According to the new
market research report "Oil Accumulator Market by Type (Bladder,
Piston, and Diaphragm), Pressure Rating (Up to 6,000 Psi and Above 6,000 Psi),
Onshore vs Offshore, Application (Blowout Preventer & Well Head Control,
Offshore Rigs, and Mud Pumps), and Region - Global Forecast to 2023", The
global oil accumulator market is expected to grow at a CAGR of 4.78%, from 2018
to 2023, to reach a market size of USD 617.1 million by 2023. Digitalization in
the oil & gas industry and shale gas exploration boom in the US are
expected to drive the oil accumulator market, during the forecast period.
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The oil accumulator market is dominated by major
players that are established brand names with wide regional presence, along
with many local and regional players in emerging economies. The leading players
in the oil accumulator industry include Hydac (Germany), Parker Hannifin (US),
Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon
Accumulator (Japan).
Browse and in-depth TOC on "Oil Accumulator Market"
82 - Tables
31 - Figures
124 - Pages
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of Content here:
The
mud pump segment is a key segment of the oil accumulator market, by
application, from 2018 to 2023. The market for this segment is driven by
increasing investments in the oil & gas industry in developing countries of
Asia Pacific and Middle East & Africa.
The
up to 6,000 psi segment is expected to be the fastest growing oil accumulator
market from 2018 to 2023. This is due to various factors, including increased
investments in the offshore industry. Rising investments in the oil & gas
industry is expected to drive the up to 6,000 PSI segment of the oil accumulator
market.
The
offshore segment of the oil accumulator market, by onshore vs. offshore, is
estimated to grow at the fastest rate from 2018 to 2023. Factors such as high
investment in oil & gas industries either in top side application or in
subsea application are driving the oil accumulator market. Most of the
industries, including oil & gas, renewable, and refineries, are using
accumulators at various pressure ranges; this is driving the high temperature
oil accumulator market.
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The oil
accumulator market has been segmented by region into Asia Pacific, Europe,
North America, Middle East & Africa, and South America. North America is
projected to grow at the fastest rate, from 2018 to 2023, followed by Asia
Pacific and Europe. Countries such as the US and Canada are the largest markets
in North America and have increased their investments in the oil & gas
sectors in the recent past. Growing urbanization, increasing industrialization,
and increasing investment in the oil & gas industry are the major factors
impacting the growth of the oil accumulator market in this region.
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