Accumulators are the energy storage devices that accumulate the potential energy. These devices find their applications in leakage compensation, shock or pulsation dampening, energy conservation, thermal expansion, and noise reduction. The commonly available types of these devices are spring type, piston type, and diaphragms. These devices are used for both offshore and onshore oil and gas applications. Owing to the efficiency offered by them, the market for oil and gas accumulators is likely to witness a tremendous growth in the near future.
The research report is an outcome of an in-depth analysis of the various important parameters of the global oil and gas accumulators market including its dynamics and region-wise outlook. The data presented in the report has been derived from various paid and unpaid sources including white papers, press releases, journals, presentations, and directories. The report offers both qualitative and quantitative insights into the competitive landscape of the market. It meticulously studies the business strategies and latest developments of the key players in the market. It performs SWOT analysis that reveals the prospective growth trajectory of each prominent player in the market. There is a separate section of recommendations for both new and existing players in the global oil and gas accumulators market.
Global Oil and Gas Accumulators Market: Drivers and Restraints
The rising operational hazards during drilling and extraction activities is leading to the upsurge in the demand for equipment that ensures protection and safety of both machinery and labor. This is translating into the greater global demand for oil and gas accumulators. Accumulators form an important part of blowout preventers (BOPs). Stringent regulations set up by several governments worldwide are promoting the demand for BOPs, thereby driving the market. Moreover, the growing offshore drilling activities are augmenting the market. On the flip side, volatile prices of oil and gas are negatively impacting the upstream expenditure and drilling activities, which in turn is hampering the growth of the global oil and gas accumulators market.
Global Oil and Gas Accumulators Market: Geographical Segmentation
The key regions covered in terms of geography are North America, Europe, Asia Pacific, and Rest of the World. North America is expected to hold a large share in the market during the forecast period. The booming oil and gas industries in the U.S. and Canada is triggering the uptake of oil and gas accumulators in the region. Moreover, the increasing drilling activities in the offshore areas of Gulf of Mexico are propelling the growth of the region.
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The Rest of the World region is estimated to exhibit a noteworthy CAGR during the same span. The region consists of some of the leading oil and gas producing nations that are providing fertile grounds for the growth of the oil and gas accumulators market. The growth of Asia Pacific and Europe can be attributed to the rising drilling activities in the Commonwealth of Independent States (CIS), North Sea, South China Sea, and North Eastern China.