Engine Oil Accumulator Market Overview
Market Research Future (MRFR) asserts that the global oil accumulator market can achieve a
growth rate of 4.80% from 2018 to 2023, which is considered to be the forecast period.
Top Drivers and Key Barriers
An accumulator refers to a pressure storage tank that gives a certain amount of fluid under pressure.
This fluid supplied by the accumulator is then used to conduct a particular operation within the
hydraulic system. Oil accumulators find widespread use across several applications, including
pulse dampening and noise reduction. Accumulators come in a variety of shapes, depending on
the customization.
Mounting safety concerns along with surge in environmental threats associated with oil and gas
exploration activities can enhance the growth of the oil accumulator market in the coming years.
Continuously depleting crude oil reserves has led renowned players to start with new exploration
activities to satisfy the ever-increasing demand. But technical issues encountered by manufacturers
to develop accumulators in compliance with the strict environmental regulations can lead to a slow
down of the accumulator market’s growth rate in the years ahead.
The global Engine Oil Accumulator Market is also growing on the back of rapid expansion of
the industrial and residential sectors, as well as the soaring demand for cooling and heating. The
demand for cooling and heating has surged in recent years, given climate change which has also
boosted the demand for electricity. This factor is slated to elevate the demand for energy and
induce market growth during the review period.
Engine Oil Accumulator Market Segmentation
The worldwide market for oil accumulator has been segmented with regard to type, pressure rating,
and application.
Considering the type segment, the market has been split into piston, diaphragm and bladder.
Bladder is the top segment in the oil accumulator market and can expand to become the largest
market in the given timeframe. High investments being made in onshore and offshore industries is
the chief reason for the segmental dominance. Also, bladder accumulators can be used in almost
any offshore application and feature high durability, especially compared to other types.
The global oil accumulator market, depending on the pressure rating, caters to up to 6000 psi and
above 6000 psi. Up to 6000 psi segment can record the highest CAGR in the following years.
The applications of oil accumulator are BOP and wellhead control, offshore rig and mud pumps.
Regional Outlook
Europe, South America, Asia Pacific (APAC), the Middle East and Africa, and North America are
the main regions identified in the worldwide engine oil accumulator market.