The Growing Oil & Gas Industry is Fueling the Global Accumulators Market Growth

accumulators market

A new analysis report on Global Accumulators Market which is forecasted between 2023 and 2028 has been published by Knowledge Sourcing Intelligence.

The prime factors propelling the global accumulators market growth are the expanding oil & gas production, increasing construction activities, technological advancements, and product launches.

The global accumulators market was valued at US$714.161 million in 2021.

An accumulator refers to a pressure vessel that utilizes the compressible and incompressible characteristics of a gas, typically nitrogen, to store and release hydraulic pressure. This type of accumulator plays a crucial role in hydraulic systems by providing various benefits such as energy storage, shock absorption, pressure stabilization, and emergency backup power.

Various collaboration and technological advancements are happening in the market which is driving the global accumulators market growth. For instance, In November 2022, Fogmaker introduced an expanded piston accumulator featuring a 9.5-liter capacity. This newly introduced larger accumulator fills the void between the existing 7.5-liter and 11.5-liter models, enhancing the ability to tailor solutions to meet customer requirements while making efficient use of available space.

The global accumulators market is divided into bladder accumulators, diaphragm accumulators, pistol accumulators, and others depending on the type. Bladder Accumulator consists of a flexible bladder or bag made of rubber or elastomeric material. The bladder separates the hydraulic fluid from the gas or nitrogen charge. Bladder accumulators are widely used in various industries, including the oil and gas sector, due to their unique design and operational features. Bladder accumulators are widely used in various industries, including the oil and gas sector, due to their unique design and operational features. This wider application is contemplated to stimulate segment expansion.

The market is segmented into industrial, construction, power & energy, oil & gas, and others based on the end-user. The increasing global demand for crude oil is driving a continuous need for accumulators within the oil and gas sector. For instance, according to the International Energy Agency (IEA), global oil consumption increased by 5.4 million barrels per day (mb/d) in 2021 and is expected to increase by another 1.9 mb/d to a record 101.7 mb/d in 2023.

According to geographic segmentation, North America is expected to hold a sizable share of the global accumulators market during the forecast period due to the growing oil and gas production and increasing construction activities. For instance, according to the United States Energy Information Administration (EIA), crude oil output in the United States averaged 11.7 million barrels per day in 2022, with forecasts of 12.4 million barrels per day in 2023, breaking the previous peak set in 2019.

The research includes coverage of ReasonTek, Accumulators Inc., Eagle Industry Co. Ltd, Parker Hannifin Corp, HAWE Hydraulik SE, Hydroll, HYDAC International GmbH, Bosch Rexroth Corporation, PMC Hydraulics, and STAUFF Group as significant players in the global accumulators market.

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This analytics report segments the global accumulators market on the following basis:

  • By Type
    • Bladder Accumulator
    • Diaphragm Accumulator
    • Piston Accumulator
    • Others
  • By End-User
    • Industrial
    • Construction
    • Power & Energy
    • Oil & Gas
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      •  Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others