Demand for energy is rapidly growing in recent years. Accumulation of oil is an important aspect to eliminate hazards during oil extraction processes. Oil accumulators are considered to be hydro pneumatic devices that store non compressible fluid through an external source such as a fluid, gas, spring, and piston under high pressure. Oil accumulators have gained importance all over the world due to initiatives in reducing harmful environmental pollution during oil & gas drilling activities. Oil accumulators are employed for various purposes such as noise reduction, leakage compensation, and pulsation dampening.
The oil accumulator market can be segmented based on its types, applications, and region. Based on its types, oil accumulators can be bifurcated as hydraulic or piston, bladder, and diaphragm accumulators. Hydraulic accumulators are generally considered to be piston type accumulators. A free moving piston separates the compressible gas cushion from the hydraulic fluid. The bladder type accumulator consists of an elastic barrier between the oil and gas. The diaphragm type accumulator is designed into two sections that are bolted or screwed together. A synthetic rubber diaphragm is installed for bifurcation of oil & gas. Accumulators are used in drilling rigs in offshore and onshore regions. It is utilized in blowout preventers to restrict the sudden influx of oil & gas during drilling operations. It is used in mud pumps in oil & gas exploration activities and also by drilling tools and equipment manufacturers for developing instruments. Oil accumulators are also used by environmental research institutes and government organizations.
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Opportunities in the oil accumulator market arise from rising demand for oil & gas exploration and production activities. The attempts to minimize environmental hazards due to exploration have positively impacted the growth of the oil accumulator market. Restraints of the market include high cost of production. However, efforts are being made to reduce costs and develop advance technology oil accumulators. Thus, oil accumulator are an important component when environmental factors are taken into consideration.
In terms of geography, North America leads the oil accumulator market in terms of demand. This can be ascribed to the increase in oil & gas activities in offshore regions of the U.S. New discovery of shale oil in the North Dakota region in North America has increased the demand for oil accumulators. The oil accumulator market has been expanding in countries in Asia Pacific such as India, China, and Japan due to the rise in maritime security activities, growth in offshore oil & gas production activities, and improvement in underwater communications. The oil accumulator market in European countries such as the U.K., Germany, France, and Norway is likely to expand due to increased oil & gas drilling activities in the North Sea and improvement in maritime security. Countries in Latin America such as Brazil and Mexico are anticipated to witness an increase in demand for marine instrumentation activities due to rapid urbanization and rise in offshore oil & gas activities in the Gulf of Mexico. Demand for marine instrumentation in countries in Middle East & Africa is also likely to rise due to the increase in number of offshore oil & gas exploration and production activities.
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Key global market players operating in the oil accumulator market include companies such as Nippon Accumulator Co. Ltd., Eaton Corporation, Parker-Hannifin Corporation, Bosch Rexroth AG, and Tobul Accumulator Inc.