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

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.