29 November 2019
The Oil & Gas Accumulator Market Report 2020-2030: Forecasts by Type (Bladder, Diaphragm, Piston), By Application (Offshore Rigs, Mud Pumps, Blowout Preventer), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.
Demand for oil & gas accumulators is projected to see a high growth over the forecast period owing to rising worldwide demand for crude oil. It has seen an uptick in mining and oil & gas development activities that are supposed to be the key driver of this market's rise. However, rising security concerns and various environmental hazards associated with oil & gas exploration activities are also expected to increase this market's development. In contrast, the accelerated decline of crude oil supplies has prompted companies to embark on new exploration ventures to satisfy increasing demand.
The global market for oil & gas accumulators is expected to grow at a significant rate due to the above-mentioned factors. Nonetheless, manufacturers ' technical challenges in manufacturing accumulators to fit the appropriate application coupled with stringent environmental regulations that hamper the growth of the business.
Accumulators for oil and gas are primarily used in the discovery and mining of crude oil to mitigate various environmental risks as well as personal safety at the extraction site. Such accumulators are used in various applications such as relief for loss, dealing with, among others, excessive stress and noise reduction. These were graded as blow-out preventioners (BOP), mud generators, or offshore platforms on the basis of operation. We can also be segmented dependent on product types such as bladders, diaphragms and pistons from which bladders have a majority share since they are commonly used in offshore applications.
Due to the large number of oil & gas exploration ventures in this area, North America was the largest market for oil & gas accumulators. Due to the increased exploration activities in this area, Asia Pacific and Latin America are projected to be the fastest growing category. It is also predicted that Asia, the Middle East and Africa will have good opportunities of development over the next six years due to huge capital investments in crude oil production ventures. The global market for oil & gas accumulators is projected to see a sharp rise over the forecast period due to the aforementioned reasons.
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