Oil Accumulator are hydro-pneumatic equipment that utilizes the compressibility of gas and are widely used as a supplementary energy source. The fluid is stored via an external source that can either be piston, spring, gas and fluid. These accumulators are available in different shapes. Most popular types of oil and gas accumulators are diaphragm, bladder and piston. Exploration as well as drilling activities supported by greater need for crude oil is driving the oil & gas market The global Oil Accumulator market is estimated to expand at 4.80% CAGR during the forecast period.

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The growing demand for Oil Accumulator market is attributed to the growing IoT in oil & Gas industry and rising demand for digitalization due to Increased productivity, safety operations, and cost savings are the potential benefits of digital transformation in oil & gas. One of the major restraints for the global oil accumulator market is transition to renewable sources of energy

Industry Segmentation

The Oil Accumulator market has been segmented based on type into bladder, piston, and diaphragm. Among these types, bladder is the fastest growing segment in the Oil Accumulator market as it can be used for almost many offshore applications and has high durability compared with other types.

Based on pressure rating, the market is segmented as up to 6000 Psi and Above 6000 Psi. Oil accumulator is estimated to dominate the market during the forecast period by up to 6000 Psi segment due to rise in the investments in oil & gas industry. Consumption of accumulators of pressure ranges up to 6,000 psi is higher because of the application of multiple units in place of a single unit to avoid idle time during production or drilling; this is expected to drive the up to 6,000 PSI segment of the oil accumulator market

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Competitive Landscape

The key players of the global Oil Accumulator market are Eaton (Ireland), Parker Hannifin (US), Bosch (Germany), Hydac (Germany), Freudenberg (Germany), Technetics Group (US), Hannon Hydraulics (US), Rotec Hydraulics (UK), Roth Hydraulics (Germany), Hydroll (Finland), and others.

Regional Analysis

Region wise, North America held the largest market share of the global Oil accumulator market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in oil & gas processes. The accumulator market in the oil & gas industry would be mainly driven by the growth in digital technologies such as machine learning, artificial intelligent, and data analytics in the countries such as US and Canada. The demand from the onshore & offshore fields in the Gulf of Mexico is also likely to positively impact the oil accumulator market during the forecast period.

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