 2022 and is poised to grow from USD 617.1 billion in 2023 to USD 896.57 billion by 2031, growing at a CAGR of 4.78% in the forecast period (2024-2031).
The demand for oil and gas gathering is constantly increasing due to the high demand for crude oil worldwide. As the demand for crude oil increases, so do the activities of oil drilling, oil and gas exploration, which are expected to be a key partner for the growth of this market. Besides, onshore oil reserves are rapidly depleted, companies have turned to deeper and more innovative exploration projects to meet increasing demand.
The demand for oil and gas gathering is constantly increasing due to the high demand for crude oil worldwide. As the demand for crude oil increases, so the activities of oil drilling, oil and gas exploration, which is expected to be a key partner for the growth of this market also increases. Besides, onshore oil reserves are rapidly depleted, companies have turned to deeper and more innovative exploration projects to meet increasing demand.
According to the IEA (International Energy Agency), global oil consumption has increased by 5.4 million barrels per day (mb/d) by 2021 and is expected to reach 3.3 million barrels per day (mb/d) by 2022, increasing to the first period in 2021.
Increased use of renewables for energy generation than conventional oil and gas is expected to restrain the global oil and gas accumulator market. As a technological challenge, manufacturers see that accumulator's production is extremely risky, making it more difficult for consumer companies and producers to judge.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Diaphragm Oil
Growth Rate
4.78% CAGR
Global Oil and Gas Accumulator Market ($ Bn)
Country Share for North America Region (%)
Global Oil and Gas Accumulator Market By Type (%)
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Global Oil and Gas Accumulator Market Segmental Analysis
Based on application, the global oil and gas accumulators' market is segmented into blowout protection devices (BOPs) and mud pumps. Based on type, the global oil and gas accumulator market is segmented into bladders, diaphragms, and pistons based on type. Based on deployment, the global oil and gas accumulators' market is segmented into onshore and offshore. By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World.
Analysis by Deployment
The offshore sector is the dominating segment in the oil and gas accumulator market. In recent years, the use of oil and gas gathering equipment in the offshore sector has increased dramatically. The expansion of mining operations along the Gulf of Mexico coast and the increase in mining activity in developing countries such as China and India make coasts the first group.
Onshore drilling operations extract oil and gas from underground reservoirs. Accumulators play an important role in land mining by providing hydropower storage solutions. They help maintain pressure, monitor well conditions, and ensure the safety and efficiency of drilling techniques.
Analysis by Type
The piston oil accumulator segment is the dominating segment in which the oil zone is separated from the gas zone by a metal piston. These have applications in handling large, stored volumes. The collecting oil in the bladder is used for shock applications and is designed to have a gas to acquire a pressure ratio of 1:4 up to a maximum pressure ratio to prevent bladder erosion.
Diaphragm oil accumulators are the fastest growing segment like bladder types of oil accumulators; the only difference is that the diaphragm oil accumulator uses an elastic diaphragm instead of a rubber bladder. The elastic diaphragm allows diaphragm oil accumulators to withstand high compression ratios of up to 10:10.1.
Global Oil and Gas Accumulator Market By Type, 2023 (%)
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Global Oil and Gas Accumulator Market Regional Insights
With the rapid growth of global crude oil and natural gas production, North America is dominating the global market. North American countries intended to reduce their carbon footprint by adopting cleaner fuels such as natural gas and reducing carbon emissions. The increase in crude oil consumption over the years indicates the need for more accumulators to prevent accidents that could cause injury to the oil and gas accumulator industry. With the rapid growth of global crude oil and natural gas production, North America dominates the global market. North American countries committed to reducing their carbon footprint by adopting cleaner fuels such as natural gas and releasing less carbon. The increase in crude oil consumption over the years indicates the need for more accumulator installations to prevent potential injury accidents in the oil and gas sector. For instance, the country’s oil production is projected at 11.18 million barrels per day (mb/d) by 2021 and is expected to reach 11.85 million barrels per day (mb/d) by 2022, according to the US. According to the Energy Information Agency (EIA).
The Asia-Pacific region accounts for the largest percentage of the global market and is expected to witness the highest growth during the forecast period. This is attributed to the greater importance of supplying oil in China, where major crude oil companies are state-owned with large demand and processing of foreign oil and gas products. The Asia Pacific region is among the top oil consumers due to the huge demand for crude oil in India and China. The growing demand for crude oil spurred exploration in the area. For this reason, the oil and natural gas industry in Asia-Pacific is expected to grow positively in the coming years. The oil gathering market is expected to grow during the forecast period owing to the growth of the oil and natural gas industry.
Global Oil and Gas Accumulator Market By Region, 2024-2031
- Largest
- Fastest
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Global Oil and Gas Accumulator Market Dynamics
Drivers
- Growing Demand for Oil and Gasoline
The growing populace has surged transportation activities, which, in turn, led the oil-producing sectors to witness exponential upward thrust in demand for oil and gasoline. Oil and gas accumulators play a primary function in oil exploration activities with the aid of handling excessive-stress fluctuations, leakage repayment, and noise reductions all through drilling operations. It is used in blow-out preventer (BOP) programs to seal and save gasoline wells from the damage of extreme erratic pressures and uncontrolled go with the flow of fuel from the property.
Rising Oil Accumulators
- Oil accumulators are pressure accumulating devices in which oil is stored under pressure and pressurized by an external source. It can be an external load or a compressed fluid. The unique characteristic of oil storage in the accumulator is that its volume is not affected by pressure changes in the accumulator. Pressure energy stored in the accumulator is released as required by the application using the oil reservoir
Restraints
- Rising Trends in Environmental Sustainability
The transition to renewable energy could hamper market growth. The emerging trends in environmental sustainability and green environment have made people more linear in using renewable energy in various utilities endpoints such as electric vehicles in transportation, hydropower in power generation, nuclear power in power generation, and others.
- High Cost
Changes in global oil prices significantly affect the demand for oil gathering products. Sudden and unexpected fluctuations in oil prices have led to slow adoption of gathering equipment, affecting the financial decisions of oil and gas companies.
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Global Oil and Gas Accumulator Market Competitive Landscape
The competitive environment of the global Oil and Gas Accumulator market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- Superconductor Technologies Inc.,
- ABB Ltd.,
- Applied Materials,
- Alstom
- Zenergy Power Electric Co.
- Siemens AG
- American Superconductor Corporation
- Rongxin Power Electronic Co. Ltd
- Superpower Inc
- Gridon
- Accumulator, Inc.
- NOK Corporation
- Nippon Accumulator Co., Ltd.
- Airmo Inc.
- HAWE Hydraulik SE
Recent Developments
- In 2020, another oil field was discovered in Iran’s Khuzestan province. The field is expected to hold 50 billion barrels of oil. Developments in these nine identified areas are expected to have a positive impact on the oil and gas gathering market.
- In 2018, Exxon Mobil Corp will triple oil and gas production from the Permian Basin by 2025. The Permian Basin is the largest shale oil and gas field in the United States. It is expected that the company's increasing performance will support the oil and gas accumulator market during the forecast period.
- In April 2019, Valero Energy Corp. announced plans to expand its alkylation capacity in its group Valero Refining New Orleans LLC and is investing US$400 million. The expansion will include new feed dryers, olefin feeders, new pipes and accumulators.
Global Oil and Gas Accumulator Key Market Trends
- As global demand for crude oil rises, the need for these capacitors is expected to increase. The increasing demand from end-use industries is expected to contribute to the growth of the global oil collectors' market in the coming years. The development and exploration activity in the oil and gas sector has been cited as a major reason for the market expansion. The global oil and gas accumulator market is expected to grow in response to growing health and safety concerns, as well as multiple environmental hazards associated with oil and gas production.
Global Oil and Gas Accumulator Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The increasing number of wells in new locations and exploration requires more new wells to be drilled, accumulators are needed at each location to keep the BOP operating smoothly, and to prevent any fatal accidents Federal drilling and facility regulations safety also requires the use of accumulators.
Furthermore, lower investment costs in onshore field development as compared to offshore fields attract more investments in onshore fields, thus keeping the oil and gas accumulator market in forecast during the period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 588.95 billion |
| Market size value in 2031 | USD 896.57 billion |
| Growth Rate | 4.78% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Oil and Gas Accumulator Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Oil and Gas Accumulator Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Oil and Gas Accumulator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oil and Gas Accumulator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Oil and Gas Accumulator Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Oil and Gas Accumulator Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Oil and Gas Accumulator Market Report Snapshots
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