The global oil accumulator market is projected to reach USD 617.0 million by 2023, at a CAGR of 4.78%, from 2018 to 2023. This market growth is primarily driven by the digitalization in the oil & gas industry and increase in shale gas exploration & production activities.
North America is likely to continue being the largest oil accumulator market, followed by Asia Pacific, during the forecast period. The global market is dominated by major players, including Hydac (Germany), Parker Hannifin (US), Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon Accumulator (Japan).
The market growth strategies adopted by the key players in the oil accumulator market include new product launches, investment & expansion, contracts & agreements, mergers & acquisitions, and partnership & collaborations. New product launches was the most commonly adopted strategy by market players from February 2014 to December 2018.
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Hydac is one of the leading solution providers for fluid technology and services to various industries such as automotive, oil & gas, mining, paper, and agriculture. The company offers products such as hydraulic accumulators, fluid filters, process filters, coolers, electrohydraulic controls/industrial valves, sensor systems for pressure, encoder measurement and solenoid technology, cylinders, pumps, mounting technology, and armatures. The company offers accumulators, such as bladder, piston, diaphragm, and metal bellows, for various applications such as suction flow stabilization, energy storage, and damping of vibrations. The company has adopted new product launches as its key strategy to gain a larger share of the oil accumulator market. In April 2016, the company launched the modern accumulator technology for different applications. This technology is available in 4 different designs, namely, bladder, piston, diaphragm, and metal bellows accumulators.
Parker Hannifin is one of the leading providers of motion and control technology globally. The company operates through 2 segments, namely, diversified industrial and aerospace systems. Parker Hannifin offers oil accumulators under the diversified industrial segment. Parker Hannifin has adopted investment & expansions as its key strategy. In March 2017. Parker expanded its market by establishing accumulator and cooler division in Europe. The company is expected to provide a range of new products and services such as Xtra-life Bladder MIX, global bladder accumulator with PTS, fast-track bladder accumulators. Also, the company launched SBV3 Pulsation Damper, which is specially designed for installation on low-pressure fuel systems, typically in marine and power generation applications.
Oil Accumulator Market by Type (Bladder, Piston, and Diaphragm), Pressure Rating (Up to 6,000 Psi and Above 6,000 Psi), Onshore vs Offshore, Application (Blowout Preventer & Well Head Control, Offshore Rigs, and Mud Pumps), and Region - Global Forecast to 2023
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