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

LONDON–(BUSINESS WIRE)–#OilandGas–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.


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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oil and gas accumulator market report
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