Which region accounted for the largest share in Global Oil and Gas Accumulator Market?

On the basis of region, global Oil and Gas Accumulator Market is divided into North America, Europe, Asia-Pacific, Latin America, and MEA. North America accounted as the largest market for the global market with a share of nearly 38% of the market revenue in 2022. Increasing investment in research and development in the pharmaceutical industry will provide opportunities for key players in the sector. Increased regulatory analysis on the safety, quality and security of consumer products will also increase the adoption of testing and analytical tools by the food and beverage industry.

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

Q: What is the global market size of Oil and Gas Accumulator Market?

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).

Q: Who are the key vendors in the Global Oil and Gas Accumulator Market?

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. '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'.

Q: What is the key market trend for Global Oil and Gas Accumulator Market?

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.

Report ID: SQMIG15F2146 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 86 | Figures: 71

Oil and Gas Accumulator Market News

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.

Oil and Gas Accumulator Market Report Snapshots

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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 competitive environment of the 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. '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'

Growing Demand for Oil and Gasoline

As 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 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 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.

With the rapid growth of crude oil and natural gas production, North America is dominating the 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 crude oil and natural gas production, North America dominates the 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).

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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

Oil and Gas Accumulator Market News

Oil and Gas Accumulator Market Report Snapshots

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What is the market size of Oil and Gas Accumulator Market?

Who are the key vendors in the Oil and Gas Accumulator Market?

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What is the key market trend for Oil and Gas Accumulator Market?

Which region accounted for the largest share in Oil and Gas Accumulator Market?

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