Oil and Gas Accumulator

Oil and Gas Accumulator

The oil and gas accumulator is defined as hydro-pneumatic equipment and is used to store non-compressible fluid under extreme conditions. Additionally, the oil and gas accumulator is used to monitor, control, and seal oil wells from high pressure in order to prevent the release of crude oil from the oil wells. The oil and gas accumulator is also able to deal with extreme underwater pressure and uncontrol flow of the reservoirs. In recent times, the oil and gas accumulator witnessed significant growth in demand due to the surging demand from the transport segment which subsequently propel the demand for the oil and gas and therefore increase the demand for the oil and gas accumulator. The oil and gas accumulator is implemented in offshore or onshore oil well rigs and acts as the blowout preventer to mitigate the sudden influx of oil and gas during the drilling process. Moreover, the increasing demand for oil and gas for transportation, automotive, and industrial heating among many other are expected to propel the market for the oil and gas accumulator. For instance, according to the International Energy Agency, the global consumption of oil was rise by 5.4 million barrels per day in the year 2021 and is expected to increase by additional 3.3 million barrels in the year 2022.

The Oil and gas Accumulator Market is expected to grow at a steady rate of around 5% owing to the increasing drilling activities around the world coupled with the increasing investment and demand for energy security by the countries. The major companies in the market offer technologically advanced and innovative products to meet the market requirement. For instance, in May 2021, Liebherr groups expands its portfolio with the launch of piston accumulation products that are able to work under extreme conditions with a pressure range of 250-350 bar pressure range.

• Based on type, the market is segmented into piston accumulator, bladder accumulation, and diaphragm accumulator. The bladder segment is expected to register significant market growth during the forecast period due to the lower inertia with the quick response which makes it suitable for pulsation dampening. In a bladder accumulator, the hydraulic fluid compressed the nitrogen-filled bladder to generate the pressure. Also, the bladder system offers significant features such as simple installation, easy charging, quick response time, easy maintenance, and compensation for pressure response among other features. Furthermore, the bladder accumulator is made up of a high-strength steel shell that allowed it to operate smoothly under extreme conditions such as high temperature and high pressure.
• Based on the location of the deployment, the market is categorized into onshore and offshore. The offshore segment is expected to witness significant demand for the oil and gas accumulator during the forecast period owing to the increasing offshore drilling activities around the world. Offshore oil and gas exploration requires special attention and includes exploration and drilling, oil production, blowout prevention, and pre-charge maintenance among others. The increasing demand for oil & gas and depletion of the conventional and onshore oil & gas reservoir is expected to propel the offshore segment. Also, exploration in the Gulf of Mexico and other locations is expected to contribute significantly to the offshore oil and gas accumulator market. For instance, the Gulf of Mexico accounted nearly 15 percent of the total US crude oil production and 2 percent of total US dry natural gas production for the year 2020.
• Based on application, the oil and gas accumulator market has been classified into mud pumps, blow-out preventers, drilling rigs, and others. The blow-out preventer registered a significant CAGR during the forecast period owing to its ability to control, seal, and monitor the oil well from high pressure and provide a preventive mechanism for the release of natural gas and crude oil from the oil wells. Additionally, the blow-out preventer consists of several components including a hydraulic line, electric line, control pod, test valve, riser joint, and others to provide the required operational efficiency. In addition, the blow-out preventer is designed to operate under typical conditions such as underwater pressure and extreme uncontrol flow of natural gas and crude oil.
• For a better understanding of the market adoption of the Oil and gas Accumulator industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S. and Canada), Europe (Norway, U.K., and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and Rest of Asia-Pacific), Latin America, Middle East and Africa (Saudi Arabia, U.A.E., Brazil, and Rest of the Latin America, Middle East and Africa). North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing drilling activities in the region. Also, the increasing shale oil and gas oil coupled with technological advancements such as the implementation of AI, ML, big data, hydraulic fracking technology, and digitalization of the oil wells in the region are propelling the demand for the oil and gas accumulator in the region. According to a leading research firm, the USA Permian Basin condensate & crude oil capacity is 5,055 mbd, and natural gas capacity is approximately 19,891 mmcfd in the year 2022. The drilling and exploration activities in the Permian Basin support the growth of the oil and gas accumulator in the region. Additionally, the increasing number of new oil and gas fields in the region and growing investment in oil fields are expected to create the demand for oil and gas accumulator equipment. For instance, 88 Energy an Australian oil company discovered the new oil field NPR-A or Merlin-1 in Alaska with the capacity of 3.4 billion barrels of oil equivalent. Furthermore, the supportive government initiative in the region also supports exploration activities and subsequently grows the demand for oil and gas accumulators in the region. For instance, the permission to use diesel oil for hydraulic fracturing and allowance of the underground injection of waste fluids extracted from oil and gas well as per the defined standard among other.
• Some of the major players operating in the market include Bosch Rexroth AG, Eaton Corporation PLC, Nippon Accumulator Co Ltd, NOK Corporation, HYDAC INTERNATIONAL GmbH, Freudenberg Group, PARKER HANNIFIN CORP, Pressure Technologies, Hydroll, and SCI Sharp Controls, Inc.