Oil and Gas Accumulator Market - Global Opportunities to 2023 North America is Expected to Register the Highest CAGR During the Forecast Period

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”, published by MarketsandMarkets™, 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).

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.

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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.

Gas Turbine Services Market: Top Industry Players Includes General Electric Company, Siemens AG, EthosEnergy, Sulzer AG,Ansaldo Energia, SpA

According to the new market research report “Gas Turbine Services Market by Type (Heavy Duty, and Aero-Derivative), Service (Maintenance, Repair, and Overhaul), End-User (Power Generation, Oil & Gas), Service Provider (OEM, and NON-OEM), and Region - Global Forecast to 2021”, published by MarketsandMarkets™,  The gas turbine services market is projected to grow at a CAGR of 4.1% from 2016 to 2021 to reach a market of USD 18.45 Billion by 2021. The growth is attributed to the up gradation of aging fleet of gas turbines, stringent emission norms for gas turbines and increase in demand of gas turbines owing to the shale gas production boom.

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Maintenance segment is expected to hold the largest share of gas turbine services market, by service, during the forecast period

Maintenance service led the overall gas turbine services market in 2015, and is expected to dominate during the forecast period. Almost half of the gas turbine services market is expected to be dominated by the maintenance service owing to rise in demand inspection and monitoring services for newly installed gas turbines. In addition, advent of gas turbine monitoring services such as intelligent condition monitoring and big data analytics for preventive and predictive maintenance will drive the market for maintenance services. However, the overhaul services is expected to grow at a fastest rate during the forecast period.

Power generation to dominate the gas turbine services market, by end-user during the forecast period

Power generation is expected to hold almost half of the gas turbine market during the forecast period. The market is driven by the rise in demand for gas turbines for combined cycle power plants. The total gas turbine installation capacity for power generation exceeded about more than 50 GW in 2015. These turbines will require frequent inspection and maintenance of parts such as rotors, blades, and liners among others. This will drive the market for power generation segment during the forecast period. Middle East & Africa are the potential markets for power generation gas turbine services during the forecast period.

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North America: The leading market for gas turbine services

North America is expected to dominate the gas turbine services market owing to the large number of existing and aging gas turbines fleet in the U.S. and Canada. Large number of long term service agreements for gas turbine services are also seen this region. In addition, demand for gas turbine services for mechanical drive application for process industry will also drive the market for gas turbines services in North America.

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas turbine services market General Electric Company (U.S.), Siemens AG (Germany), EthosEnergy (U.K), Sulzer AG (Switzerland) and Ansaldo Energia, SpA (Italy). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies such as acquiring service contracts & agreements and mergers & acquisitions to increase their market share.

Global Oilfield Services Market: Top Industry Players Includes Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International, Superior Energy Services, GE Oil & Gas

According to the new market research report “Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022”, published by MarketsandMarkets™,  The Oilfield Services Market is expected to grow from an estimated USD 106.43 Billion in 2017 to USD 125.51 Billion by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.

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Increasing oil & gas production activities to drive the global oilfield services market close to USD 125 billion by 2022

Global crude oil production stood at 98.24 million barrels per day in 2017 and is projected to rise to 99.90 million barrels per day by 2018 according to EIA. The global natural gas production is expected to increase from 342 billion cubic feet per day to 554 billion cubic feet per day by 2040. By 2040, shale gas is expected to account for more than 30% of the world’s natural gas production. The ever-increasing demand for fossil-based resources continues to influence the demand growth for new reserves and drilling activities across the world. These increasing drilling activities drive the demand growth for oilfield services.

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Leading oilfield service providers are developing sustainable and innovative solutions for enhancing the efficiency of various operations in the oilfield services market to drive the industry forward

Onshore 

Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. As per Baker Hughes’ International Rig Count, as of April 2017, the number of onshore rotary rigs globally was 1,693 compared with 218 offshore rigs. Moreover, the onshore environment in regions, such as Europe and North America has witnessed a technology-driven revolution. The Middle Eastern and North American regions are currently the world’s largest crude oil producer, as most of the oilfields in these regions are located onshore. The increasing production activities are likely to boost the oilfield services market during the forecast period.

Offshore

Activities in offshore oilfield environments are comparatively more complex than onshore oil & gas fields. Offshore activities require advanced technologies, making the offshore market a capital-intensive segment. Further, the cost of oilfield services at offshore fields is much higher than onshore oil or gas wells. The increasing growth rate is fueled by new exploration & production activities being carried out in offshore areas.

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The fluctuating crude oil prices are the major restraints for the market.

The oil & gas industry is susceptible to crude oil price fluctuations affecting the demand for oil as well all its related markets. The competition between the U.S. and the OPEC countries, particularly because of the shale gas revolution, has been one of the factors for the oil price plunge in the recent years. The crude oil prices plummeted to less than USD 30 a barrel in February 2016 after having seen a peak of over USD 110 a barrel in September 2013. From July 2014, prices fell sharply and continued to be at lower level causing sharp CAPEX cuts in 2015, and 2016. The industry shifted their focus towards cost optimization and extremely thin spend on new activities effecting heavily any demand growth across upstream oil and gas activities. The current year, 2018, is witnessing stabilized crude oil prices around USD 70 a barrel bringing alive the upstream spending to an extent.