Worldwide Oil accumulator Market Expected To Reach $ 1.57 Billion By 2020

Date: 2016-09-18

The Oil accumulator market is anticipated to reach USD$ 1.57 billion by 2020, expanding at a CAGR of 9.9% between 2016 and 2020. The key factors responsible for this growth are the unique advantages offered by accumulators. These include the ability to prevent fluid loss, to dampen the pulsations and vibrations, to stabilize the rigs, to conserve energy, and to cope with erratic and uncontrolled flow in blowout preventers, mud pumps, and offshore rigs.

In order to address the growing energy demand in the United States, oil and gas exploration and drilling activities have significantly increased over the last decade. Since 2000, the number of rigs has increased by more than 100% and this count is anticipated to increase further in the coming years on account of increasing shale gas activities. The government plans to make the country self-sufficient by utilizing the available shale gas resources with them. Consequently, offshore rigs are moving further in sea to drill in greater depth, resulting in boosting demand for accumulator bottles.

Drilling companies are more focused towards reducing the overall cost of the drilling operations. Rig downtime due to equipment failure results in drilling companies incurring more time, effort and money in drilling operations. In BOPs, accumulators are used to provide sufficient amount of hydraulic energy to close the BOP in case of blowout. In mud pumps, accumulators are used for pulsation dampening in order to prevent them from shocks, thereby, increasing the equipment life with reduced maintenance costs. All these factors have been positively impacting the demand for accumulators in the country.

Due to high drilling activities in the North American region as compared to other regions across the globe, the global oil accumulator market represents an increased usage of accumulators in the North American market in 2014.
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520



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