Oil and Gas Accumulator Market Segments and Key Trends 2015-2025
The global oil & gas accumulator market is expected to grow significantly in coming years, despite recent plummeting of crude oil market. With an increase in crude oil prices, the drilling activities across the globe are expected to pick up pace, resulting in an increase in the global oil & gas accumulator market.
An accumulator is a device used to store potential energy. The energy is stored in the form of compressed gas, spring or a raised weight, which is used to exert force on incompressible liquid. The global oil and gas accumulator market report assesses various aspects and importance of accumulators in the oil and gas industry.
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Oil & Gas Accumulator Market: Drivers
The crude oil and natural gas production is increasing so as to satisfy the ever increasing demand for energy. The increase in production is one of the key drivers for the global oil and gas accumulator market, as increased production requires more number of rigs. Within the global oil & gas accumulator market, accumulators are used in drilling rigs as well as in Blow-Out Preventers (BOPs). An increasing number of wells results in growing demand for accumulators.
Oil & Gas Accumulator Market: Segmentation
The global oil & gas accumulator market has been segmented according to regions across the globe, as North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific and Middle East & Africa. Due to high drilling activities in the North American region as compared to other regions across the globe, the global oil & gas accumulator market represents an increased usage of accumulators in the North American market in 2014.
As far as the type of accumulators are concerned, the global oil & gas accumulator market has also been segmented according to the types of accumulators used in the oil & gas industry such as bladder type, piston type, diaphragm type and spring type. The bladder type accumulators are most widely used type of accumulators in the global oil & gas accumulator market. The bladder type accumulators are also expected to be one of the fastest growing accumulators when compared on the basis of annual growth rate with other accumulator types.
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For applications in the oil and gas industry, the global oil & gas accumulator market has been segmented into applications such as in BOPs, mud pumps and others. BOPs account for most wide application of accumulators in the global oil & gas accumulator market. This is due to the fact that accumulators possess the capability to operate BOPs in case of a power failure, which is one of the key reasons for its dominance the global oil & gas accumulator market in coming years.
Oil & Gas Accumulator Market: Market Players
In the global oil & gas accumulator market, key global market players include companies such as Bosch Rexroth AG, Eaton Corporation, Parker-Hannifin Corporation, Tobul Accumulator Inc., and Nippon Accumulator Co. Ltd.