Key Findings for the Global Oil and Gas Accumulator Market| Technavio

The global oil and gas accumulator market is expected to grow at a CAGR of close to 4% from 2017-2021, according to a new market research report by Technavio.

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Global oil and gas accumulator market segmentation by end-user and application

Technavio’s report on the global oil and gas accumulator market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, which includes onshore and offshore. As projected in 2016, around 65% of the market share originated from the onshore segment.

Based on application, the global oil and gas accumulator market has been segmented into blowout preventers (BOPs) and mud pumps. As of 2016, the BOPs segment dominated the market.

“Installing a BOP in a rig system is one of the most important aspects of safety that is followed in most of the rigs across the world. It is required when crude oil or natural gas enters uncontrolled into the wellbore and leads to kick. To prevent a blowout, it becomes crucial to close the wellbore with the help of a BOP, which is activated using accumulators. The accumulator provides the energy to close the BOP system,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.

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Oil and gas accumulator market: competitive vendor landscape

The global oil and gas accumulator market is relatively fragmented owing to the presence of several vendors worldwide. The presence of well-diversified international, regional, and local vendors characterizes the market. The key vendors in the market are Bosch Rexroth, Eaton, Freudenberg Sealing Technologies, NIPPON ACCUMULATOR, and PARKER HANNIFIN. The competitive environment in this market is expected to intensify with the growth in technological innovations, product extensions, and M&A.

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Other topics covered in the report:

Market drivers:

• Rise in unconventional oil and gas resources
• Environmental risks and strict government regulations

Market challenges:

• Uncertainties associated with low crude oil prices
• Volatility in raw material prices for accumulators

Market trends:

• IoT in accumulators
• Introduction of laser drilling

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