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Oil accumulators are pressure storage devices wherein the oil is stored under pressure, and the pressure is applied by an external source. The external source can be a load or some compressed fluid. The oil stored inside the accumulator has a specific characteristic that its volume is not affected by the pressure changes inside the accumulator. The pressure energy stored inside the accumulator is released according to the requirement of the applications for which the oil accumulator is being used. The energy stored in the oil accumulators is also used when there is an absence of power supply and there are no other means of power supply.
On the basis of the type, oil accumulators are classified as piston, bladder, and diaphragm oil accumulators. In the piston oil accumulator, the oil area is separated from the gas area with a metal piston. These have applications in handling large stored volumes. The bladder type of the oil accumulators are used for the shock applications and are designed to have gas-charged pressure to maximum pressure ratio is 1:4 to prevent the wear and tear of the bladder.
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The diaphragm oil accumulators are similar to the bladder type of the oil accumulators only difference being that an elastic diaphragm is used in the diaphragm oil accumulator instead of a rubber bladder. The elastic diaphragm enables the diaphragm oil accumulators to withstand higher compression ratios up to 10:1.
By pressure rating, the oil accumulator market is bifurcated on the basis of the pressure ratings up to 6,000 psi and above 6,000 psi. Depending on the operating pressure of the process, the oil accumulators of less than 6,000 psi are used in order to operate BOPs and valves with low closing pressure.
The oil accumulators of a rating above 6,000 psi are used for handling aromatic hydrocarbons, amines, ketones, and chlorinated hydrocarbons among other fluids.By location, the oil accumulators market is categorized depending on the applications of oil accumulators in the onshore and offshore processes.
The onshore segment is expected to dominate the oil accumulator market by type owing to more number of onshore wells as compared to offshore wells. By application, the oil accumulator market is segmented as oil accumulators in BOP and wellhead control, offshore rigs, and mud pumps, among others.
Oil accumulators are majorly used in the oil and natural gas industry, and the demand of the oil accumulators is in direct proportion to the growth of the oil and natural gas industry. Different regions are involved in increasing their oil production capacities owing to which the exploration activities are being carried out.
For instance, in 2019, Ineos E&P, Equinor, and Faroe Petroleum have discovered an oil reserve of the capacity of 60 billion barrels of oil equivalent in the Norwegian sea. The increase in the exploration and production activities is expected to boost the sales of the oil accumulators in the coming years.
Owing to the drastic changes in the climatic conditions, the governments of various regions are adopting clean energy sources over fossil fuels. Owing to this, the demand for crude oil is expected to have a slower growth, which is likely to hamper the growth of the oil accumulators market in the oil and natural gas industry.
Some of the major companies that are present in the global oil accumulator market are Freudenberg Sealing Technologies, Canton Racing Products, Moroso Performance Products, Val-Matic Valve & Mfg. Corp, Acadian Contractors Inc., Mueller Co., Hydac Technology GmbH, Roth Hydraulics GmbH, Nakamura Koki Co., Ltd, Parker Hannifin Corp., Bosch Rexroth, and Nippon Accumulator Co., Ltd among others.
By Pressure Rating
· Up to 6000 Psi
· Above 6000 Psi
· BOP & Wellhead Control
· Offshore Rigs
· Mud Pumps
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global oil accumulator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is among the key oil-producing regions in the world. The growth of the oil and natural gas industry in the North America region is expected to boost the oil accumulator sales. The oil and natural gas industry in Latin America has witnessed decent growth in countries such as Brazil and Argentina. The region is focused on increasing crude oil production capacities by exploring new oil reserves. For instance, Exxon Mobile Corp has discovered two oil reserves located in Guyana. The discovery is expected to add in the current oil reserve capacity of the region. Owing to this, the oil and natural gas industry in Latin America is expected to grow at steady rates in the coming years and drive the sales of oil accumulators during the forecast period. Europe region is expected to witness a healthy growth in the oil and natural gas industry owing to the increase in the well reserves in Russia and Norway. The oil accumulator market in the region is thus expected to grow at a decent pace in the near future. In 2019, oil reserves of around 268 billion barrels were discovered in Saudi Arabia, which is expected to add in the existing capacities of the oil and gas in the Middle East and Africa region. Owing to this, the oil and gas industry in the region is expected to grow at steady rates and is likely to boost the sales of oil accumulators during the forecast period. Asia Pacific region is among the key oil consumers owing to the high demand for crude oil in India and China. Increasing demand for crude oil has driven the exploration activities in the region. Owing to this, the oil and natural gas industry is expected to witness healthy growth in the Asia Pacific in the coming years. The growth of the oil and natural gas industry is expected to drive the growth of the oil accumulator market over the forecast period.
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