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New Revenue Pockets : Oil and Gas Accumulators Market
The oil and gas accumulators can be used for blowout preventer, offshore rig and mud pump applications. They are also flexible when it comes to the volume, pressure and the type of fluid required. Accumulator systems are made of different type, which depends on the design used in it. The most commonly used types are: Bladder, Diaphragm, and Piston, which are available commercially. Two more designs available in oil and gas accumulators are bellows and composite overwrapped. Bellows accumulator is mainly used in extreme abrasive and harsh environments. Composite overwrapped accumulator is used to increase performance and reliability of engineered components. These two designs are relatively new and are used less as compared to others.
The oil and gas accumulators’ market scenario is competitive with various companies covering one or more applications. North America and Latin America are the most active markets for oil and gas accumulators market. However, the challenges for the oil and gas accumulators are in terms of technology. No new technology is available in the market which could replace or improvise on the usability of the bladder and diaphragm accumulators.
The focus on research and refinement of the technology helps the companies to minimize their cost of operation and maintenance while increasing efficiency and stability of the product, thus, generating great revenue for the companies. Currently, the market for bladder accumulator is higher. It is showing a decent growth rate as it is versatile with huge market demand across the globe. The research and development of accumulators involves huge investments and greater risks. So, to minimize the same, the leading players are signing contract agreements and joint ventures to have expertise in all areas of research.
Parker Hannifin Corporation (U.S.) is a major manufacturer of the three main types of accumulators, which are bladder, diaphragm, and piston. To increase its market position in the hydraulic market and to reach out to more customers, Parker Hannifin Corporation (U.S.) has made collaborations and acquisitions with many companies.
Oil and Gas Accumulators Market by Type (Bladder, Diaphragm and Piston), Application (Blowout Preventer, Mud Pumps and Offshore rigs), Geography - Global Trends & Forecast to 2018
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